Nicaraguan MSMEs Secure Greater Access to Credit
IIC Loan to Fondo de Desarrollo Local to Finance More than 600 Operations
Managua, Nicaragua, April 22, 2014 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$500,000 to Fondo de Desarrollo Local (FDL) for working capital and the upgrading and expansion of micro, small, and medium-sized enterprises (MSMEs) in Nicaragua.
“The IIC supports FDL in its commitment to promoting the development of MSMEs in Nicaragua and helping them secure greater access to medium-term financing, especially in rural areas, where more than 50% of the fund’s clients are women,” noted Michael Apel, IIC lead investment officer in charge of the operation.
FDL is one of Nicaragua’s leading microfinance institutions. Created in 1992, it operates in 15 of the country’s 17 departments through a network of 36 branch offices. Some 70% of its portfolio is geared to rural enterprises.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through financing and syndication agreements. For more information on the IIC, visit www.iic.org.
Contact: Michael C. Apel
Telephone: +1 (202) 623-2521 in Washington, D.C.