Paraguay's Banco para la Comercialización y la Producción SA, known as Bancop, launched its first subordinated debt issuance program in dollars, raising $5.0 million in an offering of seven-year bonds, La Nación reported.

Netherlands-based Oikocredit, a long-time partner of Bancop that provides funding to the microfinance sector, fair trade organizations and cooperatives, subscribed to 100% of the issuance, according to the report.

Bancop will use the proceeds to bolster lending to the agricultural sector and other productive industries in Paraguay.