Banco Bilbao Vizcaya Argentaria Panamá S.A. receives a loan of up to US$20 million from the IIC
08/01/2010Washington, D.C. - On August 2, 2010, the Inter-American Investment Corporation (IIC) approved a loan to Banco Bilbao Vizcaya Argentaria Panamá S.A. (BBVA Panamá). The proceeds will be used to provide financing to small and medium-size enterprises in Panama to serve their general operating needs, including financing for working capital and revolving credit lines. This is the IIC’s second operation with BBVA Panamá.
According to Zoila Pun, IIC Investment Officer in charge of the operation, "With this operation, the IIC seeks to support Panamanian SMEs by improving their access to more appropriate sources of funding, thus helping Panama’s private sector."
About BBVA Panamá
BBVA Panamá was established in 1982 and operates in the Republic of Panama and overseas. It is a multi-purpose bank with eighteen branches. Eleven of these branches are in the capital and seven are in the provinces; therefore, it has a presence in eight of the country’s ten provinces. For more information on BBVA Panamá, please visit www.BBVApanama.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: Zoila Pun
Telephone: + (511) 215-1837