IIC Approves A US$2.5 Million Loan To Sanrisil S.A. Indústria E Comercio In Brazil


WASHINGTON, D.C. - On March 17, 2004, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$2.5 million loan to Sanrisil S.A. Indústria e Comercio. Sanrisil S.A , one of the world's leading producers of rutin, a special extract used in the treatment of varicose veins and vascular problems, and one of the leading producers of medicinal plant and fruit extracts in Brazil supplies the pharmaceutical, food, and cosmetic industries.

With this transaction the IIC seeks to support the Brazilian agriculture, agribusiness and manufacturing sector creating 20 new jobs and benefiting more than 1,000 families who gather and supply the company's raw materials originating primarily in the State of Minas Gerais and the northeast of Brazil. The expansion project will make it possible to generate exports valued at $33 million and contribute $25 million to Brazil's GDP.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, securities 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 borrowing member countries by stimulating 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, visit its Web site at www.iic.int.

Contact: Steven Reed/Santiago Cat

Telephone: (202) 623-3981

Email: stevenr@iadb.org