IIC And Banco Uno Of El Salvador Sign A US$10 Million Loan Agreement
06/11/2006Proceeds will support expansion of microfinancing activities
Washington, D.C. - The Inter-American Investment Corporation (IIC) and El Salvador's Banco Uno S.A. signed a US$10 million loan agreement today. The proceeds of the loan will support the expansion of the Salvadorian financial institution's activities to include microfinancing.
Enrique Cañas, General Manager of Banco Uno, and Jacques Rogozinski, General Manager of the IIC, signed the document at a ceremony during the launch of Building Opportunity for the Majority, an Inter-American Development Bank (IDB) initiative that seeks to bring the benefits of economic progress to the low-income population in Latin America and the Caribbean.
This IIC operation is a concrete example of the projects that will come out of this initiative, in this case supporting a commercial bank that will expand its activities to include microfinancing and offer services to those who live and work at the base of the economic and social pyramid.
Banco Uno has a program underway with the IDB's Multilateral Investment Fund to develop the technology and systems necessary for microlending. The IIC operation complements these efforts by providing resources to increase financing for microenterprises and small business in El Salvador.
Banco Uno is part of Grupo Financiero Uno, which operates financial institutions in Central America and Panama. It grants credit card loans to the low- and middle-income segments of El Salvador's population. Seventy percent of Banco Uno's loans are for amounts less than US$1,000.
The Inter-American Investment Corporation , a multilateral financial institution that is part of the IDB Group, 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