FMO has successfully arranged a USD 370 million A/B syndicated senior unsecured term loan facility for Sudameris Bank S.A.E.C.A., one of Paraguay’s leading commercial banks. This landmark transaction represents the largest syndicated facility ever arranged solely by FMO and the largest loan to date for Sudameris Bank, underscoring a 15-year partnership between the two institutions.
Following FMO in this syndicated transaction as parallel A-lenders are FinDev Canada, JICA and Proparco as well as B-participants, Banco Finantia and the Commercial Bank of Dubai. Through this facility, Sudameris and the lenders are committed to supporting SME growth, green financing and to fostering a more inclusive and sustainable economy.
Sudameris’s supervisory board member, Sebastien Lahaie, with the group of lenders at FMO’s Future of Finance 2025 conference in Rotterdam, the Netherlands
Sudameris Bank, established in 1958 and now the second-largest commercial bank in Paraguay, has a strong footprint across the country through its extensive branch network and digital platforms. Sudameris has been a pioneer in structured finance in Paraguay, being the first to introduce project finance and leasing solutions. Its strategic focus includes digital transformation, customer-centric innovation, and support for key economic sectors.
In recent years, Paraguay has seen a significant development of projects in diverse sectors, including pulp and forestry, cotton, hydrogen, and solar PV. These, together with the continuous development of traditional sectors -agriculture, livestock and their value chains- make the need for quality, long tenor financing.
The facility will support Sudameris Bank’s strategic expansion in green finance and SME lending, particularly in Paraguay’s agricultural sector and its value chains as well enhance financial inclusion by enabling loans to underserved segments, including women-owned SMEs and those in rural areas. A significant portion of the proceeds will be allocated to climate-related projects, such as sustainable agriculture, renewable energy, energy efficiency, green buildings and investments in Paraguay’s emerging forestry sector, reinforcing Sudameris’ pioneering role in sustainable finance.
FMO acted as the lead arranger, agent, and lender. The facility includes a USD 122.5 million 7-year A-loan for FMO’s own account and USD 247.5 million was mobilized from development finance institutions and commercial banks.
Huib-Jan de Ruijter, Chief Investment Officer at FMO, commented:
“We are proud to partner with Sudameris Bank on this transformative facility. This transaction not only strengthens our relationship but also introduces new lenders to Paraguay’s banking sector, diversifying Sudameris’ funding base and enhancing its capacity to drive inclusive growth.”
Sebastien Lahaie, supervisory board member for Sudameris, commented: "Sudameris is proud to take its 15-year relationship with FMO to another level with its largest ever foreign loan signed. This syndicated transaction will provide Sudameris with the amount and tenor needed to solidify its support to Paraguay’s development as the Bank remains the market leader in financing new economic sector in the country. Teaming up with Proparco, FinDev Canada, JICA, Banco Finantia and the Commercial Bank of Dubai, in addition to FMO, we are opening a little more the door to the world so that more institutions can discover Paraguay and its amazing potential.”
FinDev Canada’s USD 55 million contribution will be entirely directed to climate finance, improving access to finance for mitigation and adaptation projects. Additionally, the loan is aligned with the country’s climate adaptation objective to reduce greenhouse gas emissions by 10% by 2030.
“FinDev Canada is committed to expanding its market presence in Latin America – and we are pleased to do so by supporting Sudameris Bank. We’re proud to strengthen our partnership with FMO, JICA, and Proparco to advance sustainable and inclusive development in Paraguay. Through our joint effort, we can improve climate action, develop the local economy, and generate long-term impact.” said Lori Kerr, Chief Executive Officer, FinDev Canada.
JICA, Japan’s development institution, has joined the syndicated facility with USD 100 million to support on-lending to SMEs, including those active in the agriculture sectors and their value chains.
“We are delighted to have participated in the ceremony for the syndicate loan of 370 million USD between FMO, Proparco, FinDev Canada and JICA as Lenders. To contribute to economic growth and job creation in Paraguay, JICA’s finance will be used to improve access to finance for Small and Medium Enterprises by providing relatively long-term loans to Sudameris. It is a great honor for us to establish a new relationship with them and we hope our cooperation will be strengthened from this point. Also, one important aspect of this deal for us is that it marks our first project in the Republic of Paraguay, and it is a significant milestone to expand our operations to a new country. Achieving this with our partnership holds a significant meaning for us. Finally, JICA would like to congratulate all the relevant parties and colleagues who have been at the forefront of the structuring phase of this transaction.” said Yasui Takehiro, Director General for JICA.
