Banco Del Desarrollo De Chile Highlights Its Support For Chilean SMEs In A Presentation To The

10/02/2006

Washington, D.C.- On October 3, 2006, Banco del Desarrollo de Chile featured its role as a private development bank in a presentation to the Board of Executive Directors of the Inter-American Investment Corporation (IIC). Banco del Desarrollo de Chile was created in March 1983 to serve those sectors of the population having the least access to the financial system.

In 2001 the IIC signed a US$10 million equity investment with Banco del Desarrollo in order to strengthen SMEs in Chile. As a shareholder, the IIC provides the bank with capital and loans and with support for the bank to fulfill its developmental mission.

Mr. Vicente Carúz, president of Banco del Desarrollo, gave the presentation and stressed how important it is for the bank to support micro, small, and medium-size enterprises in Chile. By providing financing for medium- to low-income families the bank also helps them meet their housing, education, healthcare, and household needs. The bank's vice president, Mr. Sergio Molina Silva, stressed the importance of the IIC's support as a shareholder that is also a multilateral organization with a unique mandate to foster SME development.

One of Banco del Desarrollo's goals is to reach a relevant volume of operations. As of July 2006, placements in the micro, small, and medium-size company sector totaled $1.783 billion. Moreover, 272,000 loans have been made through Banco del Desarrollo de Chile's microenterprise finance program, thus mobilizing US$282 million.

The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank Group (IDB). It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC's activities, please visit www.iic.int.

Contact: Jacques Rogozinski

Telephone: (202) 623-3901

Email: sylviasz@iadb.org