IIC Signs A US$3.5 Million Loan Agreement With Ecuadorian Plastics Firm


Guayaquil, Ecuador- On September 13, 2006, the Inter-American Investment Corporation (IIC) signed a loan agreement for up to US$3.5 million with Plásticos del Litoral Plastlit S.A.

The loan has two purposes: first, to increase production capacity, and second, to improve the company's efficiency. IIC financing will enable Plastlit S.A. to obtain medium-term debt, which is very difficult to do in Ecuador, and to continue being an important packing plant for products from the agribusiness and food production sectors. The keys to strengthening the company are continued growth, innovation, increased efficiency, improved environmental management, and adequate financial structure.

Plastlit S.A., located in Guayaquil, Ecuador, is a leading manufacturer of plastic packaging for the industrial and food sectors. The company serves various sectors of the domestic market and exports principally to Latin American countries. Plastlit S.A. has two main product lines: flexible packaging, used mostly in the food and agribusiness sectors, and disposable products for fast food restaurants and other uses.

The loan agreement was signed at the Hilton Colón Guayaquil hotel. For Plastlit S.A. signed Mr. Xavier Félix Simon Isaías, Executive President, and Mr. Jaime Roberto Simon Isaías, Executive Vice President, and for the IIC signed Mr. Jacques Rogozinski, General Manager.

The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank Group (IDB). 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, visit its website at www.iic.int.

Contact: Jacques Rogozinski (in Washington D.C.)

Telephone: (202) 623-3901

Email: sylviasz@iadb.org