IIC Signs $50m loan with Nordic Investment Bank

The Inter-American Investment Corporation (IIC) will use a $50m, 10-year term loan from the Nordic Investment Bank to promote renewable energy projects in Latin America and the Caribbean. The facility provides the flexibility of tapping different maturities. “These projects are long term so this facility matched the project,” says Juan Eduardo Zuluaga, IIC’s finance and risk management division chief. The interest rate will be defined at the time of disbursement, but can either be fixed or over Libor. He adds that the spread, which will be negotiated every time the IIC has a request, will be priced related to its AA rating. “The loan is the first step to create a strong relationship with the Nordic Investment Bank,” he says.