Citibank, Banco Regional and OPIC, signed agreement to channel long-term funds for the development of small and mid-sized companies in Paraguay.
New York - August 19, 2010 – With the contract, BANCO REGIONAL S.A.E.C.A. will have access to a ten-year term loan for US$ 30,000,000 (Thirty Million U.S. Dollars). Citibank NA grants the facility with the support of OPIC, Overseas Private Investment Corporation.
By way of this agreement, BANCO REGIONAL will obtain additional funds at competitive prices, will be able to diversify and enlarge its long-term finance base for SMEs, small and mid-sized companies, thus supporting the development of these companies with long-term financing. The new loan will be available to private companies with up to 300 employees and annual sales of up to US$ 15,000,000 (Fifteen Million U.S. Dollars). BANCO REGIONAL has already granted US$ 45,000,000 (Forty-five Million U.S. Dollars) to SMEs.
This is the second opportunity in which Citibank and OPIC have worked together to grant long term financing to BANCO REGIONAL. In 2008, BANCO REGIONAL was the first bank in the Paraguayan market to be granted a US$ 15,000,000 (Fifteen Million U.S. Dollars) financing with the support of OPIC and Citibank.
On behalf of Citibank NA, Paraguay Branch, and of the lenders, signed its Director and General Manager, Jerónimo Nasser; for BANCO REGIONAL., its president, Nicolas Trociuk and Francisco Yanagida, Director of BANCO REGIONAL.
The ceremony took place at the Citicenter building with the participation of authorities from both governments and of the two banks involved in the transaction. At the occasion, Mr. Jerónimo Nasser expressed that "Citibank once again has contributed to the country's social and economic development by facilitating this loan. In 2008, Citibank disbursed more than US$ 95,000,000 (Ninety-five Million U.S. Dollars) among three national and international banks in the local market, who, through these loans, have had the opportunity to support the development of SMEs in Paraguay." At his turn, Nicolas Trociuk, President of BANCO REGIONAL, said among other things, that "SMEs are important productive units in the country's development. Thus, the long-term loans that we will be granting our clients with these funds will be used for investments in the purchase of land, machinery, infrastructural enhancements in the agricultural sector, and more.
OPIC is an agency of the United States government that invests in the economic development of emerging markets, complementing the private sector in the management of risks associated to the investment, and supports the United States foreign policy. OPIC services are currently available in over 150 countries around the world.
Citibank is the world's main organizer of the loans guaranteed by the official Agency. It has a vast experience in this type of transactions, and is widely recognized in the markets. Citi has globally structured over US$ 50 trillion in the last ten years, using the support of over 25 Export Credit Agencies and bilateral and multilateral organizations. The success is the result of a profound knowledge of the official agencies, and a solid relationship with lenders in over one hundred countries. The awards granted by Euro money as "Best Export Finance Organizer", as well as other awards related to this type of transactions, are witnesses of its achievements, and underline its leadership in the execution of complex cross border transactions. Citi has a team of professionals at the world level who are devoted to structured trade and finance and who relate with the main official agencies.
About Citi Global Transaction Services
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