IDB Invest Supports Panama’s SMEs with Banco Aliado
IDB Invest has provided financing of up to $50 million to Banco Aliado S.A. The deal, with a term of up to 10 years, will support small and medium-sized enterprises (SMEs) in Panama, including those owned or led by women.
The transaction seeks to improve Banco Aliado's capitalization level and provide long-term financing required to finance SMEs in Panama. It will also help maintain economic activity in the medium term, thus helping to mitigate the longer-term effects of the crisis generated by COVID-19.
In the country, 96.4% of companies are small and medium-sized, with a low level of productivity, largely due to their difficulty in accessing credit. On the other hand, MSMEs led or owned by women represent around 44% of all MSMEs in the country, but only 4% have access to financial services to meet their working capital needs.
IDB Invest will also support Banco Aliado with technical advisory services to develop the business unit for SMEs, within the current structure of the commercial area, to provide adequate service to its clients and create products tailored to their needs.
This deal is expected to contribute to three United Nations Sustainable Development Goals (SDGs): Gender Equality (SDG 5), Decent Work and Economic Growth (SDG 8) and Partnerships to Achieve the Goals (SDG 17) .
This project shows IDB Invest's commitment to reducing financing gaps for SMEs and women in the region, in order to achieve sustainable and inclusive economic growth.
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 $13.1 billion in asset management and 385 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.
About Banco Aliado
Banco Aliado, S.A., a general-license bank founded in 1992, is part of Grupo Aliado, S.A., which ranks as the 3rd bank fully controlled by local capital in the country, with 4.1 billion dollars in assets, 400 million dollars in equity, nine Relationship Centers and more than 14,000 clients in different segments in Panama, Central America, the Caribbean and South America, as well as more than 450 collaborators. Banco Aliado is an institution with a recognized track record for establishing reliable, long-lasting relationships and for providing financial services tailored to the needs of its clients to boost their growth and be the best financial ally in Panama for any person or company looking for a bank that is a true ally, safe, close and empathetic to your needs. Banco Aliado is a benchmark in the financial system that will soon mark its 30-year anniversary, and is committed to deepening healthy growth based on long-term and trustworthy relationships.