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.