IIC Approves An A/B Loan To Bicbanco, S.A., Brazil
04/27/2004Washington, D.C. - On April 28, 2004, the Board of Directors of the Inter-American Investment Corporation (IIC) approved an A Loan of up to US$5 million and a B Loan of up to US$10 million to BicBanco to provide financing to small and medium-size enterprises for their working capital needs. This transaction is the result of the efforts the IIC has undertaken to target Brazilian SMEs and to promote financing in this market segment.
BicBanco S.A. is a bank that primarily targets SMEs, has 31 branches and 606 employees, and carries out 75% of its activities in southern and southeastern Brazil. This transaction is expected to benefit around 150 Brazilian companies in need of alternatives for funding their operations, which will in turn help them to increase their production capacity and market competitiveness.
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/Michael Apel
Telephone: (202) 623-3981