Banco ABC, in Brazil, provides financial services to companies, with a focus on the agricultural and agro-industrial sectors. Proparco’s contribution will be used to finance them with longer maturities than on the market.
Banco ABC is a medium-sized Brazilian bank set up in 1989. It is specialized in corporate credit and financial services. It conducts a significant proportion of its activity in the agricultural sector. It is majority-owned by the Arab Banking Corporation (ABC), a banking group based in Bahrain, which has subsidiaries in 18 countries in the Middle East and North Africa.
Proparco’s credit line will be earmarked to finance agricultural and agro-industrial companies. It will allow the bank to more effectively meet the needs of these companies by offering them financing with a longer maturity than on the market.
This operation will contribute to the development of agricultural and agro-industrial production in Brazil, in particular for fruit, sugar and ethanol. It will also support employment: some 282 permanent jobs could be created and maintained in five years thanks to the companies financed by the credit line. Finally, the operation will provide communities in Brazil’s rural areas with access to banking services from which they are currently excluded.