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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
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.
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