CABEI opens Global Credit Line to strengthen MSMEs, international trade and social housing in Guatemala

The Central American Bank for Economic Integration (CABEI) has granted a US$7.0 million global credit line to Banco Promerica to support micro, small and medium enterprises (MSMEs), international trade, social housing and renewable energy projects declared CABEI Country Manager for Guatemala, Florentino Fernández Venegas.

In accordance with the characteristics of the global credit line, the funds will be used for integral support to micro, small and medium enterprises.

This global credit line is in the framework of CABEI’s strategic axes, especially with regard to social development and competitiveness and targets the strategic objectives of creating opportunities for income generation and mobilizing capital for investment in productive sectors.

By its nature, the credit line falls under the focus areas of financial intermediation and development finance established in CABEI’s 2010-2014 Institutional Strategy, "Competitiveness with Social Integration and Development."

CABEI Director for Guatemala Oscar Pineda Robles said that the global credit line is one more of CABEI’s efforts to demonstrate its commitment to supporting MSMEs, pursuant to the strategic axes of social development and competitiveness, in addition to having a great impact on job creation and poverty reduction.

Through a number of programs and investments, CABEI seeks to contribute to the development, growth and productivity of the business sector. Currently CABEI is the multilateral agency that provides the greatest support to the MSME sector in the Central American region. In 2012 it disbursed US$2.0 billion through its extensive regional network of over 110 intermediary institutions, including banks, microfinance institutions and savings and loan cooperatives.