IDB Invest is providing $27 million worth of financing to Primus Capital SA. The deal is made up of two tranches of $10 million each, with a term of up to two years per tranche, which may be renewed, and an additional loan of $7 million mobilized with Banco Latinoamericano de Comercio Exterior S.A. - Bladex, for a term of up to one year.

The funds will support Primus’ SMEs business portfolio in Chile and Peru. The deal seeks to increase financing to Primus’ clients through factoring and financial leasing operations to mitigate the effects of the COVID-19 pandemic, and support Primus with financing for its recovery.

This is expected to help diversify Primus' funding sources, generating new business relationships with one other financial institution, due to the mobilization of up to US$7 million. This is IDB Invest's first syndicated deal with Primus.

As part of the non-financial support, it is expected that under this deal IDB Invest will conclude a contract for technical advisory services to Primus for the implementation of its new climate and sustainable strategy, as well as to identify activities and corporate tools that allow scaling the Primus SME portfolio under the principles of climate and sustainable finance.

This deal is expected to contribute to two United Nations Sustainable Development Goals (SDGs): Decent work and economic growth (SDG 8) and Industry, innovation and infrastructure (SDG 9).

Sobre BID Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About Primus Capital

Primus Capital SpA and subsidiaries was incorporated in January 2014 as a non-bank financial institution, and at the end of 2018 it was transformed into a public limited company, renamed Primus Capital SA. (Primus). Primus directs its activities to companies of various sizes that seek quick answers to their working capital needs, offering various financial solutions. Its main activity is the discount of notes receivable from SMEs, added to working capital financing operations, which is complemented by financial leasing operations. At the end of 2021, Primus has more than 1,800 active clients and 196 employees, has 5 branches and a subsidiary in Peru, through which it has served more than 5,000 clients.

About Bladex

Bladex is a multinational bank originally established by the central banks of the countries of Latin America and the Caribbean, which began operations in 1979 with the purpose of promoting the financing of foreign trade and economic integration in the Region. Bladex has been listed on the New York Stock Exchange, in the United States of America (symbol: BLX) since 1992 and its shareholders include: central banks and banks and state entities of 23 Latin American countries, commercial banks and financial institutions, as well as institutional and private investors, through its listing on the stock market.