IIC Signs A $4.5 Million Agreement With Zonamerica S.A. In Uruguay

12/21/2003

Montevideo, Uruguay – On December 22, 2003, the Inter-American Investment Corporation (IIC) signed a $4.5 million loan agreement with Zonamerica S.A., a Uruguayan company that operates an office and technology park. The agreement was signed by Mr. Enrique V. Iglesias, Chairman of the Board of Executive Directors of the Inter-American Investment Corporation, and by Mr. Orlando Dovat Mela, President of Zonamerica S.A., and Ms. María Emilia Mela, Ms. María Emilia Dovat Mela, and Ms. Virginia Dovat Mela from Grupo Dovat. Other signatories were Mr. Isidoro Hodara for Zonamerica Limited and Montevideo Teleport International S.A., Mr. Carlos María Garderes for Endecar S.A., Mr. Alberto Flores for Hamling S.A, Mr. Rodolfo Fernández and Ms. Carolina Ferreiro for Silicón Plaza 3 S.A., Mr. Alberto Fossati and Mr. Daniel Pagliano for Biotec Plaza S.A., and Mr. Carlos Mari for Register of Companies S.A.

The signing ceremony took place at Zonamerica's offices in Montevideo, Uruguay.

The project will enable domestic and foreign companies to set up operations in Uruguay, bringing in modern management practices and state-of-the-art technology in such areas as software production, biotechnology, shared services, and financial services. 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