At Signing Ceremony, IIC Reaffirms Its Commitment To Distributeurs Nationaux S.A. (Dinasa)
09/30/2009Port-au-Prince, Haiti - The signing ceremony for an US$18 million loan agreement between the Inter-American Investment Corporation (IIC) and Distributeurs Nationaux S.A. (Dinasa) took place on October 1, 2009. Dinasa is a Haitian-owned company that is a leading marketer and distributor of fuel, including diesel, gasoline, kerosene, fuel oil, lubricants, and LPG.
The purpose of the operation is to fund Dinasa’s acquisition of the assets and operations of Chevron Haiti Inc. Once the acquisition is finalized, Dinasa’s shareholders intend to launch an investment plan to improve environmental and safety risk management. They also plan to upgrade all the fuel storage tanks.
IIC participation in this operation will support Dinasa by providing and mobilizing long-term financing, which is scarce in Haiti. With the support of the Korea-IIC SME Development Trust Fund, the IIC has provided technical assistance to help identify environmental and safety risks and design a plan for improvements.
According to the IIC's general manager, Jacques Rogozinski, "The IIC is pleased to achieve this important transaction in Haiti, a market where we have historically been unable to provide value-added financing. We were attracted to this project because we see value beyond financing local ownership of these critical assets. The environmental and safety risks inherent in fuel distribution are significant. By entering into this loan both the IIC and Dinasa have made clear commitments to upgrade the environmental and safety standards of the business, which will have a positive impact on the company, its employees, its customers, and the communities in which it operates."
The signing ceremony took place at the Karibe Hotel in Port-au-Prince. Directors Gilbert Bigio and Edouard Baussan signed for Dinasa. Signing for the IIC was Jacques Rogozinski, General Manager.
The IIC 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 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 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.
This press release is also available in French
Contact: John Beckham
Telephone: (202) 623-3984