IDB Invest, a member of the IDB Group, provided Banco Promerica in Guatemala a $50 million loan with a five-year tenor.
The deal will support Banco Promerica's growth strategy with its small and medium-sized enterprises (SME) and green finance portfolios. At least 20 percent of the total resources are expected to be used to finance sustainable projects that have a positive social and environmental impact.
This operation could potentially contribute to four United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13).
In addition to this financing, IDB Invest will support Banco Promerica’s strategy through advisory services that will enable it to design a communication and marketing plan, to inform its potential customers of the value proposition of green finance products, as well as train the sales, marketing and credit teams.
As part of its institutional response and in order to mitigate the economic crisis generated by the COVID-19 pandemic, IDB Invest is giving priority to the SME sector in the region, helping to increase access to financing through financial institutions.
About IDB Invest
IDB Invest, a member of the 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 companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $12.1 billion in asset management and 333 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About Banco Promerica
Banco Promerica (Guatemala) is part of the Promerica Group with more than 25 years in the financial system. It is present in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Ecuador, the Cayman Islands and Dominican Republic. In 2019, Banco Promerica's assets totaled $1.8 billion and was ranked the 7th largest bank in Guatemala. Services totaled $1.3 billion, customer deposits totaled $1.5 billion and utilities after taxes reached $32.8 million. Banco Promerica in Guatemala has 92 branches, 1,420 bank agents and 3,670 employees. In addition, Banco Promerica offers a wide variety of banking and commercial services, focused on the areas of corporate banking, personnel banking and the cutting edge of new technologies to serve customers in different segments.