IIC Will Support The Development Of Mortgage Securities In Bolivia
01/13/1999Investment will support the construction sector in Bolivia WASHINGTON, DC - On January 6, 1999, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a $10 million line of credit to Banco Mercantil, S.A. in Bolivia. The facility will finance long-term home mortgages and will contribute to expand the pool of mortgage loans required as a first step in the development of mortgage securities.
Through IIC´s financing, Banco Mercantil will support the development of both the primary and secondary mortgage markets in Bolivia, helping to increase home ownership, achieve the standardization of mortgage procedures, contracts, and documentation, and at the same time increase the depth and breadth of capital markets.
Moreover, the facility will benefit the Bolivian construction industry through its expansion. This industry is one of the key engines of Bolivian economic activity, providing employment to a significant portion of the workforce while generating demand for goods and services related to the housing industry. Many of these services are provided by small and medium-scale manufactures and contractors.
Contact: Steven Reed
Telephone: (202) 623-3981