IIC Approves A US$2 Million Loan To Banco Interamericano De Finanzas S.A. In Peru

10/29/2002

WASHINGTON, D.C. - On October 30, 2002, the Inter-American Investment Corporation (IIC) approved a US$2 million loan to Banco Interamericano de Finanzas S.A. (BIF) a Peruvian financial institution that diversifies among various labor-intensive productive sectors, including manufacturing, retail and construction. The loan proceeds will be used to provide medium- and long-term financing to small and medium-size enterprises in Peru seeking to broaden, expand, or modernize their operations. Priority will be given to small and medium-size enterprises operating in the retail, communications, service, and transportation sectors. Export-oriented SMEs will also be given priority for extending loans.

With the help of the IIC, BIF will continue to pursue its growth strategy in key sectors of the Peruvian foreign trade oriented sector in order to steadily increase its foreign trade activities. It will also continue to work on bolstering the corporate service culture, in order to improve responsiveness to the needs of SMEs.

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 borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org