IIC Approves A Line Of Credit For US$60 Million To Banco ABN Amro Real S.A. In Brazil
03/20/2006Washington, D.C. - On March 17, 2006, the Inter-American Investment Corporation (IIC) approved a US$60 million loan for Banco ABN AMRO Real S.A. (BAAR) to finance eligible projects via loans to Brazilian SMEs. The credit line consists of an A loan of up to US$15 million and a B loan of up to US$45 million. The operation seeks to help fulfill the Nuevo León mandate to triple the resources channeled by the IDB Group to micro, small, and medium-size companies in Latin America and the Caribbean by 2007.
BAAR is a universal bank offering commercial and retail banking products to a diverse consumer and commercial base. This project represents the second project between the IIC and BAAR. The first project consisted of an A loan of US$10 million and a B loan of US$30 million. Under the first project, 270 SMEs received supply-chain financing. This line of credit will allow the IIC to provide financing to between 30 and 60 SMEs with medium-term loans, and approximately 675 SMEs with supply-chain financing from larger companies.
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 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: Carlos Roa/Michael Apel
Telephone: (202) 623-3955