IIC and Banco Internacional de Costa Rica, S.A. sign an agreement for a loan of up to US$15 million


San José, Costa Rica - On July 1, 2010, the Inter-American Investment Corporation (IIC) signed an agreement for a loan of up to US$15 million with Banco Internacional de Costa Rica, S.A. (BICSA).

With the IIC loan, BICSA seeks to provide medium-term financing on appropriate terms, thus channeling IIC funds to SMEs in Costa Rica, El Salvador, Guatemala, Nicaragua, and Panama. This operation also seeks to support BICSA’s strategy for diversifying its sources of medium-term funding, which have become scarcer since the financial crisis began.

According to John Beckham, IIC Operations Division Chief, "We are pleased to support BICSA and work with it in its effort to provide financing to SMEs in Central America and Panama. Given BICSA’s and the IIC’s complementary capabilities and characteristics, we expect this operation to be the beginning of a long-term relationship that will benefit both institutions and, above all, private companies in the region."

Signing for BICSA were Mr. Percival Kelso, Chairman of BICSA’s Board of Directors; Mr. Federico Carrillo, General Manager, and Mr. Francisco Montoya, universal agent and CFO. Mr. John Beckham, Operations Division Chief, signed for the IIC by special proxy.

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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. 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. 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. For more information on the IIC’s activities, please visit www.iic.int.

Contact: John Beckham

Telephone: (202) 623-3984

Email: johnbec@iadb.org