IIC Approves An A Loan Of Up To US$10 Million And A B Loan Of US$30 Million To Banco ABN Amro Real S.A. (BAAR) In Brazil
10/13/2004Washington, DC - On October 13, 2004, the Inter-American Investment Corporation (IIC) approved an A loan of up to US$10 million and a B Loan of up to US$30 million to Banco ABN AMRO Real S.A. to support the medium and long-term financing of small and medium-size enterprises in Brazil. BAAR subloans will offer shorter-term financing to larger companies which will use the financing to assist eligible companies in procuring improved financing conditions from the larger companies.
BAAR, the Brazilian subsidiary of ABN AMRO N.V. of the Netherlands, is a universal bank headquartered in Sao Paulo, offering commercial and retail banking products to a diverse consumer and commercial client base. BAAR has a client base of approximately 9 million retail and corporate clients. With this transaction, the IIC is expanding its program in support of the region’s private sector by encouraging financial institutions to increase the scope of their activities by offering financial products for small and medium-size companies and supporting companies that form part of a supply chain. This loan is expected to make it possible to provide medium and long-term financing to twenty to forty SMEs.
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.
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