Invertec Pesquera Mar de Chiloé

in implementation

The financing from the IIC is in line with the Company’s strategic plan, which calls for investments during the period 2007-2009. The plan’s main goal is to prepare Invertec Pesquera to double its 2006 salmon production volume from 2009 on.The proposed IIC loan will be used to finance certain investments in fixed assets and working capital that the Company plans to make during 2008. These investments will help Invertec Pesquera to continue to increase its production volume. In the salmon industry, this is key for reaching the necessary economies of scale that will enable the Company to weather the volatility that is characteristic of this sector.With this project, the IIC will also (i) continue to support one of Chile’s main foreign-currency generating industries; (ii) continue to support the development of a medium-size Chilean salmon company so that it maintains its competitive position in a sector dominated by large, foreign-owned companies; and (iii) decrease the concentration of salmon production in the Island of Chiloé by promoting the development of the salmon industry in Chile’s Region XI, where development and investment levels are low.