IIC and Banco Internacional S.A. sign record of understanding at Federación Latinoamericana de Bancos (FELABAN) 44th annual meeting


Punta del Este, Uruguay - On November 9, 2010, the Inter-American Investment Corporation (IIC) signed a record of understanding with Guatemala’s Banco Internacional S.A.

The approved IIC loan of up to US$3 million will provide Banco Internacional with its first medium-term financing from a multilateral organization. The loan proceeds will be channeled to small and medium-size enterprises in Guatemala.

According to Rodrigo Navas, IIC Investment Officer in charge of the operation, "We will be pleased to support Banco Internacional and help it in its efforts to support small and medium-size enterprises in Guatemala. We will also be assisting the institution’s strategy to diversify its medium-term sources of funding. Banco International is part of Grupo IF, which encompasses six Latin American banks, some of which are IIC clients."

The signing ceremony took place at Hotel Conrad in Punta del Este, Uruguay, the venue of FELABAN’s 44th annual meeting. Francisco Naranjo, General Manager, and Francisco Roche Navarro, CEO for Grupo IF, signed for Banco Internacional; Rodrigo Navas, Investment Officer, and Tomás Bermúdez, Equity Investments Coordinator, signed for the IIC.

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: Rodrigo Navas

Telephone: (202) 623-3926

Email: rodrigon@iadb.org