IIC Signs Cofinancing Program Agreement For Up To US$2 Million With Banco Regional S.A. Of Paraguay
09/14/2006Encarnación (Paraguay) - On September 14, 2006, the Inter-American Investment Corporation (IIC) signed an agreement for a cofinancing program for up to US$2 million with Banco Regional S.A., of which the IIC will provide up to US$1 million and Banco Regional will provide up to US$1 million.
The cofinancing program will promote investment in the agricultural and agribusiness sectors in Paraguay by providing terms that are more in line with the conditions and business cycles in which companies operate, thereby benefiting small and medium-size entrepreneurs in rural areas of the country. Banco Regional S.A. will administer the program and will, together with the IIC, grant loans to eligible companies. Recipients shall be Paraguayan enterprises, including sole proprietors and farmers, who meet the eligibility criteria of Banco Regional S.A. and the IIC.
The financing from the IIC may be used for several purposes according to each company’s needs, such as expanding the area planted, acquiring agricultural machinery and tools, working capital, or a combination thereof. This program is expected to generate between 70 and 100 direct and indirect jobs in the agricultural and agribusiness sectors.
Signing for Banco Regional S.A. were Mr. Nicolás Trociuk, President, and Mrs. Irene Memmel de Matiauda, Vice President. Mr. Jacques Rogozinski, General Manager, signed for the IIC.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank Group (IDB). 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. For more information on the IIC's activities, visit its Web site at www.iic.int.
Contact: Jacques Rogozinski (in Washington D.C.)/ Hernando Lesme (in Paraguay)
Telephone: (202) 623-3901/+ (595 21) 616-2321