Loan for SUDAMTEX de Venezuela

(Caracas, December 18, 1992).—A US$30 million loan was granted today to the company SUDAMTEX de Venezuela to increase its annual production of yarn and finished fabric by over 50% from 26 to 40 million square meters.

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. The group is 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. It is an open-end stock corporation, whose shares are actively traded on the Caracas and Maracaibo stock exchanges.

Sudamtex’s activities cover a diversified line of processes and products, including cotton cultivation and processing, textile production and marketing, fabrication of polyester and nylon polymers, acetate filaments and fiberglass.

The agreement was signed in the CAF headquarters in Caracas by CAF President & CEO Enrique García, and Sudamtex President & CEO John Johnson.

This year, CAF has also granted the company a US$10 million line of credit to finance its foreign trade operations.

With these loans, 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."