IIC Loan Of Up To US$5 Million To Conaprole, A Uruguayan Food Industry Company
06/13/2005Washington, DC- On June 14, 2005, the Inter-American Investment Company (IIC) approved a loan of up to US$5 million to Cooperativa Nacional de Productores de Leche ("Conaprole"), a Uruguayan company established in 1935. The loan is part of the IIC's supply chain financial support program that seeks to increase the flow of financing for small and medium-size companies in Latin America and the Caribbean.
The company will use the proceeds from the IIC loan to supplement its permanent working capital financing. Through this project, the Corporation will help bolster the economic viability of this traditional dairy producer co-op that receives and processes approximately 800 million liters of milk annually from some 2,600 small and medium-size producers. It produces pasteurized milk and a broad range of other products that it markets locally and for export. Exports account for more than 50% of Conaprole's sales and go to more than forty countries. The company is Latin America's second largest exporter of dairy products and Uruguay's leading exporter overall. Because Conaprole is a co-op, the loan will provide co-op members with a greater degree of security that they will be able to sell their production, as well as easier access to financing for inputs and equipment.
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, 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 borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Steven Reed/Michael Apel
Telephone: (202) 623-3981