IIC Approves A Loan Of Up To US$15 Million To Banco Internacional De Costa Rica S.A.
04/26/2010It is estimated that at least 90 SMEs will benefit from this transaction
Washington, D.C. - On April 27, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$15 million to Banco Internacional de Costa Rica S.A. (BICSA), a bank focused on foreign trade transactions.
This operation seeks to provide medium-term funding to BICSA for channeling to SMEs in Costa Rica, El Salvador, Guatemala, Nicaragua, and Panama via loans for up to US$500,000 each. In addition to its two branches in Panama and Miami, BICSA has representative offices in Costa Rica, El Salvador, Guatemala, and Nicaragua.
According to Rodrigo Navas, IIC Investment Officer, "The operation seeks to support BICSA’s strategy for diversifying its sources of medium-term funding, as well as provide the bank with medium-term resources to meet the needs of SMEs in Central America."
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 2009, the IIC reached US$1.4 billion in assets and approved forty operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Rodrigo Navas
Telephone: (202) 623-3926