IIC approves loan of up to US$7 million to Banco Bolivariano C.A.

07/28/2010

Washington, D.C. - The Inter-American Investment Corporation (IIC) approved a loan of up to US$7 million to Banco Bolivariano C.A., to provide financing to SMEs in Ecuador.

This is the IIC’s third operation with Banco Bolivariano. It will enable the bank to provide financing to small and medium-size Ecuadorian companies for working capital related to import-export operations.

According to Piedad Acuña, IIC Investment Officer in charge of the operation, "With this operation, the IIC seeks to support and strengthen Ecuador’s economy by providing stable tools and creating effective mechanisms for channeling loans to small and medium-size enterprises through banks and finance companies. This will improve access to appropriate sources of credit for SMEs."

Banco Bolivariano began operations in Guayaquil in 1980 and is now Ecuador’s fifth largest bank. It has positioned itself as a solid bank and is known for its good customer service, nationwide accessibility, and electronic service channels. It offers trade products, cash management, and remittance management. For more information on Banco Bolivariano, please visit www.bolivariano.com.

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.


Contact: Piedad Acuña (in Colombia)

Telephone: + (571) 325-7055

Email: piedada@iadb.org