Caja Madrid Approves US$50 Million Loan to Inter-American Investment Corporation

03/15/1999

Credit facility will expand IIC’s developmental lending in Latin America and the Caribbean PARIS, FRANCE - The Inter-American Investment Corporation (IIC) and Caja de Ahorros y Monte de Piedad de Madrid signed today a three-year $50 million revolving credit facility at the Palais des Congrès in Paris, on the occasion of the Annual Meetings of the Boards of Governors of the IIC and the Inter-American Development Bank. The IIC will use the facility to fund loan disbursements to developmental projects in Latin America and the Caribbean.

This loan stands as part of the effort of Caja de Madrid to increase its international activity in Latin America.The agreement was signed for the IIC by, Mr. John C. Rahming, General Manager, and for Caja de Madrid, Mr. Carlos Vela García-Noreña, General Director-Director of the Business Banking Unit, and Mr. Enrique Tierno Pérez-Relaño, Director of the International Financial Institutions.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. 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 borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. The IIC has thirty-seven member countries: twenty-six in Latin America and the Caribbean and eight in Europe, plus Japan, Israel and the United States.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org