IIC Approves A US$5 Million Loan To Banco Bolivariano, C.A. To Provide Financing To Small And Medium Enterprises In Ecuador

11/05/2003

WASHINGTON, D.C. - On November 5, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$5 million trade finance loan to Banco Bolivariano, C.A. to provide financing to small and medium-size Ecuadorian companies for foreign trade operations, including exports and imports, as well as for working capital related to export and import activities.

With this transaction, the IIC seeks to support the Ecuadorian economy by providing financing in amounts ranging from US$10,000 to US$1,000,000. It will make it possible to reach at least fifty small and medium-size Ecuadorian exporters. This will increase the inflow of foreign exchange to the economy strengthening its balance of payments position.

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.

Contact: Steven Reed/Rita Bettiol

Telephone: (202) 623-3981

Email: stevenr@iadb.org