IICapproves A Loan Of Up To US$5 Million For Visión Banco S.A.E.C.A. In Paraguay
09/23/2008The loan proceeds will benefit up to 500 Paraguayan microenterprises and small businesses
Washington, D.C. – On September 23, 2008, the Inter-American Investment Corporation (IIC) approved a loan of up to US$5 million for Visión Banco S.A.E.C.A. The funds will be used to offer short- and medium-term loans to micro and small enterprises in Paraguay for productive investments in fixed assets or working capital.
Visión Banco seeks to provide specialized financial services and products for micro and small enterprises in order to promote the socioeconomic development of middle- and low-income individuals nationwide. Among Paraguay’s private banks it is the one with the most branch offices and employees.
Access to financing on appropriate terms will contribute to the generation of direct and indirect employment and improve the financial structure of the bank’s target enterprises, for which it is difficult to obtain financing with terms of more than one year.
Disbursement of a first, US$2.5 million tranche of the loan is expected in the next few weeks, with a second to follow in 2009.
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: Carlos Roa (in Washington D.C.)
Telephone: (202) 623-3955