Milagro – Sace (Group CDP) and Sider Engineering just concluded an important financing operation to support the Friulian company’s supplies to a steel plant in Milagro, Ecuador. Under the project, worth a total of $131 million, Sace guaranteed a $30 million loan granted by the Inter-American Investment Corporation (IIC), a multilateral financial institution of the Inter-American Development Bank Group (iDB) dedicated to promoting economic development in Latin America and the Caribbean through the private sector. The loan is intended for the purchase by Ecuador’s Adelca of a mini mill plant for its new Milagro steel site, in the province of Guayas, a very rural area that enjoys substantial tax incentives. (9Colonne)
