IDB Invest and Banco Agrícola partner to increase financing for SME in El Salvador
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has signed a loan of up to $30 million with Banco Agrícola in El Salvador. The objective of the project is to increase access to financing for small and medium enterprises (SME) in the country.
Banco Agrícola is part of the Bancolombia Group and the largest bank in El Salvador, with more than 1,000 service locations. The funds from this operation will be used to grant medium-term loans to SME, which generate employment for more than 700,000 Salvadorans and are responsible for 34 percent of GDP.
IDB Invest will also support Banco Agrícola with technical assistance from the GREENPYME program. This includes workshops for their SME clients to improve their knowledge of renewable energy and energy efficiency, and take advantage of these technologies for their businesses.
Banco Agrícola has strengthened its service model for SME over the last year, allowing it to establish relationships of trust with more than 35,000 businesses, mainly in the commerce and services sector. The model is focused on comprehensive advice on financial solutions and incorporates specialized products.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation.
About Banco Agrícola
Banco Agrícola is the largest bank in El Salvador and offers the full range of financial services with more than 60 branches, 173 service points and more than 2,500 employees. The bank has a history of more than 60 years and is part of Grupo Bancolombia, one of the most important financial conglomerates in the region. As of December 2017, the bank had more than $4,300 million in assets, generated net profits of $67.8 million.