Banco de América Central S.A. receives loan of up to US$20 million from the IIC
07/19/2010It is estimated that approximately 300 SMEs will benefit from this operation
Washington, D.C. - On July 20, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$20 million to El Salvador’s Banco de América Central S.A.
With this project, the IIC aims to provide BAC ES with medium-term funding on appropriate terms for channeling funds to eligible projects in El Salvador. The IIC also seeks to support BAC ES’s strategy for diversifying its sources of medium-term funding, which have grown scarcer in recent months.
"The IIC’s experience working with the Grupo BAC Credomatic on regional operations in Costa Rica and Guatemala has been positive. This loan is expected to contribute to private sector development in El Salvador by providing long-term financing to SMEs, with a universe of companies yet to be served," according to Rodrigo Navas, IIC Investment Officer in charge of the operation.
About BAC El Salvador
BAC ES is a multi-purpose commercial bank with a primary focus on consumer banking; it is one of the oldest private banks in El Salvador and part of the Grupo BAC Credomatic. Credomatic, its credit card subsidiary, is the largest in Central America. For more information on BAC, please visit www.bac.net.
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: Rodrigo Navas
Telephone: (202) 623-3926