IIC's Funding Will Benefit Productive Sectors In Guatemala

08/09/1999

Small and medium-size enterprises in Guatemala will be able to reach long-term financing WASHINGTON, D.C. - On July 28, 1999, the Board of Directors of the Inter-American Investment Corporation approved a US$ 6 million loan to Banco de Occidente in Guatemala.

The funding from the IIC will promote the development of small and medium-size Guatemalan companies by providing them with medium to long-term financing through subloans. The funding will also allow Banco de Occidente to expand its activities, contributing to foreign exchange generation in key sectors such as industry, manufacturing, mining, tourism, construction, the chemical industry, and agribusiness.

The credit facility is expected to help create 540 jobs, generate $9 million in annual export earnings, and contribute more than $36 million annually to the country's GDP.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org