US$10 Million Loan to Pronaca Will Provide Support to Over 3,000 Ecuadorian SMEs
Company employs 9,000 people and will benefit low-income households through its supply chain
Washington, D.C., November 20, 2012 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$10 million to Ecuador’s Procesadora Nacional de Alimentos C.A. (Pronaca) to boost the capacity of its main business units and upgrade and perform maintenance on its processing plants and logistics systems.
Pronaca will use approximately US$8 million of the loan to increase its production of quality foods for low-income households. The company is investing a total of US$47 million to expand its production.
“Pronaca is a key enterprise in Ecuador’s food production chain that works with more than 3,000 domestic and some 200 international suppliers,” noted Javier Hernández, IIC senior investment officer in charge of the operation. “The IIC’s investment will support this extensive chain of small and medium-sized enterprises (SMEs), enabling them to boost their production and sales. Moreover, Pronaca will continue to buttress its market position and widen its range of products, making it more competitive both domestically and internationally.”
“For us, this loan represents not only major support for our financing needs but IIC recognition of our economic solvency and way of doing business,” commented Juan Carlos Pitarque, Pronaca’s chief financial officer. “The IIC loan will help us continue to pursue our goal of promoting better nutrition and developing agriculture in Ecuador, based on the principles of transparency, responsibility, and solidarity.”
Pronaca is a leading food processing company in Ecuador, with over 50 years in the market as a producer, distributor, and vendor of processed chicken, turkey, and pork products. The company has 26 brands and offers a wide range of products—more than 800 in all. Pronaca directly and indirectly employs over 9,000 people.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s activities, visit www.iic.org.
Contact: Javier Hernández
Telephone: +1 (202) 623-3992 in Washington