IIC Approves A US$25 Million Loan To BAC San José S.A. In Costa Rica

10/12/2009

It is estimated that approximately 200 SMEs will benefit from this operation.

Washington, D.C. - On October 13, 2009, the Inter-American Investment Corporation (IIC) approved a loan of up to US$25,000,000 to BAC San José S.A. in Costa Rica. BAC San José is one of Costa Rica’s oldest private banks. It is part of the BAC Credomatic network and it is an indirect subsidiary of BAC International Bank, a bank established in Panama with subsidiaries throughout Central America.

The operation seeks to provide BAC San José with medium-term financing on appropriate terms so that the resources are channeled to eligible projects by eligible companies in Costa Rica, for a maximum US$500,000 per project. Another objective is to support BAC San José as it seeks to diversify its sources of medium-term funding.

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: Rodrigo Navas

Telephone: (202) 623-3926

Email: rodrigon@iadb.org