IIC Renews its Commitment to Banco ProCredit S.A. in Ecuador, Approving an A/B Loan of up to US$20 Million
Washington, D.C. – On September 26, 2011, the Inter-American Investment Corporation (IIC) approved a loan to Banco ProCredit S.A. (ProCredit) in Ecuador for a total of up to US$20 million, consisting of an A loan of up to US$5 million financed by the IIC and a B loan of up to US$15 million.
The proceeds of the loan will be used to provide financing to micro, small, and medium-sized enterprises in Ecuador, in a variety of productive sectors.
This is the IIC’s third operation with ProCredit. The first and second loans provided support to the segment of micro, small, and medium-sized enterprises and helped strengthen and consolidate Banco ProCredit in Ecuador.
According to Piedad Acuña, the IIC investment officer in charge of this operation, "This third operation will continue building the relationship between the IIC and ProCredit, inasmuch as the focus of both institutions is the development of micro, small, and medium-sized enterprises. Specifically, with this operation we are expecting to support some 500 companies in this segment."About Banco ProCredit S.A.
Banco ProCredit Ecuador is part of the ProCredit Group. Its parent company is the Frankfurt-based ProCredit Holding, which holds 100 percent of Banco ProCredit Ecuador’s shares.
Banco ProCredit was founded in October 2001 under the name Sociedad Financiera Ecuatorial by an alliance of development-focused international investors that shared a common vision and philosophy: establishing a new kind of bank capable of meeting the needs of large segments of the population, while adding depth to the financial sector and contributing to economic and social development. The primary objective was not to obtain maximum benefit in the short term, but rather to make a significant impact in the economic development field while acquiring a reasonable profit on an investment that will become sustainable over time. For more information on Banco ProCredit, visit www.bancoprocredit.com.ecAbout the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2010, the IIC reached US$1.427 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org
Contact: Piedad Acuña (in Colombia)
Telephone: + (571) 325-7055
Email: piedada @iadb.org