IIC Signs Loan Agreement With Agrícola Ganadera San Marcos S.R.L. In Paraguay
12/15/2008This is the IIC’s fourth operation in Paraguay through its innovative SBRL program
Washington, D.C. – On December 16, 2008, the Inter-American Investment Corporation (IIC) signed a US$600,000 loan agreement with Agrícola Ganadera San Marcos S.R.L. ("San Marcos"), an SME that has been operating in the agricultural and livestock sector for more than twenty years.
Under its continuous modernization approach, the company invests in first-rate agroinputs and high-performance, high-quality animal genetic resources in the livestock market. The loan proceeds will be used to finance infrastructure investments for setting up a model farm in Paraguay’s Chaco, some 700 kilometers north of Asunción.
The SBRL is a financial product that enables the IIC to offer standardized small loans to eligible small enterprises under an expedited approval process. It is currently offered in Bahamas, Barbados, Bolivia, Costa Rica, Dominican Republic, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, Suriname, Trinidad and Tobago, and Uruguay. The SBRL targets private companies operating in the agribusiness, manufacturing, wholesale, retail, service, and construction sectors, as well as any other sector that contributes to the local economy.
Signing for San Marcos were Luiz Carlos Pisani, manager and owner, and Odimar Caus, general manager. According to Messrs. Pisani and Caus, "The loan is key for ensuring the development of our company. Other institutions should follow the IIC’s example so that Paraguay’s SMEs have appropriate growth financing options." Hernando Lesme, investment officer in charge of the project, signed for the IIC.
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. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. 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, please visit www.iic.int.
Contact: Hernando Lesme (in Paraguay)
Telephone: + (595 21) 616-2321