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IFC provides $50 million to Banco Patagonia to promote access to finance for SMEs in Argentina


In Washington, D.C.:
Adriana Gómez, IFC
Phone: (202) 458-5204
E-mail: agomez@ifc.org

In Argentina:
Alejandra Prat, Banco Patagonia
Phone: (5411) 41326390
E-mail: aprat@bancopatagonia.com.ar

Washington, D.C./Buenos Aires, Argentina, July 15, 2016 – IFC, a member of the World Bank Group, will provide $50 million to Banco Patagonia to expand the bank’s long-term lending to small and medium enterprises (SMEs) in Argentina. Banco Patagonia is a leading source of financing for SMEs in the country and supports more than 42,000 companies, mainly in the agribusiness sector.

IFC’s five-year financing will allow Banco Patagonia to provide long-term funding for SMEs which are an essential engine for growth and job creation in emerging markets. SMEs are estimated to create 4 out of 5 new formal jobs in these markets.  

“We are committed to supporting our SME clients’ growth and productivity as well as their important role as community builders,” said Juan Mazzon, Banco Patagonia’s CFO. “This financing shows IFC’s confidence on Banco Patagonia’s ability to promote productive enterprises, which is our main mission.”

IFC’s new financing comes at a time when Argentina is taking sound macroeconomic reforms to resume its path of economic growth. It also aims to support a favorable investment climate by promoting productive investments in the country.

“This new financing for Banco Patagonia is part of IFC’s commitment to support key financial players in Argentina that can contribute to expand funding for productive small and medium enterprises. Access to finance is essential to promote economic and social growth in Argentina.” said Marcelo Castellanos, IFC Regional Industry Manager for Financial Institutions in Latin America and the Caribbean.

In 2006 Banco Patagonia became a member of IFC’s Global Trade Finance Program, which facilitates trade flows through guarantees and includes a network of more than 60 banks in Latin America.

In Argentina, IFC has committed over $1.6 billion in sustainable private sector projects over the past twelve months, becoming the largest international source of financing to the country’s private sector during this period.

IFC’s strategy in Argentina is focused on financing projects with significant development impact for spurring economic growth, innovation and job creation. Priority sectors include agribusiness, infrastructure and renewable energy; competitive manufacturing; strengthening long-term financing for companies, including small and medium enterprises (SMEs); and helping improve investment climate for business start-ups and SME growth. For more information about IFC in Latin America and the Caribbean, visit www.ifc.org/lac.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

About Banco Patagonia
Banco Patagonia is a member of Grupo Banco do Brasil, one of the top financial conglomerates in Latin America. Banco Patagonia is one of the leading private Argentine-owned financial institutions in Argentina. It supports a diversity of productive sectors including SMEs, agribusiness, corporates, public sector and individuals. It has established a network of more than 200 customer service offices distributed across the country. For more information please visit: www.bancopatagonia.com.ar.

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