Montes del Plata will be supported by the Inter-American Developement Bank (IDB). The IDB has approved a $200m credit facility for the pulp mill and forestry operations that the Finnish-Chilean joint venture of Stora Enso and Arauco is planning in Punta Pereira. According to the bank, the pulp mill will contribute up to $750m to per year to Uruguay’s GDP and create a significant number of jobs. Moreover, the IDB expects to raise an additional $250m more in financing from commercial banks.
