IIC Approves A US$100 Million Loan To Banco Rabobank International Brasil, S.A.
The loan will be used to help a larger number of small and medium-size companies have access to credit for purchases of goods and services from large corporations.WASHINGTON, D.C. On November 26, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$100 million loan to Banco Rabobank International Brasil, S.A. The IIC will provide up to US$15 million of the total amount; the remaining US$85 million will come from international finance institutions that participate in the IIC's cofinancing program. The loan proceeds will be used to finance the between 70,000 and 100,000 small and medium-size companies in Brazil that acquire goods from larger corporations that operate in the food and food processing sector, through the acquisition by Banco Rabobank International Brasil, S.A. of 100% of the Senior quotas of Receivables Investment Funds -Fundo de Investimento em Direitos Creditórios-(FIDC) set up to acquire discounted receivables issued by certain companies that finance small and medium-size enterprises. This will allow the companies issuing the receivables the possibility to finance a larger number of small and medium-size enterprises.
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, securities 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 borrowing member countries by stimulating 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, visit its Web site at www.iic.int.
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