CABEI authorizes US $ 12.0 million for Guatemalan MSMEs and their productive reactivation
These resources are part of the Emergency Support and Preparedness Program for COVID-19 and Economic Reactivation approved by the Bank for the countries of the Central American Integration System (SICA).
Guatemala City, August 27, 2020.- The Central American Bank for Economic Integration (CABEI), through its Facility of Support to the Financial Sector for Financing MSMEs, made the first disbursement in Guatemala for US$12 million for restore productive capacity, boost the economy, and maintain and recover the jobs lost during the health crisis in the country .
These resources are available at Industrial Bank, a financial institution that has been an ally of CABEI for more than 10 years. The funds can be requested to work related to the following sectors: tourism, industrial, provision of services and agri-food. MSMEs will be benefited with financing to meet working capital needs and operating obligations; This, in turn, will protect the employment generated by this important business sector in the country.
CABEI’s Executive President, Dr. Dante Mossi, commented “this facility is part of the Emergency Support and Preparedness Program for COVID-19 and its Economic Reactivation, approved by CABEI on March 31, 2020 for an amount to date of US$2,360.1 million, in response to the impacts of the pandemic”.
The Facility of Support to the Financial Sector for Financing MSMEs is provided with resources from CABEI, the Government of Germany through KfW, the European Union and TaiwanICDF. This facility will be complemented with other types of resources such as seed capital, non-reimbursable technical assistance and partial credit securities.
Recently, the Facility was presented by CABEI to different financial institutions, including: Guatemalan Tourism Institute (INGUAT) and its representations in each tourist region of the country; to the Federation of Chambers and Industrial Associations of Central America and the Dominican Republic (FECAICA) and the Chamber of Tourism of Guatemala (CAMTUR), who confirmed the relevance of this initiative to support MSMEs that operate in different productive sectors in the country.