CABEI continues to promote the productive sector and MSMEs in Panama
With these resources, CABEI will help strengthen BICSA's credit lines to finance not only the productive sector and MSMEs, but also Green MSMEs, foreign trade and women entrepreneurs.
Tegucigalpa, October 30, 2019.- Today, the Central American Bank for Economic Integration (CABEI) approved an increase in the global credit line of Banco Internacional de Costa Rica, S.A. (BICSA) of the Republic of Panama for an amount of up to US$34 million to finance projects under any of the CABEI financial intermediation programs; with the increase, the line reaches an amount of US$92 million.
CABEI Executive President, Dr. Dante Mossi, stated that “The operation seeks to promote the growth and competitiveness of MSMEs and the productive sector, which are main sources of employment in the Central American region, in addition to integrating green MSMEs and women entrepreneurs and contributing to the financing of foreign trade.”
Through this global credit line (GCL), resources have been channeled to benefit Micro, Small and Medium Enterprises (MSMEs) in the amount of US$1 million, supporting the stability of 70 jobs, of which 42.9% are occupied by women.
Likewise, the Central American productive sector has been promoted with disbursements in the amount of US$377.2 million, financing 84 enterprises that have generated employment for 22,026 people, of which 83.8% are women.
The US$34 million GCL increase will have a renewable term of 12 months and an average indicative annual interest rate of 4.55%, pursuant to the applicable program.