IIC and BAC San José Reaffirm Commitment to Costa Rican SMEs

08/23/2013

Revolving credit facility of up to US$20 million will benefit country’s small and medium-sized enterprises

San José, Costa Rica, August 23, 2013 — The Inter-American Investment Corporation (IIC) and Banco BAC San José, S.A. (BAC San José) have signed an agreement for a revolving credit facility of up to US$20 million, which will provide financing to over 260 small and medium-sized enterprises (SMEs) in Costa Rica.

With this financing, BAC San José will diversify its funding sources and provide medium- and long-term subloans to SMEs in productive sectors such as commerce, industry, services, tourism, and agroindustry, as well as the export sector. The credit facility will give preferential financing to clients committed to energy efficiency and technologies for the reduction of carbon emissions.

“The IIC and Banco BAC San José have a long history of collaboration and together have given over 600 Costa Rican SMEs access to medium-term financing,” noted Laura Oradei-Bayz, chief of the IIC’s Portfolio Management Division. “Through this credit facility we are reaffirming our commitment to continue helping SMEs grow and prosper in an economically and socially sustainable manner in an increasingly competitive market.”

Gerardo Corrales, executive vice president of BAC San José, added, “We are honored that the IIC continues to put its trust in our organization, not only through financing but also as a strategic partner for the implementation of its technical assistance programs in Central America. We hope to continue strengthening this relationship to foster growth, development, and job creation in Costa Rica’s SMEs.”

With over 25 years’ experience in the market, Banco BAC San José is Costa Rica’s largest private bank. It provides universal banking financial services to local customers and offers residential mortgage loans, personal and corporate loans, and loans to SMEs. BAC San José, part of the BAC Credomatic group, with operations throughout Central America, is an indirect subsidiary of Colombia’s Banco de Bogotá S.A.

This project is the IIC’s third operation with BAC San José. The first one, a loan approved in 2009, benefited 383 SMEs, and the second, a loan approved the following year, assisted another 221.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.

Contact: Marvin Guevara

Telephone: +503 2233-8902 in San Salvador, El Salvador

Email: marvingu@iadb.org