IIC Approves Revolving Credit Line For BBVA Banco Continental S.A. In Peru
11/12/2009Washington, D.C. - On November 13, 2009, the Inter-American Investment Corporation (IIC) approved a revolving credit line of up to US$40 million for BBVA Banco Continental S.A., in Peru.
BBVA Banco Continental is a multipurpose bank that, along with its subsidiaries, is part of a business conglomerate that provides comprehensive financial services. The bank's core business is financial intermediation; its operations focus on developing the retail banking, corporate banking, wholesale banking, and treasury business areas. BBVA Banco Continental is Peru's second largest bank.
The credit line proceeds will be used to finance fixed assets, machinery, or working capital for small and medium-size Peruvian enterprises. The assets or revenue of these beneficiary enterprises may not exceed US$20 million.
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 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 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.
Contact: Sandra Reyes (in Colombia)
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