CABEI opens credit line with St. Georges Bank for US $25 million
Support will be provided to programs in financial intermediation for middle-income housing and in support for MSMEs.
Panama City, April 20, 2018.- The Central American Bank for Economic Integration (CABEI) has signed a US $25 million line of credit with St. Georges Bank. This line of credit, the first to be signed by CABEI with St. Georges Bank, will allow the latter to provide financing to support mainly financial intermediation programs for medium-sized housing and support for Micro, Small and Medium Enterprises (MSMEs).
"Through the approval of Global Credit Lines, CABEI encourages and supports the strengthening of the Panamanian financial system, since it allows the placement of resources through intermediation, thereby reaching final recipients who would otherwise not be eligible for CABEI resources. This allows the financial institutions of the Panamanian system to expand their reach and opt for resources under competitive conditions," said the Executive President of CABEI, Dr. Nick Rischbieth.
He also highlighted that, as a result of the global credit lines approved by CABEI in Panama, US $686.3 million were disbursed at the end of March 2018, for the different programs offered by the Bank. Likewise, he explained that this economic stimulus has the objective of promoting the entrepreneurial fabric of its partner country.
