IIC Approves A New US$1 Million Loan To Financiera El Comercio S.A.E.C.A. In Paraguay
09/10/2008This operation will benefit more than fifty MSMEs in Paraguay
Washington, D.C. - On September 9, 2008, the Inter-American Investment Corporation (IIC) approved a loan to Paraguay's Financiera El Comercio S.A.E.C.A. for it to provide medium-term financing to Paraguayan MSMEs.
El Comercio has 38 regional branches, 415 employees, and a share of over 20% in Paraguay's remittances market. Thanks to its growth strategy, El Comercio is the second largest financiera out of thirteen financieras established in Paraguay.
The operation consists of a new US$1 million loan to El Comercio to provide subloans to micro, small, and medium-size enterprises in Paraguay. The loan proceeds will help these enterprises finance their short-term needs, such as permanent working capital and equipment and machinery purchases.
This is IIC’s second operation with El Comercio. With the proceeds of the first operation and thanks to the revolving nature of the line, 151 operations have been financed to benefit 132 agricultural, trade, and services companies.
The Inter-American Investment Corporation 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 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 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: Margarita Rincón (in Colombia)
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