BBVA unit gets IIC funding

- Thursday, November 10, 2011

BBVA unit gets IIC funding

The Inter-American Investment Corporation (IIC) has approved a loan to BBVA Paraguay, the local unit of Spain's BBVA (NYSE: BBVA), for up to US$65mn, a press release from the entity reads.

The financing comprises an A loan of up to US$15mn and a B loan of up to US$50mn, to provide financing to SMEs in Paraguay.

This is the IIC's second operation with BBVA Paraguay. Its first loan to the bank provided financing to more than 60 SMEs and helped strengthen and consolidate BBVA Paraguay, the release said.

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BBVA Paraguay is the second largest private sector bank in the local system in terms of profit generation.

IIC is a member of the Inter-American Development Bank Group (IDB).