IIC Provides Support For Bolivia’S Tourism Sector
09/24/2008The IIC loan will promote the economic development of a rural area in Bolivia
Washington, D.C. – On September 25, 2008, the Inter-American Investment Corporation (IIC) signed a US$600,000 loan agreement with Río Selva Resort, S.A., a well-known Bolivian hotel chain with more than fifteen years of experience. Río Selva owns three hotels. Two are resort facilities in natural, environmentally friendly surroundings in the outskirts of La Paz and Santa Cruz.
According to Hernando Lesme, IIC officer in charge of this operation, "Río Selva protects and enhances the natural beauty of Bolivia and promotes domestic tourism by offering Bolivians a world-class hotel experience. It is becoming one of the top tourist destinations for Bolivians and foreigners who appreciate the beauty of the Bolivian countryside."
The Río Selva Resort hotel chain has the most extensive resort infrastructure in Bolivia. The chain has international backing from Resort Condominiums International (RCI), the world's largest vacation accommodation company, with more than 5,000 destinations around the world.
This operation arose from an agreement between the IIC and Fundación Bolivia Exporta (FBE) for FBE to act as the IIC’s agent in Bolivia to identify and evaluate small and medium-size enterprises that are eligible for direct financing under the IIC’s Small Business Revolving Line. The agreement was made possible by funding that the IIC received from the Danish Fund.
"The IIC loan through Fundación Bolivia Exporta is very important for Río Selva Resort because it extends our credibility beyond our borders and means that we will be able to borrow to finance new investments in the future. Lastly, the terms of the IIC loan enhance our projections by ensuring a fixed rate throughout the period."
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: Hernando Lesme (in Paraguay)
Telephone: + (595 21) 616-2321