IIC Approves An Operation In Colombian Pesos With Leasing De Crédito S.A.
11/29/2005Washington, DC -- On November 30, 2005, the Inter-American Investment Corporation (IIC) approved a Col$23 billion (approximately US$10 million) loan to Leasing de Crédito S.A. The proceeds of the loan will be used to provide financing to small and medium-size companies in Colombia via medium- and long-term finance leases for upgrading and/or purchasing fixed assets.
Leasing de Crédito, a subsidiary of Banco de Crédito, has sixty-four employees working in the Bogotá office and four branch offices in Medellín, Bucaramanga, Cali, and Barranquilla. The operation seeks to provide a source of long-term financing to meet to the growing demand among small and medium-size Colombian companies for this type of local-currency financing instrument in Colombia's current economic climate. The operation is part of the IIC's efforts to create financial products in local currency. It is also in line with the Corporation's objective of meeting the Declaration of Nuevo León goal to treble resources channeled to small and medium-size companies through financial intermediaries. Proceeds from the IIC bond issue in Colombian pesos will be used to provide this financing. At least forty small and medium-size companies are expected to benefit from the operation.
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 member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Steven Reed/Rita Bettiol
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