Ten Million Dollar Loan
12/05/2001Inter-American Investment Corporation approves a loan to Standard Seafood de Venezuela On December 6, 2001, the Inter-American Investment Corporation (IIC) approved a $10 million, seven-year loan to Standard Seafood de Venezuela C.A. and some of its subsidiaries. The funding will help finance a $37.2 million aquaculture project that includes expanding Standard Seafood, a shrimp farming company, developing a biosafety program, and building two processing plants in Ricoa and Esperanza, near the shrimp farms.
This timely project will help boost a major player in the non-traditional export sector that operates in a lower-income area of the country. The company exports to the United States, Europe, and Asia.
The expansion will enable Standard Seafood to increase its production of shrimp, going from its current 1 million kilograms to 7.5 million kilograms by 2005.
The financing provided by the IIC comes at a time when long-term funding from local sources is scarce in the region; it will also help mobilize coinvestments from other financial institutions.
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Steven Reed
Telephone: (202) 623-3981