Banco Aliado S.A. receives IIC loan of up to US$10 million for leasing, factoring, and working capital operations

08/30/2010


Washington, D.C. - On August 31, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$10 million to Banco Aliado S.A. to provide financing to SMEs in Central America and part of the Andean region.

According to Sandra Reyes, IIC Investment Officer in charge of the operation, "With this operation the IIC is supporting the financial services sector by creating stable channels and efficient mechanisms for offering loans to financial entities, and at the same time benefitting small and medium-size companies. This will improve SME access to sources of funding in areas where there is a large potential market of underserved companies poised to benefit the development of the private sector in Latin America and the Caribbean."

About Banco Aliado S.A.

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. For more information on Banco Aliado, please visit www.bancoaliado.com.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.

Contact: Sandra Reyes (in Colombia)

Telephone: + (571) 325-7053

Email: sandrare@iadb.org