Icc Approves Operation For Up To US$5 Million With Banco BHD S.A. Of The Dominican Republic
12/05/2005Washington, D.C. - On December 6, 2005, the Inter-American Investment Corporation approved a loan for up to US$5 million to the Dominican Republic's Banco BHD S.A. The loan proceeds will be used to provide financing for small and medium-size Dominican enterprises in the foreign trade sector, as well as working capital for export and import activities.
The borrower will on-lend the funds from the trade finance loan to private companies with assets not exceeding US$35 million. The primary target will be companies in the export, trade, manufacturing, and service industries. In the region's current economic environment, access to foreign trade finance sources is one of the primary needs of such companies and one of the keys to ensuring their viability in the globalized economy. The Corporation has been expanding is support programs, encouraging financial intermediaries to grow their client base with products that meet the needs of small and medium-size companies. It is expected that between forty and eighty such companies will benefit from this transaction.
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. For more information on the IIC's activities, visit its Web site at www.iic.int.
Contact: Steven Reed/Rita Bettiol
Telephone: (202) 623-3981