IIC Signs Loan With Banco Procredit S.A

12/07/2009

Quito, Ecuador - On December 8, 2009, the Inter-American Investment Corporation (IIC) signed an agreement for a loan of up to US$3,000,000 with Banco ProCredit S.A., a financial institution that focuses on micro, small, and medium-size enterprises in the formal and the informal sectors.

It belongs to an international financial group that comprises banks operating in twenty-two countries in Eastern Europe, Latin America, and Africa. Banco ProCredit Ecuador’s majority shareholder is ProCredit Holding, an investment company headquartered in Frankfurt, Germany, that has among its main shareholders other major private, state-owned, and multilateral institutions focused on development. For more information visit www.bancoprocredit.com.ec or www.procredit-holding.com.

This operation seeks to provide financing to eligible micro, small, and medium-size enterprises in Ecuador.

"The new financing is very important to ProCredit because it provides us with longer-term resources for meeting the needs of our target corporate sector in Ecuador. And it shows once again ProCredit has won the confidence of important prestigious international institutions like the IIC," said Pedro Arriola Bonjour, Executive Vice President at Banco ProCredit in Ecuador.

The loan agreement was signed at Banco ProCredit’s offices in Quito, Ecuador. Signing for Banco ProCredit was Pedro Arriola Bonjour, Executive Vice President. Bruno Pineda signed on behalf of the IIC.

The IIC 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 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 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: Margarita Rincón (in Colombia)

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