BBVA Gets Funding for SMEs and Corporate Governance

The BBVA bank group has obtained financing from IDB unit Inter-American Investment Corporation (the IIC) to fund the development of Small and Medium-sized Enterprises, or SMEs, in the region.

We will be interested in following the funding to identify transactions financed under this program. Please post a comment or send a message if you have information or would like to contribute to this blog.

Here is the headline and a clip from the press release:

“BBVA And The IIC, A Multilateral Finance Institution That Is A Member Of The IDB Group, Sign Agreement To Support Business Governance In South America”:

Medellín, Colombia – On March 27, 2009, BBVA and the Inter-American Investment Corporation (IIC), the only multilateral finance institution mandated to support and provide financing for SMEs in Latin America and the Caribbean, signed a cooperation and technical assistance agreement for establishing targeted action areas to support the development of SMEs in the region.

This strategic partnership will enable the IIC to channel flows of funding, as well as nonfinancial value-added services, through BBVA South America to enterprises in the region. Nonfinancial services will consist primarily of performing diagnostic reviews of companies under the IIC’s FINPYME® program (www.FINPYME.org), promoting SME energy efficiency under the IIC’s GREENPYME program, and fostering good governance practices among family-owned companies.