IDB Invest Promotes Technological Reconversion in Argentina Together with Comafi
IDB Invest has provided a $20 million financing to Banco Comafi S.A. (Comafi) to support the technological reconversion of small and medium-sized enterprises (SMEs) in Argentina through financial leasing operations (leasing) and pledge financing.
The financing will allow Comafi to provide financing to its clients to make technological improvements and replace equipment with more efficient models, especially benefiting the SME segment in Argentina.
As part of the financing, IDB Invest will support Comafi in strengthening its environmental and social management through improvements in the environmental and social risk management system (SARAS).
The financing will have a tenor of up to three years, renewable for up to three additional years.
This deal is expected to contribute to the following United Nations Sustainable Development Goal (SDG): Partnerships for the Goals (SDG 17).
About IDB Invest
IDB Invest 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 companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $14.8 billion in asset management and 376 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
With 77 branches, Banco Comafi operates in all segments and has been one of the fastest-growing private entities with Argentine capital in recent years. It is part of a group of companies that provide financial services, of which, among others, the following are also part: TCC, a leader in leasing in Argentina; and the fintech Nubi that offers a free digital account with an International Visa prepaid card; money top-ups for online purchases and, through its alliance with Pay Pal, allows Argentine SMEs and entrepreneurs to withdraw payments from their sales abroad into local accounts.