Quito, Ecuador, April 16
th
, 2015
— IFC, a member of the World Bank Group, is providing $40 million to Banco Internacional in Ecuador to expand lending to local small and medium enterprises with a portion of the financing exclusively earmarked for enterprises owned or operated by women.
The objective of the loan is to boost access to finance in Ecuador to increase the development of small and medium sized enterprises that play a key role in the country’s economy.
“With the support from IFC, Banco Internacional will have the capacity to increase lending to small and medium sized enterprises, especially to businesses which are operated by women, which supports the reason why our institution is one of the leaders among banks in the disbursement of productive loans,” said Francisco Naranjo, executive president of IFC. “At Banco Internacional we seek to contribute to the economic development of the country investing in the productive sector and providing our experience, strength, and quality” he said.
There is the opportunity to provide services to a large number of business operated by women as a recent study conducted by the
McKinsey/World Bank Group Enterprise Survey
in Ecuador showed that 71 percent of women owned enterprises are not being adequately serviced by the banking system.
“IFC’s support for Banco Internacional is aligned with our broader strategy in Ecuador, as it helps support jobs and enhances financial services to create a more inclusive financial marketplace for critical sectors of the economy,” said Carlos Leiria Pinto, head of IFC for the Andean Region.
The loan will have a positive impact in Ecuador as estimates show that about 57% of formal jobs in country such as Ecuador are created by small and medium sized enterprises.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. 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 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 service at a national level in 17 provinces and 28 cities in the regions of Sierra, Costa y Amazonía, as well as a network of more than 350 ATMs.
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