ING Bank (Uruguay) S.A.
MIGA issued a guarantee for $2.7 million to ING Bank N.V. of the Netherlands for its shareholder loan to its subsidiary in Uruguay. The investment will expand the financing capacity of the project enterprise, ING Bank (Uruguay) S.A., to be used in the newly liberalized mortgage lending sector. The guarantee will cover the investment against the risks of transfer restriction and expropriation.
The investment will be used to fund mortgage loans to individuals. Onward lending by the project enterprise will take the form of multiple subloans to home buyers, with maturities of up to 10 years. The project is expected to help develop the financial sector in Uruguay and improve the quality and diversity of financial products in the market. The financing will also support the construction sector through increased demand for housing.