The Inter-American Investment Corporation will buy up to $8 million of preferred stock in "QBE del Istmo".
QBE del Istmo is a reinsurance company based in Panama, with operations in Central and South America.
IIC's investment will be used to strengthen QBE's capital, enabling it to enter new markets in mass insurance products, -specially dental insurance for those without access to such coverage-, as well as regional expansion in Brazil, Chile, Costa Rica, Colombia, Honduras, Guatemala, Panama and Peru.
The Inter-American Investment Corporation (IIC) approved an equity investment of up to US$8 million in preferred stock in QBE del Istmo.
QBE del Istmo Compañía de Reaseguros, Inc (QBE del Istmo) is a reinsurance company. QBE is headquartered in Panama and has a presence in Central and South America.
The IIC investment will enhance QBE del Istmo's capital and enable the company to launch new mass market insurance lines—especially dental insurance for those who do not have access to such coverage—and expand regionally in Brazil, Chile, Costa Rica, Colombia, Honduras, Guatemala, Panama, and Peru.
The loan will be designated to debt restructuring, increasing production capacity, improving the distribution network, and expanding palm cultivations.
Washington, D.C. - June 16, 2009, the Inter-American Corporation of Investments (CII) approved a loan for $7 million USD to Corporación Dinant and Exportadora del Atlántico, which are both businesses of the Dinant Group.
The Inter-American Investment Corporation (IIC), an IDB affiliate, hopes to become a financial alternative for small and medium sized businesses.
John Beckham, corporate project coordinator of the IIC, explained that they have not set an amount per country since the entity will respond to demand.
In Costa Rica they have already approved credit for Ampo, Carnes Zamora, Industrias Los Patitos and Prima S. A.