IIC Approves Second Loan for Fincas Patagónicas S.A.
This IIC Loan Will Support Growth of Argentina’s Wine Industry
Washington, D.C. — On December 16, 2011, the Inter-American Investment Corporation (IIC) approved a loan to Argentinean firm Fincas Patagónicas S.A. for a total of up to US$1 million. The loan will be used to finance the company’s accounts receivables and inventories as required to step up production and sales of its premium wines.
This will be the IIC’s second operation with Fincas Patagónicas. The first, approved in June 2008, was quite successful and included funding for equipment purchases to increase the company’s installed winemaking capacity, plant some 80 hectares with grapevines, and purchase oak barrels.
According to Ana María Orellana, the IIC senior investment officer in charge of the operation, "With this loan, the IIC is helping support the growth of an export-oriented SME operating in a growing, strategic sector of the Argentine economy that is also a significant generator of foreign exchange. In addition the loan will enable this family-owned company to improve its competitive position in a sector dominated by internationally-backed, large-scale enterprises."
About Fincas Patagónicas S.A.
Fincas Patagónicas is a family business and producer of fine wines for export, operating under the Bodega Tapiz trade name. The company owns its own vineyards in one of Argentina’s best wine grape producing regions, and also buys grapes from other growers. The company started up operations in 2003, upon acquiring the assets of an international firm that moved out of the Argentine market. For more information, visit www.bodega-tapiz.com.ar
About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved 49 operations, channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org
Contact: Ana María Orellana
Telephone: +(562) 431-3707