Quito, Ecuador, May 30, 2016— Banco
Internacional has received a disbursement of $43 million, part of
a total approved loan of $55 million, from the International Finance Corporation
(IFC), member of the World Bank Group, to promote the development of small
and medium-sized enterprises and to identify and finance energy efficiency
projects that help to combat climate change.
The disbursement consists of $20 million in IFC financing and $23 million
mobilized by IFC from other investors.
“Banco Internacional has always sought to contribute to Ecuador’s economic
development. This credit facility from such a prestigious organization
enables us to further step up our support for businesses even more now
with the natural disaster that has affected our country,” said Francisco
Naranjo, Executive President of Banco Internacional. “The support
from IFC will enable Banco Internacional to increase its financing to small
and medium-sized enterprises, which constitute one of the main sources
of jobs in Ecuador.”
Banco Internacional hopes to increase the number of small and medium-sized
businesses with which it works, generating a positive impact for Ecuador.
According to studies done by the World Bank Group, 57 percent of formal
jobs in Ecuador are generated by small and medium-sized enterprises.
“At IFC we are committed to Ecuador’s sustainable development and we
will continue to work to encourage job creation and improve financial services
to create a more inclusive environment for all sectors of the economy,”
said Carlos Leiria Pinto, head of IFC for the Andean region. “This
investment fills important gaps, particularly for small companies that
need financing to grow their business and support the production of cleaner,
more efficient energy,” he said.
IFC’s strategy in Ecuador is centered on helping organizations that promote
financial inclusion. IFC also focuses on providing financing and
technical assistance to businesses that have a strong positive impact on
the export sector, while at the same time looking for projects that tackle
climate change, create jobs and benefit underserved populations. IFC’s
support to Ecuador began when it became a member of the institution in
1956, and since that time, it has invested some $685 million in the country.
IFC, a member of the World Bank Group, is the world’s largest development
institution focused on the private sector in the emerging markets. Working
with more than 2,000 private enterprises around the world, IFC uses its
capital, expertise, and influence to create opportunities where they are
most needed. In FY15, IFC’s long-term investments in developing
countries totaled almost $18 billion and helped the private sector to perform
an essential function in the global effort to eliminate extreme poverty
and boost shared prosperity. For more information, visit www.ifc.org.
About Banco Internacional Ecuador
Banco Internacional has more than 40 years of experience and its main business
line is providing services for small, medium-sized and large companies,
which has allowed it to establish itself as one of the banking sector leaders
in providing productive loans. About 80% of its portfolio is directed
at the commercial sector. The institution has over 87 points of in Ecuador
in 17 provinces and 28 cities in the Sierra, Costa and Amazonía regions,
as well as a network of more than 350 ATMs.