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Regional development bank CAF has approved two revolving credit lines worth US$15mn each to Paraguayan banks Continental and BBVA Paraguay, the local unit of Spain's BBVA (NYSE: BBVA), the multilateral said in a statement.
Both credit lines will help to finance the needs of the banks' exporting clients, as well as those that require medium-term investments, CAF said, stressing that the move will strengthen the Paraguayan banking system as a whole.
BBVA Paraguay and Banco Continental are Paraguay's second- and third-largest banks in terms of assets, with 6.98tn guaranies (US$1.54bn) and 6.7tn guaranies, respectively, at end-November 2010, according to the latest figures from central bank BCP.
Caracas-based CAF comprises 16 shareholder countries from Latin America and the Caribbean, plus Spain and Portugal.