March 21, 2017 |
The IFC could arrange up to $250m in funding for two banks in Brazil, with as much as $200m to buy overdue loans from Itau Unibanco and $50m to support small business loans from Banco Industrial do Brasil (BIB).
The multilateral lender said it could provide both debt and equity to form an SPV with Itau to acquire nonperforming loans and distressed assets. The distressed debt company Recovery will handle the portfolios. The IFC's board is expected to make a decision on the proposed investment by
Multilateral lender could invest $200m to buy bad loans from Itau and arrange a $50m A/B loan for SME loans from BIB