CABEI and CMI formalize credit line to promote environmental investments and economic reactivation in Guatemala

Guatemala, May 12th, 2022.- As of Thursday, individuals and legal entities, such as micro, small and medium-sized enterprises (MSMEs), will be able to access financing for working capital, electric mobility and housing through Financiera Consolidada S.A. (COFINSA), part of Corporación Multi Inversiones (CMI), with which the Central American Bank for Economic Integration (CABEI) formalized a US$7.0 million credit line.

"We are very pleased with this alliance with COFINSA, through which we will promote manufacturing, electromobility, new enterprises and decent housing. Undoubtedly, together we will be able to channel financial resources to promote sustainable development and generate growth and employment opportunities for Guatemalans," said CABEI Executive President, Dr. Dante Mossi.

On the other hand, CMI Capital's CEO, Enrique Crespo, commented: "This project will allow MSMEs that are CMI suppliers to have access to working capital, make payments on their obligations, implement biosecurity measures, consolidate or readjust their debts and other key actions to contribute to their economic growth. At the same time, it contributes to the fulfillment of the Sustainable Development Goals corresponding to "Decent Work and Economic Growth" and "Partnerships to Achieve the Goals."

The credit needs of companies will be met by COFINSA through two CABEI programs: The Green MSMEs Initiative, which will finance electric mobility projects such as changing fleets to electric vehicles; as well as the Support Facility to assist MSMEs affected by COVID-19.

The alliance between the two financial institutions will also identify other lines of work to support Guatemala's main productive sectors and improve their competitiveness, generate opportunities for full and productive employment, and strengthen the business sector's resilience to the effects of climate change.