IDB Approves $100 Million For BBVA Banco Continental

The Inter-American Development Bank has approved a $100 million credit guarantee facility for BBVA Banco Continental of Peru to enhance residential mortgage backed securities (RMBS). The guarantee facility will support the first securitization of a mortgage portfolio in Peru, thus introducing a new source of funding for originators and a new financial instrument for investors, according to the Bank. BBVA Banco Continental is Peru’s second-largest commercial bank in terms of assets and deposits.