IFC to provide US$40m loan to bank for SME lending programme
The International Finance Corporation (IFC) announced it would provide a US$40m seven-year loan facility to Argentine bank Banco Galicia. The loan is aimed to provide Galicia with resources to increase its lending to small- and medium-sized enterprises (SMEs) with exporting and other hard-currency generating capacity, the statement said. The IFC also said the loan marks its first direct financing to an Argentine financial institution since the beginning of the Argentine financial crisis in late 2001. Banco Galicia is the largest private sector commercial bank in Argentina in terms of assets with US$7.8bn in assets at the end of March. In May last year, Banco Galicia successfully completed a debt restructuring totalling US$1.37bn, in which IFC served as chair of the Ad Hoc Steering Committee of Banco Galicia's unsecured creditors.
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