Mexico’S Edilar Receives US$2.5 Million Loan From IIC To Provide Teachers With Financing For Purchasing Educational Materials
05/13/2010Loan proceeds to benefit more than 2,500 teachers
Washington, D.C. - On May 14, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$2.5 million to Edilar S.A. de C.V. in Mexico. Edilar holds three-party agreements with Mexico’s national education workers union (Sindicato Nacional de Trabajadores de la Educación, or SNTE) and the education departments of the federal entities of Mexico. Under the agreements, Edilar provides teachers with credit to pay for training and buy teaching materials and publications through the national teachers’ library program (Programa Nacional de Bibliotecas Magisteriales, or PNBM).
The loan proceeds will be used to finance the expansion of the company’s sales and provide financing to public school teachers in the 27 federal entities in which Edilar operates. It is expected that the IIC will provide technical assistance to help Edilar become more competitive.
"I am delighted to be able to help teachers in 27 of the country’s states as they work to educate Mexico’s children and youths. I think this is one of the most important and noble endeavors one can pursue: helping to build the country’s future," said David Levy, IIC investment officer.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: David Levy
Telephone: (202) 623-3969