IIC And Colombia'S Banco GNB Sudameris S.A. Sign US$10 Million Loan Agreement


Washington, D.C. On August 30, 2006, the Inter-American Investment Corporation (IIC) and Banco GNB Sudameris S.A. signed a US$10 million loan agreement.

The loan will channel resources to small and medium-size companies with limited access to sources of credit. The proceeds will be used mainly for financing working capital needs, acquiring fixed assets, refinancing short-term debt, or financing intangible assets; they will be an alternative, complementary source of financing to support the growth of small and medium-size companies.

The operation was submitted under the IIC's Financial Institutions Program. The program seeks to meet the Declaration of Nuevo León goal of tripling, by 2007, the funding channeled through the IDB Group to microenterprises and small and medium-size companies in Latin America and the Caribbean. It is estimated that between twenty and twenty-five small and medium-size Colombian companies will benefit from this operation.

Signing for Banco GNB Sudameris S.A. was Mr. Camilo Verástegui, President. Mr. Jacques Rogozinski, General Manager, signed for the Inter-American Investment Corporation.

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: Carlos Roa/Tomás Bermúdez

Telephone: (202) 623-3955

Email: carlosroa@iadb.org