Pichincha Gets IDB Ecuador Loan

Banco Pichincha has closed a $22m syndicated loan, via the IDB, to help fund lending for housing and to support micro, small and medium sized enterprises. In 2008, the IDB closed a 6-year A loan for $50m. In 2010, Pichincha approached the IDB for the B loan, the development bank says. It adds that this is the first international syndication to an Ecuadorian financial institution in over a decade. “This transaction will contribute to boost international confidence in the Ecuadorian financial system and its capacity to contribute to economic development,” said Santiago Bayas, Pichincha’s vice president of treasury. Of the total, $10m came from Global Bank in Panama, $5m from Dexia Micro-Credit Fund, managed by BlueOrchard, $5m from Banco Aliado in Panama and $2m from Panama’s Multibank.