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OFID and BBVA Paraguay Sign Line of Credit Agreement to Benefit SMEs

February 5, 2014

VIENNA , Feb. 5 -- OPEC Fund for International Development issued the following news release: The OPEC Fund for International Development (OFID) and Banco Bilbao Vizcaya Argentaria (BBVA) Paraguay have signed a US$20 million line of credit agreement that will provide trade finance to small and medium-size enterprises (SMEs) in Paraguay . The agreement was signed by OFID Director-General Mr Suleiman J Al-Herbish and Mr Raymundo Mendoza , Financial Director, and Mr Jose Antonio Perez , Business Director, BBVA Paraguay. The funds will be used to finance import and export activities related primarily to the country's agriculture sector. The new line of credit marks the beginning of a long-term relationship between OFID and BBVA, with the aim to promote the sustainable development of Paraguay's SMEs. OFID has been active in Paraguay since 1978, having extended public sector loans and grants in support of the country's transportation, energy, health, education, urban development, national development banks, agriculture and water supply and sanitation sectors. In addition, under its private sector lending window, OFID has provided loans and lines of credit to Paraguay in support of SMEs, agricultural businesses and the transportation sector through direct funding to projects in cooperation with other development agencies. OFID aims to promote cooperation to developing countries to help alleviate poverty in disadvantaged regions of the world. It thus provides funding to build basic infrastructure, strengthen social services and to the development of trade and competitiveness in different regions through its relationship with financial institutions such as BBVA Paraguay and BBVA Group in Latin America . CC AutoTriage5rn-140206-30FurigayJane-4627846 30FurigayJane

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Source: Targeted News Service

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