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.

Source: Inter-American Development Bank

More on this topic

CAF Lends $20 Million To BBVA Panama

March 2010

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”.

IDB loan to help BBVA Panama boost lending for small businesses

November 2009

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.

Additionally, the IDB helped catalyze a parallel US$25 million loan from the German development lender Deutsche Investitions und Entwicklungsgesellschaft mbH (DEG) to BBVAP, a unit of the Spanish Grupo BBVA.

Panama: BBVA Will Limit Itself to Local Operations

September 2009

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

Two factors motivated this decision by the bank: the country's qualification as a "tax haven" by the Organisation for Economic Co-operation and Development (OECD), and its presence in the "black list" of the Spanish government.

Bancredito teams up with BBVA for micro credit in Costa Rica

October 2008

Bancredito signed a deal with the BBVA Foundation to offer microcredit in Costa Rica

The agreement will allow Bancredit to take advantage of the BBVA Foundation's experience in the development and implemenation of financial products and services for small companies.

The Microfinance fundation, BBVA, is an entity created by the BBVA Group in accordance with its strategy of corperate responsibility.