BBVA Banco Continental Grants IIC A NS50 Million Loan To Support Microenterprises
12/09/2007Lima, Peru, December 7, 2007. Seeking to expand access to financing for microenterprises in Peru, BBVA Banco Continental granted a 50 million nuevos soles credit line to the Inter-American Investment Corporation (IIC), a multilateral investment institution that provides financing in the form of equity investments, loans, guarantees, and other instruments, as well as advisory services, to private enterprises in Latin America and the Caribbean.
The first disbursement under this credit line has already taken place in the form of a 23 million nuevos soles, four-year loan to the IIC. The funds will be used to support financial institutions in Peru that target microenterprises.
"Fostering microenterprise growth is critical for the development of our country. Here at BBVA Banco Continental we know that microenterprises drive the local economy and that financial institutions need to reach out to them," said Eduardo Ávila, BBVA Banco Continental Deputy General Manager.
According to Ricardo Rico, IIC Treasury Officer, "The IIC will use this credit line to facilitate local-currency transactions in Peru. This is a flexible facility that could lead to a bond issue in the Peruvian market."
BBVA Banco Continental is part of Grupo BBVA, a financial conglomerate operating in over thirty-two countries. It has 219 offices, 356 ATMs, and 2,924 employees throughout Peru. BBVA Banco Continental was named best bank in Peru by the international magazine Global Finance for the third straight year and has been named most sustainable and ethical bank in Peru by the prestigious publication Latin Finance for the second year in a row. This year, Standard & Poor's assigned BBVA Banco Continental a credit rating of BBB-/A-3 based on its strong capitalization, sound asset quality indicators, high profitability, operating efficiency, and ample liquidity.
The IIC 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. For more information, see www.iic.int.
Contact: Juan Eduardo Zuluaga
Telephone: (202) 623-3812