IIC Loan To Estrella De Precisión Tecnológica, S.A. In Costa Rica Will Double Company’S Manufacturing Capacity
11/19/2006Loan of up to US$800,000 will enable the company to reduce its short- and medium-term loan balances
Washington, D.C.-On November 20, 2006, the Inter-American Investment Corporation (IIC) approved a loan of up to US$800,000 to Estrella de Precisión Tecnológica, S.A. (Estrella). The proceeds will be used to finance new equipment that will double the capacity of Estrella’s manufacturing facility and reduce the company’s short-term loan balances, thereby increasing financing available for working capital.
Estrella is a Costa Rican company that designs, manufactures, and exports parts and components for medical laboratories and aeronautical industries. The number of machines operating in the manufacturing facility will double, increasing employment by 45% and enabling the company to at least double the volume of its exports.
As a company operating under the Export Free Zone Regimen (EFZR), Estrella contributes to the Costa Rican economy by generating foreign exchange in addition to creating jobs. The company expects an increase in export sales by year-end 2006—greater than the increase posted in 2005.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 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, please visit www.iic.int.
Contact: John Beckham/Juan Fonseca
Telephone: (202) 623-3984