OPIC Signs Agreement with Banco Regional to Support Women-Owned, Small and Medium Businesses in Paraguay
May 9, 2019
- Project advances OPIC's 2X Women's Initiative
- OPIC financing helps address significant credit gap for women-owned SMEs in Paraguay
ASUNCION – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today recognized a $138 million commitment to Banco Regional to support Small and Medium Enterprises (SMEs), especially women-owned SMEs, in Paraguay. Citibank will provide an additional $11.5 million to Banco Regional to support SMEs.
OPIC COO Ryan Brennan, Executive President of Banco Regional Raúl Vera Bogado, and Citi Managing Director Georges Romano signed the agreement today. The event was attended by the Minister of Finance of Paraguay, Benigno Lopez, and the Minister Counselor of the Embassy of the United States in Asunción, Evelyn Rodriguez-Perez.
“Small and medium-sized businesses must have access to finance and credit is often constrained for businesses that need it the most, particularly women-owned enterprises,” said OPIC COO Ryan Brennan. “By expanding access to affordable credit for small and medium-sized businesses, particularly women-owned businesses, OPIC’s financing supports economic growth and the ability for communities to prosper.”
Advancing OPIC’s 2X Women’s Initiative, at least one-third of the OPIC loan proceeds will be directed exclusively to women-owned or women-led SMEs.
The World Bank’s 2019 Doing Business Report ranked Paraguay 124th out of 190 economies for ease of accessing credit.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPOIC provides buisnesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPOIC helps Americacn businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.