IIC Grants A US$3 Million Loan To Caja De Compensación Familiar De Antioquia In Colombia

10/20/2004

WASHINGTON, DC - On October 20, 2004, the Inter-American Investment Corporation (IIC) approved a US$3 million loan to Caja de Compensación Familiar de Antioquia (Comfama). Comfama will on-lend the loan proceeds to member SMEs that require working capital or need to purchase fixed assets.

Comfama, founded in 1954, is one of Colombia's major family social funds (cajas de compensación) and the largest in the Department of Antioquia. It has almost 20,000 participating companies and 380,000 individual members employed by companies of all sizes. The IIC loan will help Comfama build on the work it began fifty years ago, enabling Comfama to grant its members personal loans for purchasing a home or to meet needs in the areas of education, healthcare, or recreation. The IIC will also be supporting the development of family social funds' technical capacity and enhance their ability to lend to micro-, small- and medium-size enterprises. It is expected that the operation will channel financing to approximately 800 SMEs, with most beneficiaries being in the manufacturing, trade, education and social services, agriculture and cattle raising, communications, and transportation sectors.

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. For more information on the IIC's activities, visit its Web site at www.iic.int.

Contact: Tomás Bermúdez/Sotero Arizu

Telephone: (202) 623-1845

Email: tomasb@iadb.org