IIC Supports the Development of Financial Services in Bolivia
Equity investment in Banco Ganadero boosts SME access to credit
Washington, D.C., May 4, 2015 — The Inter-American Investment Corporation (IIC) approved an investment in ordinary shares in Banco Ganadero S.A. for an amount up to the equivalent in bolivianos of US$6 million. This investment aims to promote the bank’s growth and to provide greater access to financing to small and medium-sized enterprises (SMEs), especially in the western areas of Bolivia.
“Through this equity investment, the IIC is supporting Banco Ganadero in its strategy to grow, expand, and foster the development of commercial and productive activities in Bolivia,” said Rodrigo Navas Oreamuno, the IIC lead investment officer in charge of the operation. “The bank’s SME portfolio is expected to grow by US$280 million by the end of 2019, creating approximately 540 direct jobs, including 267 jobs for women".
Banco Ganadero is a financial institution established in 1994 in the city of Santa Cruz de la Sierra. It currently has full branches in the cities of La Paz, Cochabamba, Trinidad, Tarija, Sucre, Oruro, and Cobija, as well as urban agencies in the cities of Santa Cruz, La Paz, Cochabamba, Montero, Riberalta, and El Alto. Banco Ganadero provides short-, medium-, and long-term loans with high quality standards. It operates in leading sectors of the economy, including commerce, livestock, industry, services, agriculture, and SMEs.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. The IIC provides companies with funding in the form of equity investments, loans, and guarantees, as well as technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations for a total amount of US$426.3 million. Since its inception, the IIC has approved more than 920 direct loan and equity investments to SMEs and financial intermediaries, for a total of US$5.6 billion. An additional US$3.7 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC, visit www.iic.org.
Contact: Rodrigo Navas
Telephone: +1 (202) 623-3926 in Washington, D.C.