IIC Signs A $10 Million Agreement With Banco Santos For On-Lending To Small And Medium-Size Private Enterprises

02/04/2001

WASHINGTON, D.C. - The Inter-American Investment Corporation (IIC)1 signed today a $10 million loan agreement with Banco Santos S.A. for on-lending to small and medium-size private companies in Brazil.

The signing ceremony took place at IIC headquarters in Washington, D.C. The document was signed by Mr. Mario Martinelli, Chief Executive Officer of Banco Santos, and Mr. Jacques Rogozinski, General Manager of the IIC.

The loan will be used to finance expansions, capital goods, and/or working capital. It will enable the IIC to make needed financing available to small and medium-size companies in Brazil.

Banco Santos is expected to reach between ten and twenty end beneficiaries over the loan's expected five-year life. Therefore, the project is expected to help create between 100 and 200 jobs, generate between $8 million and $13 million in export earnings, and contribute $30 million to $40 million to Brazil's GDP.

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1 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. The IIC has thirty-seven member countries: twenty-six in Latin America and the Caribbean and eight in Europe, plus the United States, Japan, and Israel. For further information on IIC's activities please contact Mr. Jorge Roldán at 202-623-3948.

Contact: Roldan Trujillo

Telephone: (202) 623-3922

Email: sylviasz@iadb.org