IIC Approves A Credit Line For Banco De Comercio Exterior De Colombia

08/01/2005

Washington, DC- On August 2, 2005, the Inter-American Investment Corporation, (IIC) approved a credit line of up to US$30 million for Colombia's Banco de Comercio Exterior (Bancóldex). The line will be available for one year.

This support from the IIC will enable Bancóldex to meet the financing needs of parties that purchase Colombian products and services through financial intermediaries abroad. The credit line will make it possible for Bancóldex to offer medium- and long-term financing that will help make small and medium-size Colombian exporters more competitive. A portion of the line will be also used for medium-term export prefinancing as well as bridge loans to cover guarantees issued by Bancóldex in favor of Colombian companies participating in international bids.

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/Tomas Bermudez

Telephone: (202) 623-3981

Email: stevenr@iadb.org