IIC And Banco Industrial E Comercial S.A. (Bicbanco) Sign An Agreement For A US$5 Million A Loan And A US$18.5 Million B Loan
10/23/2006Washington, D.C.- On October 24, 2006, the Inter-American Investment Corporation (IIC) signed an agreement for an A loan of up to US$5 million and a B loan of up to US$18.5 million with Banco Industrial e Comercial S.A. (BicBanco) for lending to small and medium-size Brazilian companies for working capital purposes and revolving credit facilities.
The transaction will enable BicBanco to provide loans at terms ranging from three months to a maximum of two and one-half years. BicBanco was founded in 1938 in northeastern Brazil and currently has 29 branches and 646 employees. BicBanco focuses on small and medium-size companies; direct loans to such companies account for a large proportion of its balance sheet.
Messrs. Milto Bardini, Vice President, and Paulo Celso del Ciampo, Executive Director of the International Division, signed for BicBanco. Mr. Jacques Rogozinski, General Manager, signed for the IIC.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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 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