IIC Approves A US$4.5 Million Loan To Zonamerica S.A. In Uruguay

09/30/2003

WASHINGTON, D.C. - On October 1, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$4.5 million loan to Zonamerica S.A. to support the expansion of Uruguay's highly competitive office and technology park service sector in the Mercosur area. IIC's financing will help the company to capitalize on the country's comparative advantages such as location, availability of skilled labor, and infrastructure.

This project will enable domestic and foreign companies to establish operations in Uruguay, bringing in modern management practices and state-of-the-art technology in areas such as software production and biotechnology, as well as in the shared services and financial services industries. This long-term financing will lead to the creation of 1,100 jobs in the park, in addition to 300 jobs during construction.

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, securities 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. For more information on the IIC's activities, visit its Web site at www.iic.int.

Contact: Steven Reed/Felipe Varela

Telephone: (202) 623-3981

Email: stevenr@iadb.org