IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, provided a $60 million loan to Global Bank Corporation. The funds are directed to financing small and medium-sized enterprises (SME) and retail clients in Panama.

The objective of the operation is to increase access to financing for SME, to whom 70 percent of the funds will be allocated, and to the country's female retailers, who will receive the remaining 30 percent. The project seeks to support the growth of the SME portfolio of Global Bank through a value proposal that considers its entire set of clients.

Only 15 percent of SME operating in Panama have access to the credit they need, compared to an average of 38 percent in the rest of the region. From the retail side, only 6 percent of Panamanian women over 15 have a credit card and just over 2 percent have a debit card. In addition, during 2018, 42 percent of the women in this group saved money, but only 11 percent saved in a financial institution, which indicates that there is an untapped savings market.

IDB Invest financing is completed with technical assistance aimed at incorporating a gender perspective in the process of attention to its clients, both retailers and owners of SME. This process will incorporate financial products to start and grow non-financial businesses and products (training and tutoring) to improve the managerial capacity of those clients who request it.

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 $12.1 billion under management and 329 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.

About Global Bank Corporation
Global Bank is Panama's second largest private bank with Panamanian capital that provides corporate, SME, commercial and personal banking services through an extensive platform of distribution channels that include: 47 branches, 10 loan centers and 156 ATMs national level and online banking. As of December 31, 2018, Global Bank recorded assets of $8.4 billion, a loan portfolio of $6.3 billion, a net worth of $766 million and an adjusted profit of $30 million for the six months ended December 31, 2018. Global Bank maintains an international risk rating of "BBB-" with a stable outlook by the S&P and Fitch agencies.