CABEI enables US$61.0 million for the economic reactivation of MIPYMEs in Panama
The fast-disbursing funds will serve entrepreneurs in need of working capital with attractive grace periods, guarantees and technical assistance.
Tegucigalpa, November 21, 2020.- As part of the progress of the Financial Sector Support Facility for the Financing of MIPYMEs in Panama, the Central American Bank for Economic Integration (CABEI) continues to positively impact the Panamanian Micro, Small and Medium Enterprises (MIPYMEs) affected by the COVID-19.
To date, the Bank has disbursed a total of US$61.0 million to intermediary financial institutions to restore productive capacity, energize the economy, and maintain and recover jobs lost during the health crisis in the country, as reported by the Executive President, Dr. Dante Mossi.
CABEI resources have been disbursed between August and November to four financial institutions; Banco Internacional de Costa Rica, S.A. (BICSA), for an amount of US15.0 million, Savings Bank for an amount of US$10.0 million, Banco Aliado, S.A. for an amount of US$6.0 million and Global Bank for an amount of US$30.0 million.
Entities that wish to access these funds can apply to these financial institutions to work in the tourism, industry, service provision and agri-food sectors. MIPYMEs will benefit from financing to meet working capital needs and operational obligations; this in turn will protect the employment generated by these important business sectors in the country.
CABEI's resources for the Financial Sector Support Facility for the Financing of MIPYMEs affected by COVID - 19, are for an amount of US$350 million, of which US$83 million come from the German Financial Cooperation through KfW and US$28.5 million come from the European Union.
CABEI has lines of credit through the financial institutions that are part of the network of financial intermediaries in Panama, such as: Banco Nacional de Panama, Savings Bank, Global Bank Corporation, Multibank, BICSA, St. Georges Bank & Company Inc, and Banco Aliado, among others.