IIC Will Provide Long-Term Financing To A Financial Institution In Suriname
11/03/2008Washington, D.C. – On November 4, 2008, the Inter-American Investment Corporation (IIC) approved a loan of up to US$1,000,000 to Coöperatieve Spaar– en Kredietbank Godo G.A. (Godo), Suriname’s largest credit union. This is the first loan Godo has received from a multilateral institution; the operation is expected to have a significant demonstration effect and help Godo start to diversify its sources of funding. This is the IIC’s first loan to a financial intermediary in Suriname.
Godo loans are primarily geared to home purchases and improvements. Godo also provides financing for vehicle purchases and education, as well as corporate loans for acquiring machinery and equipment and financing for working capital for small and medium-size companies, among other purposes.
Among the credit unions in Suriname’s financial system, Godo has the most members. Its approximately 45,000 members are located mainly in Suriname’s urban and suburban areas.
The long-term loan from the IIC will help Godo improve the term matching of its assets and liabilities maturing in more than one year. Godo will use the proceeds to finance the growth of its mortgage loan portfolio.
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: Rodrigo Navas (in Washington D.C.)
Telephone: (202) 623-3926