The project consists of the purchase of shares in Banco Hipotecario, an investment of up to US$2.5. Banco Hipotecario is a commercial bank involved in most areas of El Salvador’s economy. The project involved IIC’s participation in the privatization of Banco Hipotecario de El Salvador through the purchase of shares. The government’s authorities of El Salvador sought to sell most of its shares in the Bank to the private sector. The sale of this institution represented an important step toward completing the privatization of Commercial banks started in 199 1. El Salvador’s government invited the IIC to participate in the Bank’s privatization process, setting aside a share package that would have given IIC an equity participation of 10 percent to 20 percent.
United States Dollar