IIC Approves A Loan Of Up To US$2 Million To Financiera Desyfin S.A. In Costa Rica
06/23/2008The operation is expected to benefit at least 40 SMEs
Washington, D.C. - On June 24, 2008, the Inter-American Investment Corporation (IIC) approved a loan of up to US$2 million to Financiera Desyfin S.A. (FDSA), mainly to finance the growth of FDSA’s medium- and long-term pledge-backed loan portfolio. FDSA has been in the factoring business since 1991. Today, factoring services continue to be FDSA’s main line of business, complemented by working capital loans, bid and performance bonds, revolving credit lines, and pledge- and mortgage-backed loans, among others. FDSA’s customers are mainly local SMEs that operate in the manufacturing, trade, service, and other key areas of the Costa Rican economy and provide a wide range of goods and services to the public and private sector alike.
The operation will also further the development of the domestic financial market by making it easier for SMEs to access that market. FDSA is a regulated financial intermediary. Access to low-cost international resources will enable FDSA to compete more effectively with the state-run bank—the largest lender in Costa Rica—and with private banks.
The Inter-American Investment Corporation 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 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 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.
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