IIC Approves Loan To Sudameris Bank S.A.E.C.A. In Paraguay
09/14/2009The purpose of the loan is to finance eligible projects via loans to eligible enterprises
Washington, D.C. - On September 15, 2009, the Inter-American Investment Corporation (IIC) approved a loan of up to US$3,000,000 to Sudameris Bank S.A.E.C.A. in Paraguay. The bank's broad banking strategy is to serve the corporate sector, medium-size entrepreneurs, and individuals. A large portion of Sudameris Bank's portfolio is in the corporate market, especially concentrated in the agricultural and livestock sectors; it is now expanding its array of retail banking services for individuals and small and medium-size enterprises in Paraguay.
The objective of this operation is to finance eligible projects via loans to eligible enterprises in Paraguay that meet the IIC's credit criteria and environmental and labor requirements. These small and medium-size enterprises require either medium- or long-term financing in order to carry out their operations.
Financing on appropriate terms will make it possible to generate direct and indirect employment and improve the financial structure of SMEs, which currently have limited access to financing with terms of more than one year.
According to Santiago Cat, IIC investment officer in charge of the operation, "The demand for such loans among SMEs in Paraguay is high, but they are difficult to obtain. These companies need alternative financing like this to properly fund their operations, thus helping them increase their production capacity and improve their ability to compete internationally."
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 million to SMEs in the region. 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: Santiago Cat (in Uruguay)
Telephone: + (598) 2915-3696