IIC Approves A US$10 Million Loan To El Salvador'S Arrinsa Leasing S.A.
04/26/2006Washington, D.C. - On April 26, 2006, the Inter-American Investment Corporation (IIC) approved a US$10 million loan to Arrinsa Leasing S.A. of El Salvador. The operation was submitted under the IIC's Financial Institutions Program. The program seeks to meet the Declaration of Nuevo León goal of tripling, by 2007, the funding channeled through the IDB Group to microenterprises and small and medium-size companies in Latin America and the Caribbean.
The purpose of the loan is to support the development of a financial tool that will enable SMEs to reduce their working capital needs and manage asset risk. Developing financial and operational leasing is important to meet the needs of small and medium-size companies in the region because it enables financial institutions to reach a broader market. Arrinsa S.A.was taken over by Corporación Interfin and will merge with Corporación Interfin’s leasing company in El Salvador this year. At least 100 Salvadorean SMEs are expected to benefit with medium-term leases.
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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. The IIC's mission is to promote the economic development of its regional member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Carlos Roa/Ana Cecilia Savastano
Telephone: (202) 623-3955