CABEI, European Union and the Government of Germany promote the development of green lines of credit in El Salvador
Through the Green MSME II initiative, more than 1,300 employees of Banco Promerica of El Salvador will be trained in key concepts about sustainable finance, renewable energy, and energy efficiency
San Salvador, October 30th, 2023.- With the objective of promoting the creation of more financial products aimed at the development of green lines of credit for micro, small and medium-sized enterprises (MSMEs), the Central American Bank for Economic Integration (CABEI), through the Green MSME II Initiative, with financial support from the European Union (EU) and the Government of Germany, through KfW, signed a technical cooperation agreement with Banco Promerica, for an amount of US$20,000.00.
These funds will be used to train more than 1,300 employees with the necessary tools to identify green credits in the MSME and corporate portfolio. Banco Promerica, in line with its sustainability strategy, has expanded its portfolio by offering innovative financial products for renewable energy and energy efficiency projects for more than 7 years. Furthermore, in 2021 they became pioneers in issuing the first sustainable bond in the country.
Through training, employees will be sensitized to become spokespersons for sustainability, providing information to customers about green products with emphasis on investments in renewable energy and energy efficiency, which offer an opportunity for implementation of best practices.
At the regional level, the Green MSME II Initiative has granted more than US$37 million in loans and more than US$3 million in guarantees, protecting more than 10,000 jobs and serving more than 600 MSMEs. In El Salvador, more than US$29 million in credits and more than US$82,000 in guarantees have been granted.
