The International Finance Corporation (IFC), the investment arm of the World Bank, will provide a USD 30 million loan to Banco Patagonia S.A., a commercial bank in Argentina, to lend to farmers and small and medium-sized agribusinesses. The loan is long-term and will mature in five and a half years. As of the end of 2009, Banco Patagonia has assets worth USD 3.6 billion and 155 branches.
By Christopher Maggio, Research Assistant
About
International Finance Corporation (IFC)
Description
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees as instruments of poverty alleviation. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
About
Banco Patagonia
Description
Banco Patagonia is a commercial bank headquartered in Buenos Aires, Argentina. It was founded as a brokerage house in 1976 and became a commercial bank in 1988. Fifty-one percent of the bank is owned by Banco do Brasil, a Brazilian commercial bank. Banco Patagonia provides loans to individuals as well as to small and medium-sized businesses. As of the end of 2009, its assets total USD 3.6 billion and it has 155 branches.
Additional Resources
IFC press release entitled ‘IFC Provides $30 Million to Argentina’s Banco Patagonia to Support Agribusiness Financing’: http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=0BBDF16D0B4F5E3D8525770A004F7020
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