IIC And Caixa Geral De Depósitos Sign A First Loan Agreement For US$50 Million


Washington, D.C. - On May 25, 2006, the Inter-American Investment Corporation (IIC) and Portugal’s Caixa Geral de Depósitos (CGD) signed a US$50 million loan agreement to increase the IIC’s flow of funding to SMEs in Latin America and the Caribbean.

According to Caixa Geral representatives, the operation demonstrates the institution’s desire to strengthen its ties with the Corporation and enhance its presence in Latin America by providing financing for projects. Access to these funds will enable the IIC to increase its capacity to provide financing for its target market of small and medium-size enterprises.

Mr. Francisco Graça and Mr. Pedro McCarthy da Cunha, General Manager and Deputy General Manager of CGD's New York branch signed for Caixa Geral; Mr. Jacques Rogozinski, General Manager, signed for the Corporation.

Caixa Geral de Depósitos was founded on April 10, 1876. It is the largest banking and insurance group in Portugal, and plays an important role on the international scene. It has the following long-term ratings: Aa3 from Moody's, A+ from S&P, and AA- from Fitch. CGD is the fifth largest financial group in the Iberian Peninsula and is present in twenty-two countries. It also owns Spain’s Banco Simeón, which has a network of 175 offices. For more information, go to www.cgd.pt.

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 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: Jacques Rogozinski

Telephone: (202) 623-3901

Email: sylviasz@iadb.org