IIC Approves A Third Loan For US$5 Million To Banco Interamericano De Finanzas Of Peru
05/17/2006Washington, D.C. – On May 12, 2006, the Inter-American Investment Corporation (IIC) approved its third loan, for US$5 million, to Banco Interamericano de Finanzas (BIF) of Peru. The operation was submitted under the IIC’s Financial Institutions Program. This program seeks to meet the Declaration of Nuevo León goal of tripling, by 2007, the funding channeled through the IDB Group to microenterprises and small and medium-size companies in Latin America and the Caribbean.
The loan proceeds will be used by Peruvian SMEs operating in the export, trade, transportation, communications, and service sectors to finance medium- and long-term operations. Small and medium-size enterprises in Peru have limited access to medium-term financing and, particularly, to long-term financing necessary to purchase capital goods to increase their competitiveness and improve efficiency. Since 1991 BIF has centered on providing financial intermediation services as a private commercial bank specializing in medium-size companies and personal banking. It is estimated that some ten to fifteen SMEs will benefit from this 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 borrowing member countries by stimulating 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, visit its Web site at www.iic.int.
Contact: Carlos Roa/Ritta Bettiol
Telephone: (202) 623-3955