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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 sector.
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 Paraguay.”
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 climate.
IFC is the only international financial institution focused on the private sector, the engine of sustainable development in emerging markets. Along with IBRD
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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.
About IFC
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
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About Banco Bilbao Vizcaya Argentaria Paraguay S.A.
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:
www.bbva.com.py
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