IIC Approves Credit Line to Colombian Business Development Bank
Credit line to benefit more than 140 Colombian SMEs
Washington, D.C., July 23, 2013 — The Inter-American Investment Corporation (IIC) has approved a credit line of up to US$45 million to Bancóldex, the bank that promotes business development in Colombia. The proceeds from the credit line will enable Bancóldex to diversify its funding sources and benefit more than 140 small and medium-sized enterprises (SMEs) in the country.
The IIC credit line to Bancóldex will provide resources for improving access by Colombian SMEs to medium-term financing. This is the fourth IIC operation with the bank. The previous operations benefited more than 70 Colombian SMEs in the textile, furniture manufacturing, medical equipment distribution, and lighting sectors. These resources also help Bancóldex meet the needs of the SME sector.
“The Inter-American Investment Corporation is a major source of funding for Bancóldex. This multilateral institution is working with the bank to support business modernization in Colombia’s SME sector through medium-term loans,” noted Santiago Rojas Arroyo, president of Bancóldex.
“Bancóldex is an important strategic partner for the IIC in Colombia, in that it enables us to expand credit access to a significant number of SMEs, which is key to job creation and economic growth,” stated Piedad Acuña, IIC senior investment officer in charge of the operation.
Bancóldex is Colombia’s business development bank. It designs and offers new financial and nonfinancial instruments to boost the competitiveness, productivity, growth, and development of Colombian micro, small, medium-sized, and large companies, in both the export and domestic markets. Bancóldex is a mixed-economy entity in which the Colombian government has a majority shareholding through the Finance Ministry and the Ministry of Trade, Industry, and Tourism.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC, visit www.iic.org.
Contact: Piedad Acuña
Telephone: +571 325-7055