IIC Approves Loan of up to US$40 million to Scotiabank Perú

07/19/2012

Funds will be used to provide 3,500 new SME clients with new financial tools

Lima, Peru, July 19, 2012 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$40 million to Scotiabank Perú S.A.A. to offer financing to 3,500 small and medium-sized enterprises (SMEs) in the Andean nation.

The loan will be used to introduce the financial leasing and factoring products that Scotiabank Perú launched in 2012 to grow its portfolio of 63,000 small manufacturing, retail, and service companies. The bank will also use the funds to expand services in coastal cities such as Chiclayo and Trujillo, and in Arequipa in the south.

“In addition to improving Peruvian SMEs’ access to financial resources, the project will help diversify Scotiabank’s long-term sources of funding, thus boosting its investment capacity,” noted Sandra Reyes, IIC investment officer in charge of the operation.

This is the IIC’s second operation with Scotiabank Perú. The first, approved in 2007, was for US$40 million and facilitated the granting of over 1,700 subloans to SMEs until September 2011.

Scotiabank Perú is the country’s third largest financial institution in terms of portfolio size. It boasts a 14% share of the market and has more than 180 branches in Peru.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s  activities, visit www.iic.org.

Contact: Sandra Reyes Correa

Telephone: +57 (1) 325-7053

Email: sandrare@iadb.org