Banco La Hipotecaria S.A. and La Hipotecaria S.A. de C.V. receive IIC loan of up to US$10 million
11/03/2010The loan proceeds will be used to provide financing for originating mortgage-backed loans in Panama and El Salvador
Washington, D.C. - The Inter-American Investment Corporation (IIC) approved a loan of up to US$10 million to Banco La Hipotecaria S.A. in Panama and La Hipotecaria S.A. de C.V. in El Salvador, subsidiaries of La Hipotecaria (Holding), Inc. The loan proceeds will be used to finance the growth of the companies’ mortgage portfolios.
According to Marvin Guevara, IIC Investment Officer in charge of the operation, "With this medium-term loan, the IIC will support the financing of residential mortgages in El Salvador and Panama by channeling resources to middle- and lower-middle income end-users, helping to improve access to financing for that large client pool."
About Banco La Hipotecaria S.A. and La Hipotecaria S.A. de C.V.
Banco La Hipotecaria S.A. is the first non-banking institution in Panama to specialize in the generation, management, and securitization of mortgage loans. Since it began operations in May 1997, Banco La Hipotecaria S.A. has become one of the most active players in the mortgage market.
La Hipotecaria S.A. de C.V. began operations in El Salvador in 2003. For more information about the companies, visit www.lahipotecaria.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: Marvin Guevara (in El Salvador)
Telephone: + (503) 2233-8902