*The Inter-American Development Bank approved two loans totaling $700,000 to provide credit to businesses in Honduras and Jamaica.
A $500,000 loan was given in Honduras to provide credit and training to business people and a $200,000 loan was given in Jamaica to expand businesses in the capital of Kingston.
Both loans were approved by the bank's division to provide financing for small projects and were extended from the its fund for special operations. The money will be disbursed in Hondurian lempiras and Jamaican dollars.
The financing was extended for 40 years at a commission of 1 percent a year. It will be repaid in semiannual installments. The first payment is due 10 years after the date of contract in Honduras, and 10 1/2 years after the date of the contract in Jamaica.
Asesores para el Desarrollo, a nonprofit organization, will use the loan in Honduras to extend loans to business people in the capital of Tegucigalpa. The loans will be used to purchase equipment, machinery and raw material.
The National Development Foundation, a nonprofit organization, will use the Jamaican loan to extend credit to the 225 small-scale entrepreneurs who were unable to obtain credit from other sources. The credit will be used to start or expand businesses.
*The International Finance Corp. approved a $1.4 million equity investment in Pure Foods Corp. of the Philippines, which is beginning a $4.7 million, semi-integrated shrimp farming business.
The project is expected to produce and export 1,100 metric tons of shrimp a year and will create employment for 190 people and support 2,000 farmers who will raise the shrimp. An annual net foreign exchange earning of $7.6 million is projected.
The additional equity includes a $2.1 million term loan from the Bank of the Philippine Islands, $235,000 from minority Filipino shareholders, $354,000 from George A. Hormel & Co., a U.S. food processor and technical partner in the company, and $585,000 from the major shareholder, the Ayala Corp.