IIC secures first Chinese currency loan through Bank of China

- Wednesday, September 14, 2011

IIC secures first Chinese currency loan through Bank of China

The Inter-American Investment Corporation (IIC) has secured a 160mn-yuan (US$25mn) credit facility from the Bank of China under a new reciprocal funding agreement signed by the two institutions.

The deal is the first loan in Chinese currency taken by the IIC, a subsidiary of the Inter-American Development Bank (IDB).

The loan will be used to finance small and medium-sized Latin American businesses with trade links to China.

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"The corporation will be able to offer clients a broader basket of loan options while helping further the Chinese government's efforts to internationalize the renminbi [yuan]," IIC general manager Jacques Rogozinski said in a statement.