IIC Approves A US$40 Million Loan To Banco Continental S.A. In Peru
06/08/2006Washington, D.C. On June 9, 2006, the Inter-American Investment Corporation (IIC) approved a US$40 million loan to Peru's Banco Continental S.A. The operation was submitted under the IIC's Financial Institutions Program. This 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 loan will enable Banco Continental S.A. to fund medium- and long-term operations (three to five years) for small and medium-size export, trade, transportation, communications, and service companies. These companies will use the loan proceeds for working capital or to purchase or lease fixed assets. Banco Continental S.A. is a multipurpose bank; its core business is financial intermediation, and it also provides retail, corporate, and wholesale banking services. The bank has a network of 215 branches throughout Peru. Some 400 small and medium-size companies are expected to benefit from this operation.
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. For more information on the IIC's activities, visit its Web site at www.iic.int.
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