IIC Approves Loan To Industrias Alimenticias Mendocinas, S.A. In Argentina
07/28/2008The proceeds will support a fruit supply chain in Argentina
Washington, D.C. – On July 29, 2008, the Inter-American Investment Corporation (IIC) approved a loan of up to US$8,000,000 to Industrias Alimenticias Mendocinas, S.A. (IAMSA). The operation comprises an A loan of up to US$3,000,000 to be funded by the IIC and a B loan of up to US$5,000,000 to be provided by other financial institutions.
IAMSA produces and markets canned fruit and vegetables. The company is one of Argentina’s largest producers of canned fruit and tomatoes and one of the largest sources of jobs in the province of Mendoza.
The company has grown significantly in recent years thanks to major investments in the construction and acquisition of new processing plants, the expansion of existing plants, and the purchase of farms.
IAMSA will use the loan proceeds to finance its permanent working capital, including its farming operations in Mendoza Province, as well as to restructure its liabilities in order to improve its financial debt maturity structure.
The IIC loan will help IAMSA consolidate as it emerges from this period of significant growth. The IIC loan will also enhance the sustainability of a supply chain comprising more than 200 fruit and tomato growers throughout Argentina.
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. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. 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: Javier Barsantini (in Chile)
Telephone: + (562) 431-3724