Intesa Sanpaolo S.P.A. Grants A US$50 Million Credit Line To The Inter-American Investment Corporation
06/04/2008With this transaction, the IIC and Intesa Sanpaolo will foster SME development in Latin America and the Caribbean
Washington, D.C.- On June 5, 2008 the Inter-American Investment Corporation (IIC), a member of the IDB Group, signed a US$50 million loan agreement with the Italian bank Banco Intesa Sanpaolo S.p.A.
Intesa Sanpaolo is a banking group resulting from the merger between Banca Intesa and Sanpaolo IMI. It is a leader in the Italian market with a strong international presence focused in Central Europe and the Mediterranean basin. Intesa Sanpaolo seeks to become the benchmark for value creation in the European banking sector.
Antonello Bove, who is responsible for the Italian Development Program at the IIC, stated: "The transaction is part of the Italian Development Program designed to strengthen Italy’s ties with Latin America and the Caribbean, creating a network of enterprises that are involved in import, export, and foreign direct investment with the support of different organizations that promote or assist Italian companies internationally."
Ricardo Rico, Treasury Officer at the IIC, added: "This operation is very important to the IIC because we greatly value our relationship with Intesa Sanpaolo.This operation not only strengthens even further the existing ties among both institutions but also improves the geographic diversification of our funding sources. In addition, this revolving facility allows the IIC to continue offering competitive loans to its clients in line with its mission of promoting growth and development in the region by funding small and medium-size companies."
About the IIC
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank 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: Ricardo Rico
Telephone: (202) 623-1337