IIC Signs Its First Loan In Euros, With Chilean Company Trans Antartic
04/23/2008Long-term financing in euros will help the company consolidate its plans for growth
Santiago, Chile - The Inter-American Investment Corporation (IIC) and Trans Antartic Ltda. signed an agreement for a loan of up to €8 million. Trans Antartic is a Chilean company that cans fish and shellfish for sale in Chile and for export. It is an affiliate of Jealsa Rianxeira S.A., which is the market leader in Spain and ranks second in Europe. This financing from the IIC will enable Trans Antartic to establish itself as a financially stable and reliable provider of canned seafood to the European market.
Chile’s fishing industry is one of the world’s largest. Its marine resources are very similar to Spain’s and are less costly due to their abundance. The free trade agreement between Chile and the European Union enables Trans Antartic to export to Europe duty free. This makes its products very attractive.
"The long-term, euro-denominated loan from the IIC will give Trans Antartic a good financial cushion and the currency matching it needs for its sales to grow as projected. This operation is crucial for the Chilean market because Chilean companies do not have access to such financing from domestic sources," according to Ana María Orellana, IIC Investment Officer in charge of the operation.
Trans Antartic has 450 employees; 75 percent are women. The company draws on a supply chain of sixty-four mussel suppliers, most of whom are small entrepreneurs who hire local labor. These suppliers will indirectly benefit from Trans Antartic’s growth. Trans Antartic also participates in shellfish stocking programs in areas supervised by the Chilean maritime authorities in conjunction with zonal shellfish farms and foundations interested in the sustainable development of aquaculture.
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 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, visit www.iic.int.
Contact: Ana María Orellana (in Chile)
Telephone: + (562) 431-3707