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The Inter-American Investment Corporation (IIC) approved a loan of up to US$2.2mn to transportation and warehousing company Lirio Blanco in Uruguay to finance the procurement of two tugboats for seagoing vessels, a press release from the multilateral reads.
The operation is expected to have a positive impact on private sector development through creating economic linkages with the export sector and its suppliers, thus generating jobs and foreign exchange revenues in the country, IIC said.
Lirio Blanco will provide towage support services for seagoing vessels entering the port of Punta Pereira, in Colonia department, for the Montes del Plata company under an exclusive five-year contract beginning January 2013, renewable for two additional years, as well as towage support services for ships and barges entering the port of Nueva Palmira, in Soriano department.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB).