IDB Invest, Banco Bolivariano Join Forces to Reactivate Ecuador’s SMEs
• The financing will largely support the growth of green projects
IDB Invest has provided a $30 million loan to Ecuador’s Banco Bolivariano C.A. to increase access to financing for small and medium-sized enterprises (SMEs) in the country and promote their reactivation in the post-pandemic stage.
The financing seeks to increase access to credit for working capital and investment for SMEs. 50% of the resources from this financing will be used to support the growth of Banco Bolivariano's green loan portfolio. These actions are expected to boost sustainable financing and have a positive effect on the environment and economic growth of the country.
IDB Invest will provide technical advisory services to Banco Bolivariano to deepen and strengthen its strategy towards SMEs and digitization. For this, a segmentation of the portfolio will be conducted, adjustments to the current financial solutions offered will be assessed, and a diagnosis of the digital maturity of Banco Bolivariano’s SME segment will be implemented.
The financial package, with a term of up to eight years, consists of a $30 million subordinated loan, which includes $10 million worth of IDB Invest funds and $20 million in uncommitted financing.
This deal is expected to contribute to four United Nations Sustainable Development Goals (SDGs): Decent work and economic growth (SDG 8), Industry, innovation and infrastructure (SDG 9), Climate action (SDG 13 ) and Partnerships to achieve the goals (SDG 17).
About IDB 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 Banco Bolivariano
In 1980 Banco Bolivariano was born with solid foundations, currently maintaining the best levels of asset quality, profitability and liquidity within the Ecuadorian financial system. Innovation is part of its evolution, offering products and services to its users to simplify processes and make them more practical, comfortable and agile. Efficiency and trust are key characteristics, derived from the proper management of the institution during its 40 years of life and the commitment of its team to project relationships with internal and external audiences. For more information, visit http://www.bolivariano.com