Financing From IIC To Strengthen Small And Medium-Size Companies In Brazil
08/04/2005SÃO PAULO, BRAZIL – On August 5, 2005, the Inter-American Investment Corporation (IIC) held a signing ceremony for a US$100 million loan agreement with Banco Itaú, S.A., comprising a US$30 million A loan by the IIC and a US$70 million B loan with the participation of HypoVereinsbank and WestLB. Banco Itaú offers commercial and retail banking products to a diverse consumer and business base throughout Brazil and is one of Brazil's most important institutions.
The loan will make funds available to small and medium-size enterprises for financing their general corporate needs, including leasing. In total, it is expected that some 500 small and medium-size Brazilian companies will benefit from this operation—approximately 150 through the A loan and 350 through the B loan. This financing will further the sustainable growth of small and medium-size companies, which are the most vulnerable to economic cycles.
The signing ceremony took place at Banco Itaú, S.A.'s headquarters en São Paulo. Mr. Rodolfo Enrique Fischer, Executive Vice President, and Mr. Paulo Roberto Soares, Director-General Manager, signed for Banco Itaú, S.A.; Mr. Jacques Rogozinski, General Manager, signed for the IIC. Also present at the signing ceremony were Mr. Peter Badura, WestLB Brasi S.A. Chairman and Head of Latin Origination; Mr. Walder Bastos, Executive Vice President and Head of Financial Institutions; Mr. Isaac Deutsch, Executive Vice President and Head of Structured and Corporate Finance; Mr. Fernando Abrahao, Senior Vice President, Structured and Corporate Finance; Mr. John M. Rae, Senior Representative; and Ms. Márcia da C. Araujo, Representative, Financial Institutions.
This operation is in line with the goal set forth in the Declaration of Nuevo León on the occasion of the Special Summit of the Americas held in Mexico on January 13, 2004, seeking to implement measures to combat poverty, promote social development, and achieve economic growth with equity.
The Inter-American Investment Corporation is a multilateral financial institution that is part 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 borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Jacques Rogozinski
Telephone: (202) 623-3901