NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, May 10, 2019

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.

Photo courtesy of Grant Ellis / World Bank.