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Press release by IDB Invest
January 23, 2019
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, provided a $30 million loan to Banco Bolivariano to increase access to financing for small and medium-sized enterprises (SMEs) and boost green projects in Ecuador.
The loan, with a six-year tenor, will help Banco Bolivariano to channel resources to increase its SME portfolio with financing under favorable conditions, and expand its portfolio of green loans for small and medium-sized enterprises.
In Ecuador, SMEs contribute one out of every three jobs. Access to adequate sources of financing is a barrier that limits their development and growth.
IDB Invest's financing is complemented by advisory services to help improve financial product offerings for green projects, and to support Banco Bolivariano's corporate strategy on sustainable issues. IDB Invest will support with green portfolio analysis tools and will provide sustainability training as a business opportunity for SMEs, both to Banco Bolivariano's clients and employees.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
About Banco Bolivariano
Banco Bolivariano is the sixth largest financial institution in Ecuador in terms of assets. Founded in 1980, Banco Bolivariano today has the best ranking of asset quality, profitability and liquidity within the Ecuadorian financial system, serving personal banking clients and offering portfolio management services, among other financial services. In recent years, Banco Bolivariano has also added remittance services aimed at segments of the lower income population. Traditionally, Bank Bolivariano's focus has been on the commercial banking segment. However, in recent years, Bolivariano has ventured into other segments such as SMEs and consumer products with the aim of diversifying its portfolio and expanding its financial products and services.