More than 3,000 Guatemalans will benefit from new credit line approved by CABEI for COFINSA
The US$7.0 million channeled will be used to promote electromobility in the country, develop real estate projects, and stimulate micro and small and medium-size enterprises (MSMEs).
Tegucigalpa, December 13, 2021.- In order to channel resources to micro, small, and medium-size enterprises (MSMEs) in Guatemala for their economic recovery and to enable them to implement environmental investments, the Central American Bank for Economic Integration (CABEI) approved a US$7 million global line of credit to Financiera Consolidada S.A. (COFINSA), an institution that is part of Corporación Multi Inversiones (CMI) in the Republic of Guatemala. (COFINSA), an institution that is part of Corporación Multi Inversiones (CMI) in the Republic of Guatemala.
It is estimated that the channeling of these CABEI resources will have a positive impact on 3,670 people, of which 61 are legal entities in the MSME sector and ten are individuals through housing.
CABEI's Executive President, Dr. Dante Mossi, stated: "We are pleased to have new financial allies in Guatemala. With this approval, resources will be made available on favorable terms to benefit this important productive sector and the implementation of environmental innovations, which will undoubtedly contribute to increasing its level of competitiveness and positively favor the environment".
This line will enable MSMEs that supply CMI to access working capital, pay their obligations, implement biosecurity measures, and consolidate or readjust their debts, as well as develop real estate projects that contribute to overcoming the country's housing deficit.
COFINSA will also be able to finance companies to make investments such as changing their fleets to electric vehicles, helping to reduce their operating costs.
This operation is aligned with CABEI's 2020-2024 Institutional Strategy, within the Competitiveness and Social Development Strategic Axes, as it seeks to intervene in the strengthening of the economic, social and institutional factors that determine regional competitiveness, as well as capital mobilization and income generation through financing for MSMEs.