IDB Invest promotes green loans for small and medium-sized enterprises in Ecuador
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, has provided a loan of $30 million to Banco Internacional S.A. in Ecuador. The loan has a tenor of five years and will help increase financing for small and medium-sized enterprises (SME) and develop a specific green credit strategy.
The financing will support the growth of the SME client portfolio, who face limitations in accessing adequate financing in Ecuador. In addition, the implementation of a plan to increase loans for green projects, aimed at renewable energy and energy efficiency, will allow Banco Internacional to increase its product offering and expand its portfolio.
The operation potentially contributes to four of the United Nations Sustainable Development Goals (SDG): Affordable and clean energy (SDG 7), Decent work and economic growth (SDG 8), Industry, innovation and infrastructure (SDG 9) and Responsible production and consumption (SDG 12).
IDB Invest financing includes technical assistance with which diagnostic tools and identification of green projects will be implemented among Banco Internacional's client portfolio. Support will also be given to the design and definition of new green financial products.
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a portfolio of assets of $12.4 billion under management and 342 clients in 24 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the needs of its clients.
About Banco Internacional
Established in Quito in 1973, Banco Internacional has more than 1,300 workers committed to customer satisfaction nationwide. Strength, solvency and high management standards have been part of Banco Internacional's tradition throughout its history. In addition, the prudent and transparent management of its clients' resources, its outstanding operational efficiency and a service that guarantees a satisfactory customer experience, make it a benchmark in the financial system. It stands out for its focus on small, medium and large companies, and high and medium income customers. Banco Internacional allocates more than 80 percent of its loan portfolio to the commercial / business sector.