IIC Provides Up To US$3.84 Million In Support For The Textile Sector In Honduras
11/07/2005Washington, D.C. - On November 8, 2005, the Inter-American Investment Corporation (IIC) approved a loan of up to US$3.84 million to Caracol Knits, S.A. de C.V. The operation involves building a 12.2 MW thermopower plant, as well as purchasing and installing a printing machine and an ozone water treatment unit.
Caracol Knits manufactures, dyes, cuts, and prints circular knit fabric as its core line of business. The company sells its entire production to Fruit of the Loom. Caracol Knits is a major source of foreign exchange, with export sales of more than US$56 million in 2004. The company is also a major employer in Honduras, with more than 2,100 employees. Financing from the IIC will further the cost-cutting strategy of a Honduran company that is regarded as a model for the Honduran textile industry.
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/Elizabeth Azcona
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