IIC grants US$6mn to Banco de Guayaquil

Wednesday, October 4, 2006

The Inter-American Investment Corporation (IIC) has approved a long-term loan for up to US$6mn to Ecuador's second largest bank Banco de Guayaquil, IIC said in a press release.

The proceeds will be used to grant loans to SMEs in the export, trade, manufacturing and service sectors in need of financing for trade operations, working capital and the acquisition of fixed assets.

As of August 31, Banco de Guayaquil reported a loan book of US$646mn, equivalent to an 11% market share.

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The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB).