IIC Lends $20 Million to BAC El Salvador

©image: CII

On July 20, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$20 million to El Salvador’s Banco de América Central S.A.

With this project, the IIC aims to provide BAC ES with medium-term funding on appropriate terms for channeling funds to eligible projects in El Salvador. The IIC also seeks to support BAC ES’s strategy for diversifying its sources of medium-term funding, which have grown scarcer in recent months.

“The IIC’s experience working with the Grupo BAC Credomatic on regional operations in Costa Rica and Guatemala has been positive. This loan is expected to contribute to private sector development in El Salvador by providing long-term financing to SMEs, with a universe of companies yet to be served,” according to Rodrigo Navas, IIC Investment Officer in charge of the operation.

Source: Inter-American Investment Corporation

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