Guatemala's Banco Internacional S.A. receives IIC financing for the first time
07/05/2010Washington, D.C. - On July 2, 2010, the Inter-American Investment Corporation (IIC) approved a medium-term loan of up to US$3 million to Guatemala's Banco Internacional S.A., its first from a multilateral financial institution.
It is expected that with this operation Banco Internacional S.A. will increase its SME portfolio, improve its liquidity, and begin to diversify its medium-term funding sources. It is estimated that approximately 40 SMEs will benefit from this operation.
Banco Internacional S.A. has a broad portfolio of financial products and modern service channels, and its portfolio is diversified among different economic sectors.
"This project will help Banco Internacional S.A. improve its term-matching while enabling the IIC to expand its support to SMEs in Guatemala. Even though this is the first operation with Banco Internacional S.A., the IIC has provided financing to other Grupo Fierro banks in Latin America. We hope this operation will be the first step in a long-term relationship," said IIC Investment Officer Rodrigo Navas.
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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: John Beckham
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