IIC Approves Credit Line For Banco ABN Amro Real S.A.
05/23/2007The A loan of up to US$15 million and B loan of up to US$85 million will benefit more than 1,400 small and medium-size Brazilian companies
Washington, D.C. - The Inter-American Investment Corporation (IIC) approved a credit line consisting of an A loan of up to US$15 million and a B loan of up to US$85 million for Banco ABN AMRO Real S.A. (BAAR) in order to provide Brazilian companies with medium- and long-term financing.
This operation is in line with the IIC's efforts to offer financial instruments that meet the needs of small and medium-size enterprises in the region.
BAAR, headquartered in São Paulo, is a universal bank offering commercial and retail banking products to a diverse consumer and corporate base. It is the Brazilian subsidiary of ABN AMRO N.V. of the Netherlands and began operating there in 1917 as Banco Holandés de América del Sur. This is the third operation with BAAR approved by the IIC.
According to Santiago Cat, the investment officer in charge of the operation, "The Corporation is expanding its programs to support the private sector in the region. This loan will encourage financial institutions to broaden the scope of their activities in order to offer products that meet the needs of small and medium-size businesses. The IIC is also seeking to support enterprises that form part of a supply chain where large companies purchase goods and services from or sell them to smaller companies. It is expected that US$30 million from the credit line will make it possible to fund medium-and long-term loans to between twenty and sixty small and medium-size enterprises. The other US$70 million should enable approximately 1,400 such companies to procure short-term loans."
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank Group (IDB). 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 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: Carlos Roa/Santiago Cat (in Uruguay)
Telephone: (202) 623-3955