IIC Approved A Loan In The Amount Of US$10 Million To Primer Banco Del Istmo S.A. To Provide Financing To SMEs In Panama, Costa Rica And Honduras

03/04/2003

WASHINGTON, D.C. - On 3 March 2003, the Inter-American Investment Corporation (IIC) approved a loan in the amount of US$10 million to Primer Banco del Istmo S.A. (BANISTMO) to provide financing to small and medium-size Panamanian, Costa Rican and Honduran companies for foreign trade export and import operations including, working capital related to export and import activities.

The IIC funds will support the revitalization of manufacturing industries, which will result in increased production and employment; provide financing for the acquisition of raw materials, spare parts and other imported factors of production; and generate foreign exchange, by continuing to produce and export goods.

This loan will make it possible to finance operations in amounts ranging from US$10,000 to US$2 million. It is expected that 140 to 160 companies will benefit from this operation.

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.

Contact: Steven Reed/Rita Bettiol

Telephone: (202) 623-3913

Email: stevenr@iadb.org