IDB, BBVA Panama sign $15 million to boost lending for small business

BBVAP and IDB signed documents for a $15 million loan to provide BBVAP with long-term funding to support its lending to small and medium-sized enterprises.

Thursday, March 18, 2010

The IDB loan will allow BBVAP to significantly expand its lending to SMEs, a strategic sector for economic growth and job creation in Panama. Commercial banks can play a key role in expanding access to financial services for SMEs, leading to more inclusive financial systems in Latin America, noted IDB Financial Markets Division Chief Daniela Carrera-Marquis.

The IDB is the leading source of long-term financing for economic and social development in Latin America and the Caribbean. Its Structured and Corporate Finance Department is responsible for non-sovereign guaranteed operations, which include loans and partial credit guarantees for private sector companies and state-owned enterprises.

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The Panamanian bank will in turn lend the funds to companies in need of expanding.

Enrique García, executive president of the Andean Development Corporation (CAF), stated that “operations such as this show the role that CAF plays in Latin America, strengthening those institutions which foster external trade, working capital and investment in low risk, high value-added sectors”.

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The Inter-American Development Bank approved a $15 million loan to provide Banco Bilbao Vizcaya Argentaria (Panama), S.A. (BBVAP) with long-term funding to support its lending to small and medium-sized enterprises.

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The bank's activity in the local market will be limited to commercial banking, focused on the resident population.

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