IIC Signs An Agreement With Saman For A US$5 Million A Loan And A US$5 Million B Loan In Montevideo, Uruguay

12/19/2004

Washington, D.C. - On December 20, 2004, the Inter-American Investment Corporation (IIC) and Sociedad Anónima Molinos Arroceros Nacionales (SAMAN) signed an agreement for a US$5 million A loan and a US$5 million B loan to finance the company's working capital. Financing from the IIC will enable SAMAN to provide small and medium rice growers with more funding at a better cost.

The project comes under the IIC's supply chain support program, which seeks to increase the flow of funding to small and medium-size companies in Latin America and the Caribbean. SAMAN receives rice harvested by some 260 independent growers and processes and markets it, mostly in the export market. SAMAN also provides the growers with technical advice, provides irrigation services, and finances supplies and fuel.

The signing ceremony took place at the IDB field office in Montevideo, Uruguay. Signing for SAMAN were Messrs. Ricardo Ferrés Blanco, President, and Manuel Romero Iglesias, Finance Manager, respectively. Mr. Enrique V. Iglesias, Chairman of the IIC's Board of Executive Directors, signed on behalf of the IIC.

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: Jacques Rogozinski

Telephone: (202) 623-3901

Email: sylviasz@iadb.org