Proparco, France’s development finance institution and a long-term partner to Sudameris, is joining with USD 75 million to support Sudameris in empowering Women-owned SMEs and reduce territorial inequalities by financing underserved SMEs.
“Proparco is happy to take part in this new credit line with Banco Sudameris, a key player in the Paraguayan banking sector and a historic partner in the region. Proparco and Sudameris share the same view, as the latter is a founding member of the Paraguayan sustainable finance roundtable. This facility is fully aligned with Proparco’ strategy to contribute to an inclusive economic growth in Paraguay by targeting women-owned SMEs, and reduce territorial inequalities by financing SMEs located in landlocked regions. This renewed partnership will strengthen the links between our two institutions. We are all the more proud that this funding will be done in syndication with many actors, both developments finance institutions as well as commercial banks.” has declared Paulina Gonzalez Pardo, Head of Financial Institutions Operations for Latin America and Asia.
About Sudameris
Sudameris Bank, headquartered in Asunción, Paraguay, is the leading bank in lending to the country's productive sector, providing a wide range of banking services to Individuals, Corporate and SME segments. It is a leader in structuring local syndicated loans for investment and expansion projects in key industries, reinforcing its position as a solid, dynamic financial institution committed to Paraguay's growth.
About FinDev Canada
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments.
About JICA
JICA (Japan International Cooperation Agency ) is the agency responsible for implementing Japan’s Development Cooperation. Our vision is to take the lead in forging bonds of trust across the world, aspiring for a free, peaceful and prosperous world where people can hope for a better future and explore their diverse potentials. JICA has been implementing its operations in 145 countries and regions across the globe, supporting socio-economic development, recovery, and economic stability of developing regions in order to deliver development impact by aligning with the SDGs, the Paris Climate Agreement, etc., through various products such as finance and investment on a sovereign and non-sovereign basis, grant aid, technical cooperation, and dispatching of volunteers.
About Proparco
Proparco, a subsidiary of the Agence Française de Développement Group, has been working alongside private sector players for more than 47 years to achieve a fairer and more sustainable world. With an international network of 23 local offices, Proparco works closely with its partners to build sustainable solutions in response to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco has sector expertise, a diversified range of financial tools adapted to the different stages of development of the company, notably with its subsidiary Digital Africa and an offer of technical support from Propulse, to leverage the impacts and performance of its partners.
About Banco Finantia
Banco Finantia is an independent Portuguese Investment bank headquartered in Lisbon, specializing in Private Banking and Corporate & Investment Banking. Banco Finantia is committed to providing bespoke financial solutions to companies across a wide range of industries and geographies. Since its founding in 1987, Finantia has built a solid international presence and a reputation for innovation, independence, and agility. The main services offered by Finantia include syndicated loans, structured and specialized financing, commercial paper programs, bond issuance, and M&A transactions, often with a cross-border dimension. With deep expertise in the Iberian Peninsula, Latam, Turkey, and CIS markets, it offers its clients strategic insights and access to global financial networks, helping them navigate complex financial landscapes and seize growth opportunities.
About Commercial Bank of Dubai
Commercial Bank of Dubai (DFM: CBD) is a Public Shareholding Company established in 1969 by an Emiri Decree issued by the late Sheikh Rashid bin Saeed Al Maktoum. CBD provides a comprehensive range of retail and commercial banking products and services through an extensive network of branches and ATMs in the UAE. As of 2024, the Bank reported total assets of AED 140.2 billion and a net profit of AED 3.03 billion, reflecting its strong market standing and ongoing growth. The Bank delivers a full suite of personal, elite, private, business, corporate and institutional banking services through both conventional and Shari’ah-compliant formats. These are further supported by advanced digital platforms, including a next-generation mobile app and the award-winning iBusiness platform. Recognised for its innovation and digital leadership, CBD actively supports national development goals through financial technology, Emiratisation, and strategic partnerships.
