IIC Loan To Strengthen A Leading Finance Company In Paraguay
08/08/2005Washington, DC. – On August 9, 2005, the Inter-American Investment Corporation (IIC) approved a loan of up to US$1 million for Financiera Familiar, one of Paraguay's leading finance companies. The operation will help Financiera Familiar obtain the funding it needs to expand its operations and provide support for small and medium-size companies, principally in Paraguay's agribusiness sector.
Financiera Familiar will use the loan for medium-term onlending to small and medium-size companies in Paraguay. The company operates in most areas of the country and has been offering medium-term loans to microenterprises and small and medium-size companies for several years. The operation is the result of IIC efforts in two key areas: helping financial institutions obtain the medium-term funding they need, and targeting small and medium-size companies in Paraguay that require this funding to finance their medium-term needs.
The operation is part of the IDB Group’s efforts to meet the Nuevo León mandate of tripling lending to micro, small, and medium-size companies in the region by 2007. Proceeds from the loan will help eligible companies finance their medium-term needs, such as equipment purchases and permanent working capital. This IIC loan will also enable Financiera Familiar to introduce modern environmental and labor management practices to small and medium-size companies in Paraguay.
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
Contact: Steven Reed/Michael Apel
Telephone: (202) 623-3981