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CII
The Inter-American Investment Corporation (IIC) approved a loan of up to $ 6 million to Multibank, Inc. for the financing of SMEs in Panama by leasing and factoring, working capital and housing for Panamanian citizens.
Isaac Btesh, Multibank´s president, said: "This new relationship will allow us to increase lending to customers of small and medium enterprises in Panama as well as individuals, supporting them with financing to fit their needs.”
"With this operation, the IIC supports Multibank to carry out its growth strategy and positioning in Panama, by providing tools to create stable and effective mechanisms channeling credit to small and medium enterprises. This will improve access to adequate sources of credit for SMEs where there are large potential markets, "said Sandra Reyes, Investment Officer of the CII in charge of the operation.
Source: Inter-American Investment Corporation
More on this topic
August 2010
The Inter-American Investment Corporation (IIC) has authorized a credit line to BBVA Panamá with the aim of giving SMEs access to finance.
The credit line seeks to make funds available to small and medium sized Panamanian companies, to help cover their operating costs and includes finance for working capital and revolving credit lines. This is the IIC’s second operation with BBVA Panamá.
July 2009
Multibank joins IFC Program to expand trade financing for panamanian businesses.
IFC, a member of the World Bank Group, announced that Multibank today became the first issuing bank in Panama to join IFC’s Global Trade Finance Program to improve access to finance for local importers and exporters and entry to new markets.
July 2010
It is estimated that approximately 300 SMEs will benefit from this operation.
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.
December 2008
The Inter-American Investment Corporation signed an agreement with the Eastern Financial Company to channel $3 million in credit for the companies.
Steven Reed, sub general manager of t he IIC, said that the agreement is very important due to the financial crisis and reaffirms the IDB's commitment to supporting the region during difficult times.
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