IIC And Banco Itaú S.A. Of Brazil Sign A Second Loan Agreement For US$50 Million (A US$10 Million A Loan And A US$40 Million B Loan)
07/23/2006Washington, D.C. On July 24, 2006, the Inter-American Investment Corporation (IIC) and Banco Itaú S.A. signed a US$50 million loan agreement. The loan comprises an A loan of up to US$10 million and a B loan of up to US$40 million. The operation was submitted under the IIC's Financial Institutions Program. This program seeks to meet the Declaration of Nuevo León goal of tripling, by 2007, the funding channeled through the IDB Group to microenterprises and small and medium-size companies in Latin America and the Caribbean.
The purpose of the loan is to provide medium-term funding to Brazilian companies to support their financial leasing activities and other working capital needs. The project will include short-term funding for improving the environmental standards of small and medium-size companies. The loan is expected to benefit 2,000 businesses: 400 small and medium-size companies through the A loan and 1,600 through the B loan.
In Brazil, funding for improving the environmental performance of such companies is scarce. By carrying out this operation with a highly-regarded Brazilian bank, the IIC will make the banking sector aware of its commitment to and goals regarding the environment.
Mr. Rodolfo Fischer, Vice President, and Mr. Paolo Soares, Senior Managing Director, signed for Banco Itaú and Mr. Jacques Rogozinski, General Manager, signed for the Inter-American Investment Corporation.
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 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, visit its Web site at www.iic.int.
Contact: Jacques Rogozinski
Telephone: (202) 623-3901