IIC Will Support Small And Medium-Size Bolivian Companies That Need Access To Medium And Long-Term Financing
06/27/1999IIC's funding will benefit several economic sectors in Bolivia WASHINGTON, D.C. - On May 20, 1999, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a $25 million loan to Banco Bisa S.A. in Bolivia. The IIC will be responsible for funding $10 million with its own resources and $15 million under IIC's cofinancing program. The loan will provide small and medium-size Bolivian companies in the industrial, agribusiness, and service sectors with medium-term financing for expansion, purchase of machinery and equipment, and working capital.
IIC´s funding will enable Banco Bisa to reach enterprises in Bolivia that have limited access to medium and long term sources of financing. In addition, through this operation, the IIC will support the Inter American Development Bank and the Superintendencia de Bancos de Bolivia's objective of promoting the availability of long-term financing for financial institutions in Bolivia.
Moreover, the funding is expected to create some 750 jobs, generate more than $15 million a year in export earnings, and contribute more than $50 million annually to the country's GDP.
Contact: Steven Reed
Telephone: (202) 623-3981