OFID and the IIC sign US$30 million agreement with Banco Ficohsa for development of Honduran SMEs

Vienna, December 22, 2016. The OPEC Fund for International Development (OFID) and the Inter-American Investment Corporation (IIC) have signed a joint agreement to grant a subordinated loan to Banco Ficohsa of up to US$30m to expand financial services for small- and medium-sized enterprises (SMEs) in Honduras.

According to the local regulatory requirements, the US$30m subordinated loan will be a complementary capital contribution to Banco Ficohsa, which will allocate these funds to offer new financing to boost the development and strengthening of SMEs in Honduras. The funds will also expand access to credit for women-led SMEs, while promoting job creation.

“We are grateful for the trust afforded to Ficohsa by OFID and IIC, two highly prestigious organizations worldwide,” said Camilo Atala, President of the Ficohsa Financial Group. “This investment is an important step for the development of our country as it will help to drive SMEs growth in Honduras."

Tareq Alnassar, Head of OFID’s Private Sector Operations, said that the growth of the financial sector was essential for a large part of the Honduran population that is dependent on SMEs. “This agreement will strengthen the bank's capital to benefit not only SMEs, with a special focus on women, but also other economic sectors such as infrastructure and energy," he stated.