IIC Signs Agreement To Amend Its Line Of Credit To Banco De Comercio Exterior De Colombia, S.A.

08/06/2008

Changing the existing line of credit to Bancóldex will benefit more SMEs in Colombia

Washington, D.C. - The Inter-American Investment Corporation (IIC) signed an agreement to amend its line of credit to Banco de Comercio Exterior de Colombia S.A. (Bancóldex), the largest rediscount bank in Colombia. This agreement will provide Bancóldex medium- and long-term revolving funding in the amount of US$45 million to finance the export of Colombian goods and services, both directly and through financial intermediaries.

Bancóldex is a semipublic corporation operating as a rediscount bank that provides financial services to foreign trade companies and to microenterprises, SMEs, and large corporations in Colombia. Bancóldex has gradually become a "universal development bank" without ceasing its support for micro, small, and medium-size enterprises and the export sector. It operates as a development agency and provides support in areas such as business capitalization for SMEs and services and activities that complement its lending operations.

The signing ceremony took place at the offices of the IIC in Washington, D.C. Gustavo Ardila Latiff, President, signed for Bancóldex; General Manager Jacques Rogozinski signed for the IIC.

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: Piedad Acuña (in Colombia)

Telephone: + (571) 325-7055

Email: piedada@iadb.org