IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, granted a loan of up to $100 million to Banco Industrial de Guatemala. The financing will consist of the subscription of bonds denominated in U.S. dollars of the diversified payment rights program (DPR) of this entity. The use of the funds is aimed at promoting the financing of housing and microenterprises in Guatemala.
The funds are part of Banco Industrial's DPR program, which is backed by IDB Invest’s quality seal. The operation will allow Banco Industrial to support the financing of homes for first time buyers and the growth of the microfinance portfolio. The project also aims to create and implement the sustainability policy of this financial institution.
Banco Industrial will receive assistance from the advisory services of IDB Invest to develop a portfolio of environmentally friendly loans, specifically in housing and microfinance, and to improve its product offerings with a new portfolio of green loans. In addition, training will be conducted for Banco Industrial's clients, to reinforce the value of the benefits of investing in energy efficiency, renewable energy, intelligent agriculture for the climate and green building techniques and materials.
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 Industrial
Banco Industrial is the largest bank in Guatemala. As of September 2018, the total assets of BI amounted to US $ 13.7 billion, with a market share of 28.6% and 25.3% in assets and deposits, respectively.