IIC Provides Long-Term Financing To Central American Bank To Support Mainly SMEs In Guatemala
11/23/2008Some 125 enterprises and individuals are expected to benefit from this operation
Washington, D.C. – On November 24, 2008, the Inter-American Investment Corporation (IIC) approved a loan of up to US$10,000,000 to Banco de América Central S.A. in Guatemala (BAC Guatemala). BAC Guatemala is a financial institution that specializes in the corporate sector and personal banking.
BAC Guatemala is part of the regional BAC Credomatic group, one of the largest financial conglomerates in Central America. BAC Credomatic is the fourth largest group in the region in terms of assets and is also the leading credit card issuer.
The IIC loan aims to provide BAC Guatemala with a source of medium-term funding on appropriate terms for financing part of its loan portfolio growth.
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: Rodrigo Navas (in Washington D.C.)
Telephone: (202) 623-3926