CAF approves a USD 20 million loan to Banco BISA S.A.
The Bolivian financial entity will use the resources to strengthen its capital, expand its portfolio of clients in the productive sector, and channel resources to small and medium-sized enterprises.
CAF, Development Bank of Latin America, and Banco BISA S.A. signed a subordinate loan contract for up to USD 20 million, resources that the financial entity will allocate to strengthen its capital.
"The growth of the Bolivian economy is increasingly demanding more resources and, in this respect, CAF supports Banco BISA with the capital increase, which will allow for the improvement of the quality and scope of its services in the country. We are pleased to be able to channel resources, especially to small and medium-sized enterprises", stated Emilio Uquillas, CAF's Director Representative in Bolivia.
Uquillas added that with Banco BISA (one of the 14 private banks that are CAF shareholders in the region) important alliances have been made in activities that are not only related to financing for productive sectors, but also with human development in Bolivia, "such as the La Paz 3600 race, the Bolivia Solidaria campaign, the Innova Bolivia university contest, and others which benefit the people".
Tomas Barrios, Executive Vice-President of Banco BISA, stated that, "we are pleased and sincerely grateful to CAF. Our relationship is long-standing and has been fruitful for both institutions. With this new subordinate loan, we have the possibility to increase the portfolio, strengthen our capital, and support our entity's portfolio in order to achieve a significant growth, particularly in the productive sector, as well as channeling a great part of the funds to promote social housing loans". Barrios added that as a result of the above, it is certain that they will maintain the leadership in credit approvals.
BISA is one of the most important financial institutions in the country, and has developed innovative products and services. The institution started out 51 years ago, providing services to large corporate companies; today, it is known as a Multiple institution, which reaches all the economic sectors of the country, including large, medium, small, and micro-enterprises, with presence in the rural areas. It is an essential pillar of the BISA Financial Group.
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