Banco Aliado S.A. Receives IIC Credit Line of up to US$12 Million to Support Panamanian SMEs
Credit line proceeds are expected finance some 700 eligible projects
Panama City, Panama, May 31, 2013 — The Inter-American Investment Corporation (IIC) approved a revolving credit line of up to US$12 million for Banco Aliado S.A., the proceeds of which will go to finance some 700 projects with small and medium-sized enterprises (SMEs) from a variety of productive sectors in Panama.
The IIC credit line will provide Banco Aliado with an international source of financing for working capital, fixed assets, and factoring and/or leasing operations.
According to Sandra Reyes, the IIC’s senior investment officer in charge of the operation, “This IIC investment will improve access to medium-term financing for SMEs, including beneficiaries located in smaller population centers, such as the city of David in Chiriquí Province. The investment will also help cement and provide continuity to the IIC’s longstanding relationship with Banco Aliado.”
Banco Aliado is one of Panama’s largest banks and is 100% Panamanian-owned. It has been operating since 1992 and conducts business in Panama and abroad, especially in Central America, Colombia, and Peru.
This project is the IIC’s second operation with Banco Aliado. The proceeds of the first operation, a loan approved in 2010, benefited 89 SMEs in a variety of sectors, including tourism, construction, warehousing, transportation, and marketing.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Sandra Reyes
Telephone: + (571) 325-7053 in Bogotá, Colombia