IIC Approves Its First Agency Line In Chile

08/09/2000

The IIC's investment, in the form of long-term loans, will foster productive activities WASHINGTON, D.C. - On August 3, 2000, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a $10 million agency line as part of a total $20 million to be administered by Banco del Desarrollo. Banco del Desarrollo will provide the other $10 million.

The agency line will enable the IIC and Banco del Desarrollo to provide financing to small and medium-size companies in Chile by granting long-term loans ranging from US$600,000 to US$3 million. The proceeds will foster productive activities and help the end beneficiaries modernize their operations and become more efficient and competitive.

The agency line is expected to reach 20 to 30 end beneficiaries over its life and create 400 to 450 jobs. It is also expected to generate $10 million to $15 million in export income per year and contribute $40 million to $45 million annually to Chile's gross domestic product.

Contact: Roldan Trujillo

Telephone: (202) 623-3922

Email: sylviasz@iadb.org