Line of credit granted to Sudamtex

(Caracas, August 5, 1992).- A US$10 million line of credit was today granted to Sudamtex de Venezuela, CA, SACA, for foreign trade operations.

With activities in the Andean Group, Mercosur, the European Common Market and the United States, Sudamtex is a Venezuelan group with international projection, in the vanguard of the Latin American textile industry, formed by companies based in Venezuela, United Kingdom, Uruguay, Argentina and Colombia.

This modern industrial conglomerate is located in the city of Maracay on an area of 241,000 m². Sudamtex is an open-end stock corporation whose shares are actively traded on the Caracas and Maracaibo stock exchanges.

The activities of Sudamtex cover a diversified line of processes and products, including cotton cultivation and processing, fabric preparation and marketing, fabrication of polyester and nylon polymers, acetate filaments and fiberglass.

The agreement was signed in the CAF headquarters by CAF President & CEO Enrique García and the vice president and treasurer of Sudamtex, Juan García Gómez.

The CAF president said the textile group was granted the line of credit to acquire raw materials, machinery and equipment, and finance exports because of its presence in countries around the world and the great potential of its market.

"As a result - García said – the company can rest assured of obtaining the most modern production systems and a constant flow of advanced technology, as well as increasing the flow of foreign currency into the country from its exports."

Finally, García said CAF plans to conclude foreign trade operations this year for over US$1 billion in favor of its member countries.