IIC Approves Loan of US$3 million to Strengthen Uruguay's Agriculture Sector
Operation with the agricultural sector will support Oackley S.A. in its strategy to grow and increase its competitiveness
Washington, D.C., December 18, 2015 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$3 million to Oackley S.A. to improve this Uruguayan agricultural company's financial profile and refinance the debt taken on for recent investments in machinery, equipment, infrastructure, and technology to increase its efficiency and sustainability.
“The objective of this project is to strengthen Oackley's financial sustainability with the goal of ensuring and contributing to more efficient production of its crops,” said Santiago Cat, the IIC senior investment officer in charge of the operation.
Oackley is a Uruguayan family business that does farming and ranching on 6,250 hectares of land, 2,224 hectares of which it owns and the remainder of which it leases. The land is located in the department of Cerro Largo, 350 km from the port of Montevideo and 140 km from the border with Brazil.
About the IIC
The IIC, A member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its inception, the IIC has approved more than 920 loan and equity investments for SMEs and financial intermediaries, for a total of US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC's activities, visit www.iic.org.
Contact: Santiago Cat
Telephone: +598-2915-4110 in Uruguay