IFC boosts SMEs in Brazil amid ongoing COVID-19 crisis
The International Finance Corporation is spearheading a $400 million financing package that will help smaller businesses in Brazil weather the economic fallout from the COVID-19 pandemic. The financing will be provided to Banco Daycoval, allowing the mid-sized bank to increase lending to SMEs, especially those in more remote regions of Brazil where financing is often scarce.
The financing package consists of $130 million from IFC's own-account and a $270 million syndicated loan from a group of banks: Itaú BBA; Banco Santander; Industrial and Commercial Bank of China Limited, Dubai Branch; Banco Latinoamericano de Comercio Exterior; Standard Chartered Bank; Banco de Occidente (Panama); Bradesco BAC Florida Bank; Bancaribe Curaçao Bank; Banco de Crédito e Inversiones, Miami Branch, and BHD International Bank (Panama).
