IIC Approves Loan
11/07/2001Five million dollars for América Leasing S.A. IIC to provide more financing for small and medium-size companies in Peru.
Washington, D.C. - On November 8, 2001, the Inter-American Investment Corporation (IIC) approved a $5 million loan to América Leasing S.A., a Peruvian leasing company based in Lima. The loan will enable América Leasing to grant medium- and long-term financing to scores of small and medium-size companies in Peru that need to modernize or expand but have little access to this type of funding.
Over the past four years, the Peruvian lease market has grown from 12% of total placements in the financial system to 16% in 2000. At the end of last year, América Leasing S.A. held 7% of the total assets of specialized companies in this sector and 3% of the lease market in Peru.
As of the end of 2000, América Leasing's portfolio was concentrated in the service, industry, and trade sectors (approximately 78% of the total portfolio); these three sectors are key to the creation of jobs.
During the first quarter of the year, two rating agencies upgraded the finance lease bonds issued by América Leasing. Since América Leasing began operations in 1995, its bond ratings have been upgraded several times.
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.
Contact: Steven Reed
Telephone: (202) 623-3981