The IFC has agreed US$60mn of financing for BBVA’s subsidiary in Paraguay to increase access to finance for exporting SMEs.

Through its managed co-lending portfolio programme, the IFC will provide Banco Bilbao Vizcaya Agrentaria (BBVA) Paraguay with two five-year loans, with values of US$40mn and US$20mn each.

“This new investment strengthens our position in the country’s financial system, particularly for small and medium enterprises, which are essential to trade, economic development and job creation,” says CEO of BBVA Paraguay, Rafael González Moya.

The IFC has helped finance trade in Paraguay through the bank since first committing a US$15mn trade finance facility to BBVA Paraguay in 2009, later increasing it to US$30mn.

Commenting on this latest financing, IFC country manager for Argentina, Chile, Paraguay and Uruguay, Salem Rohana, says: “Financial institutions such as BBVA Paraguay play a significant role in supporting key drivers of economic growth.”

“We will continue to strengthen our long-term partnership with BBVA Paraguay by helping the bank serve important economic sectors and create a more inclusive financial marketplace.”