Washington, D.C., April 15, 2010—IFC,
a member of the World Bank Group, today announced its first long-term financing
to a Paraguayan financial institution, a $30 million four-year loan to
Banco Bilbao Vizcaya Argentaria Paraguay S.A., to help expand access to
financing for local farmers and small and medium entrepreneurs in the agribusiness
Paraguay has a strong competitive advantage in the agribusiness sector.
With the new investment, BBVA Paraguay, a subsidiary of Grupo BBVA, will
leverage its expertise in agribusiness financing to support the sector,
which has limited access to long-term funding.
“As a leading financial institution
in Paraguay, we are pleased to consolidate our strategic relationship with
IFC,” said Vicente Bogliolo, Executive President of Banco Bilbao Vizcaya
Argentaria. “This transaction will allow us to continue contributing to
the sustainable development of small and midsize agribusiness companies.
It confirms our commitment to this large and dynamic sector of the economy
and our longstanding leadership in promoting the expansion of credit in
IFC’s support will enable farmers and
entrepreneurs in the sector to undertake capital investments at longer
tenors and attractive rates, while supporting the agricultural supply chain
and expanding opportunities for rural communities.
“IFC is pleased to support BBVA Paraguay
as the bank advances its efforts to serve economic sectors with limited
access to financing,” said Salem Rohana, IFC Country Manager for Argentina,
Chile, Paraguay, and Uruguay. “This first long-term financing in a Paraguayan
financial institution shows our commitment to developing the country’s
financial system. Financial institutions such as BBVA Paraguay play a significant
role in ensuring continued lending to real sectors of the economy and reducing
the impact of the financial crisis on their markets.”
IFC’s strategy in Paraguay seeks opportunities
to engage the private sector, support micro, small, and medium enterprises,
promote global trade, and provide advisory services to improve the investment
IFC is the only international financial institution focused on the private
sector, the engine of sustainable development in emerging markets. Along
with IBRD, it is currently seeking a capital increase to strengthen
its ability to create opportunity for the poor in developing countries—including
by helping increase access to financial services in the agribusiness sector.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Banco Bilbao Vizcaya Argentaria
Banco Bilbao Vizcaya Argentaria Paraguay
S.A. is a subsidiary of the Spanish global group Banco Bilbao Vizcaya Argentaria.
It is the second-largest bank in Paraguay in terms of loans, catering to
large corporations, institutions, and small and midsize companies, as well
as individuals. Its services include transactional solutions, saving, credit,
and investment support. Financing to the small and medium enterprise sector
plays a key role in the bank’s strategy. For more information, visit: