IIC approves loan of up to US$86 million to BICBANCO in Brazil
07/18/2010Washington, D.C. - The Inter-American Investment Corporation (IIC) approved an A loan of up to US$13 million and a B loan of up to US$73 million to Banco Industrial e Comercial S.A. (BICBANCO).
This operation, the IIC’s fourth with BICBANCO, will enable the latter to grant subloans of less than US$1 million each to small and medium-size Brazilian companies. It will also help eligible enterprises in productive sectors such as the manufacturing, agribusiness, services, and commercial sectors finance their short- and medium-term working capital requirements through loans or revolving credit lines.
"With this operation, the IIC will be supporting the financial service sector and creating effective tools for channeling loans to small and medium-size companies through banks and finance companies. This will improve access to appropriate sources of credit for SMEs, where there is still a large potential market of companies with unmet needs, and it will benefit the private sector in Latin America and the Caribbean," according to Margarita Rincón, IIC investment officer in charge of the operation.
BICBANCO was founded in northeastern Brazil in 1938; it focuses on providing financing to SMEs in the form of short-term loans. It has broad geographic coverage, with a presence in 16 of Brazil’s 23 federal states. For more information on BICBANCO, visit www.bicbanco.com.br.
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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 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.
Press Release also available in Portuguese.
Contact: Margarita Rincón (in Colombia)
Telephone: + (571) 325-7054