IDB, BBVA Panama sign $15 million to boost lending for small business

Alberto Conde, President of Banco Bilbao Vizcaya Argentaria (Panamá), S.A. (BBVAP), and Hans Schultz, Head of the Structured and Corporate Finance Department at the Inter-American Development Bank, signed on March 16 documents for a $15 million loan to provide BBVAP with long-term funding to support its lending to small and medium-sized enterprises.

The IDB loan will allow BBVAP to significantly expand its lending to SMEs, a strategic sector for economic growth and job creation in Panama. Commercial banks can play a key role in expanding access to financial services for SMEs, leading to more inclusive financial systems in Latin America, noted IDB Financial Markets Division Chief Daniela Carrera-Marquis.

 The IDB is the leading source of long-term financing for economic and social development in Latin America and the Caribbean. Its Structured and Corporate Finance Department is responsible for non-sovereign guaranteed operations, which include loans and partial credit guarantees for private sector companies and state-owned enterprises.