IIC Loan To Bancosol Reaffirms Its Commitment To Microenterprises In Bolivia
11/23/2008This operation will benefit some 1,800 Bolivian microentrepreneurs
Washington, D.C. – The Inter-American Investment Corporation (IIC) approved a loan of up to US$5,000,000 to Banco Solidario S.A. BancoSol was established as a response to significant unmet demand for financial services, especially among low-income, unbanked individuals. From the beginning, BancoSol has specialized in microenterprise lending. It operates in seven cities in Bolivia via a network of forty-nine branches throughout the country.
Loan proceeds will be used to provide financing to microenterprises with less than US$120,000 in assets or yearly sales. Subloan amounts will be up to US$8,000. This project is expected to enable BancoSol to offer longer-term financing and expand its lending to microenterprises in Bolivia.
The Inter-American Investment Corporation 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 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 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: Sandra Reyes (in Colombia)
Telephone: + (571) 325-7053