CABEI has channeled US$61 million to benefit Panamanian MSMEs

Panama City, September 7, 2021.- To address the financial needs of Panamanian micro, small and medium-sized enterprises (MSMEs), as well as to support them in recovering and protecting around 940 jobs, the Central American Bank for Economic Integration (CABEI), has disbursed US$61 million from August 2020 to date as part of its MSME Support Facility Program.

"In the case of the MSME sector, CABEI has provided options for accessing working and investment capital to reactivate and invigorate their businesses. We invite companies to approach the Bank's allied financial institutions to make use of these resources under favorable conditions," said CABEI Executive President, Dr. Dante Mossi.

The Facility has made available to the financial sector a wide variety of products such as a technical assistance fund, a program of partial credit guarantees at no cost to intermediary banks and their clients, as well as donations in the form of seed capital, contributing to Panama's economic recovery.

It also responds to the demand for resources from the financial sector to expand the coverage of MSMEs and provide them with sufficient liquidity to meet short-term requirements. Eligible sectors include tourism, industry, services and agribusiness, among others.

Currently, four financial institutions have accessed the Facility in Panama: Costa Rica International Bank, S.A. (BICSA) for US$15.0 million; Savings Bank for US$10.0 million; Allied Bank S.A. for US$6.0 million; and Global Bank for US$30.0 million.