IDB Invest Contributes to Increased Productivity of the Agricultural Sector in Paraguay through Automaq
IDB Invest provides $15 million in financing to Automotores y Maquinaria S.A.E.C.A. (Automaq), a Paraguayan company with global brands in the agricultural, automotive, tire, and construction industries, to strengthen the agricultural industry in Paraguay.
The deal will make it possible to offer a working capital solution to align Automaq's import financing terms with its cash generation cycle. It is also expected to contribute to increasing productivity in the agricultural sector through the acquisition of state-of-the-art machinery, to improve access to agricultural machinery, and to promote trade with Latin America and job creation.
Through this deal, IDB Invest seeks to support Paraguay in continuing to strengthen value chains in its agricultural sector, by increasing the level of commercialization of agricultural machinery and equipment, which will allow improvements in productivity in the agricultural value chain.
This deal is expected to contribute to two United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), and Responsible Consumption and Production (SDG 12).
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $14.1 billion in asset management and 325 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
Established in Paraguay in 1961, Automaq is a local company with global brands in the agricultural, automotive, including tire, and construction industries. Automaq is one of the main market leaders in the machinery and equipment industry, marketing and servicing a large and growing number of producers who demand state-of-the-art products and services.