Agco Capital Argentina S.A. Receives A Loan Of Up To US$10 Million From IIC
05/24/2010This IIC operation will provide resources to offer financing for Argentine SMEs and individuals to purchase agricultural machinery
Washington, D.C. - On May 25, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$10 million to AGCO Capital Argentina S.A.
AGCO Capital Argentina is a subsidiary of De Lage Landen, a financial institution that is a member of Rabobank Group, and AGCO Corporation, an agricultural machinery manufacturer based in the United States. AGCO Capital Argentina provides financing to Argentine individuals and small and medium-size companies, mainly for agricultural machinery purchases.
AGCO Capital Argentina will use the funds provided by the IIC to grant pledge loans to SMEs and individuals in Argentina. Most of the financing is dollar-denominated; to be eligible, farmers must produce commodities such as corn, wheat, sunflower, and soybeans.
"By providing financing to AGCO Capital Argentina, the IIC is supporting Argentina’s agricultural sector, which is a key foreign exchange and employment generator," said Ana María Orellana, IIC Senior Investment Officer.
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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Ana María Orellana (in Chile)
Telephone: + (562) 431-3707