IIC Signs A US$12.5 Million Loan Agreement With Banco Daycoval S.A.
09/11/2007The IIC loan will fund loans to and credit facilities for Brazilian SMEs
São Paulo, Brazil – On September 12, 2007, the Inter-American Investment Corporation (IIC) signed a US$12.5 million loan agreement with Banco Daycoval, S.A. that will enable the bank to provide financing to SMEs in Brazil in need of stable sources of financing to increase their production capacity and competitiveness. Banco Daycoval, S.A. is a midsize bank that provides businesses with a complete line of financial and credit services.
"The IIC is working to increase the flow of credit through the private banking sector to small businesses in Latin America and the Caribbean. The loan to Daycoval S.A. is in line with the Corporation’s strategy to achieve this end," said Santiago Cat, Investment Officer in charge of the transaction.
The loan agreement was signed in the offices of Banco Daycoval S.A. Messrs. Morris Dayan and Sasson Dayan, Executive Directors, signed for Banco Daycoval, S.A., and Mr. Steven Reed, IIC Deputy General Manager, 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. 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: Steven Reed/Santiago Cat (in Uruguay)
Telephone: (202) 623-3981