Inter-American Investment Corporation Approved A US$25 Million Loan For Local Bank In Panama
03/24/2008This transaction will benefit low- and medium-income Panamanians
Washington, D.C.- On March 25, the Inter-American Investment Corporation (IIC) approved a US$25 million loan to Banco General, S.A., the largest private-equity bank and one of the most important banks in Panama, with a strong and well-known local franchise. The Loan proceeds will be used for financing housing for medium- and low-income individuals.
The subloan beneficiaries would be individuals who are residents or citizens of Panama and who will live in the housing unit themselves. This operation is expected to have significant impact on the growth of mortgage finance, mainly for lower-income housing. The goal is to provide at least 250 individuals or family groups with support for purchasing adequate housing.
This IIC operation is also expected to enhance Panama’s formal banking sector, bringing some of these individuals into the banking system for the first time.
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. 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, visit www.iic.int.
Contact: Sandra Reyes (in Colombia)
Telephone: + (571) 325-7053