IIC Approves Loan for up to US$10 Million to Banco General Costa Rica S.A.


Washington, D.C. — The Inter-American Investment Corporation (IIC) approved a loan for Banco General (Costa Rica) S.A. of up to US$10 million. The proceeds of the loan will be used to finance Costa Rican SMEs in a variety of productive sectors.

According to Marvin Guevara, the IIC’s investment officer responsible for this project, "With this operation, the IIC hopes to help Banco General (Costa Rica) S.A. grow its loan portfolio and consolidate its position within the Costa Rican financial market. Specifically, this IIC loan will support Banco General’s efforts to step up lending to Costa Rican SMEs, enabling them to meet their medium-term financing needs with individual loans of up to US$500,000."

About Banco General (Costa Rica) S.A.

Banco General (Costa Rica) S.A. is a private bank domiciled in Costa Rica, which began operating in 2007. The Bank is subject to the oversight of the Costa Rican financial regulatory agency (SUGEF). It is owned by Banco General (Panamá) S.A., Panama’s biggest bank by assets. In addition to its head office in San José, Banco General (Costa Rica) S.A. also operates four branch offices located throughout the capital metropolitan area. In keeping with its strategy, the Bank plans to continue expanding its operations and branch offices, with a view to establishing a physical presence in the country’s main centers of economic activity. For more information, visit www.bgeneral.fi.cr y www.bgeneral.com

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2010, the IIC reached US$1.43 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org

Contact: Marvin Guevara

Telephone: + (503) 2233-8902

Email: marvingu@iadb.org