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Publish Date : 22-Nov-2014

FMO has signed a US$50 million syndicated facility with existing client Banco Continental S.A.E.C.A. The facility consists of a US$15 million FMO loan and a US$35 million B loan with seven participants: Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex”); BHD International Bank (Panama), S.A.; First Citizens Financial Services (St. Lucia) Limited; Multibank Inc.; Banco Internacional de Costa Rica, S.A. – Miami Agency; Bancaribe Curaçao Bank, N.V.; and Banco Lafise Panama, S.A. This landmark commercial syndicate was co-arranged by FMO and Bladex. Banco Continental is Paraguay’s largest lender to small- and medium-sized enterprises (SMEs) and corporate entities. The loan facility will be used to enable Banco Continental to organically expand its loan portfolio, through continued financing to SME and corporate clients.

“We believe this transaction is highly significant because it places us as the first local bank to sign a syndicated loan agreement with commercial banks,” said Mrs. Teresa Gaona de Bobadilla, Director at Banco Continental. “This operation will facilitate the implementation of policies for the development of SMEs in the medium and long term. The support shown so far by FMO and BLADEX in carrying out this agreement was well appreciated”.
This transaction will strengthen FMO’s non-financial partnership with Banco Continental, particularly through the development of an environmental and social (E&S) sector guide for the agricultural and cattle value chains. This, in turn, will strengthen the momentum in the sector for positive E&S change, which FMO strives to stimulate through all investments in Paraguayan financial institutions.

Huib-Jan de Ruijter, Director of Financial Markets at FMO, said: “We are proud to have worked together with Bladex to mobilize new commercial investors for this landmark transaction. The Paraguay market offers many opportunities, and together we are looking forward to making economic, but also social and environmental, impact with a strong partner in Banco Continental.” Alejandro Jaramillo, Head of Loan Structuring and Distribution at Bladex, commented: “We are very pleased to have joined forces with FMO in arranging this important transaction for one of Paraguay’s largest banks, and to have been able to present new banking relationships to Banco Continental.” This loan facility follows a US$54 million syndicated term loan, extended by FMO, IIC and OFID to Banco Continental in 2013. The current transaction forms another building block in FMO’s Paraguay commitment, where we continue to support our clients in helping to protect the remaining forested areas.

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