IIC’S First Loan In Euros Will Support Chilean Fishery Company’S Plans For Growth
10/23/2007The operation, totaling €8 million, consists of an A loan of up to €3 million and a B loan of up to €5 million for Pesquera Trans Antartic Ltda.
Washington, D.C. - On October 23, 2007, the Inter-American Investment Corporation (IIC) approved an eight million euro long-term loan to Trans Antartic, a Chilean company that cans fish and shellfish for sale in Chile and for export, principally to Spain. The financing from the IIC will enable Trans Antartic to establish itself as a financially stable and reliable provider of canned seafood to the European market.
Trans Antartic is a subsidiary of Jealsa Rianxeira S.A., the parent company of Grupo Jealsa. Grupo Jealsa leads the canned fish and shellfish sector in Spain and ranks second in Europe. Trans Antartic is an indirect supplier of Spain’s leading supermarket chain, Mercadona.
"The long-term, euro-denominated loan from the IIC will put Trans Antartic in a better financial position to establish itself as an international supplier. Such financing is not otherwise available to the company. The company is expected to generate US$73 million in foreign exchange for the Chilean economy over the next ten years," according to Ana Orellana, the IIC Investment Officer in charge of the operation.
Trans Antartic has 450 employees; 75 percent are women. The company draws on a supply chain of sixty-four mussel growers, most of whom are small entrepreneurs who hire local labor. These suppliers will indirectly benefit from Trans Antartic’s growth. Trans Antartic is working with shellfish stocking programs supervised by the Chilean national fisheries service, SERNAPESCA.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, 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 member countries by encouraging 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, please visit www.iic.int.
Contact: John Beckham/Ana María Orellana (in Chile)
Telephone: (202) 623-3984