IIC Aproves A Loan For Banco De La Producción

07/22/2003

A loan of up to US$7 million to finance small and medium-size enterprises in Ecuador

WASHINGTON, D.C. On July 23, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a loan of up to US$7 million for Banco de la Producción, S.A. (PRODUBANCO). The proceeds will be used to provide trade finance for small and medium-size enterprises in Ecuador, including pre- and post-export financing and loans for working capital related to export activities.

It is expected that the loan will benefit between 80 and 100 small and medium-size exporters in Ecuador by boosting economic growth and increasing the flow of foreign exchange to the economy.

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.

Contact: Steven Reed/Rita Bettiol

Telephone: (202) 623-3981

Email: stevenr@iadb.org