IIC Signs And Disburses Its First Loan To A Local Bank In Guyana
08/11/2008With this loan, the IIC will promote capital asset and working capital financing for small and medium-size enterprises in Guyana.
Georgetown, Guyana - The Inter-American Investment Corporation (IIC) signed and disbursed a US$2 million loan to Demerara Bank Limited. This is the IIC’s first loan to a financial intermediary in Guyana, and it is Demerara Bank’s first loan from a multilateral financial institution. Demerara Bank is Guyana’s only 100% domestically-owned bank. It targets the SME sector.
The loan proceeds will be used to provide medium- and long-term financing to small and medium-size Guyanese enterprises. According to Rodrigo Navas, IIC Investment Officer, "With this loan, the IIC seeks to support the bank’s growing SME portfolio, which is mainly composed of export companies."
The loan agreement was signed on August 8, 2008, simultaneously at Demerara Bank’s headquarters in Georgetown, Guyana, and at the Inter-American Investment Corporation headquarters in Washington, DC. Steven Reed, Acting General Manager, signed for the IIC, and Pravinchandra Dave, General Manager, signed for Demerara Bank Limited. The loan was disbursed on August 11, 2008.
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: Carlos Roa/Rodrigo Navas
Telephone: (202) 623-3955/(202) 623-3926