IIC Approves Loan To Banco Procredit S.A. In Ecuador
11/02/2009Washington, D.C. - On November 3, 2009, the Inter-American Investment Corporation (IIC) approved a loan of up to US$3,000,000 to Banco ProCredit S.A. in Ecuador. ProCredit focuses on micro, small, and medium-size enterprises, in the formal as well as the informal sector. To pursue this business it has a technology platform and know how proven by the years of experience of its principal shareholders in other countries and a service network that spans fifteen cities in Ecuador.
The purpose of the project is to provide financing to micro, small, and medium-size enterprises in such productive sectors as retail, transportation, services, agriculture, livestock, and tourism to finance their fixed asset purchase needs and working capital requirements. The funds will be used to finance eligible enterprises in Ecuador for a maximum amount of US$200,000 each and US$400,000 per economic group.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging 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, please visit www.iic.int.
Contact: Margarita Rincón (in Colombia)
Telephone: + (571) 325-7054