More than 75,000 jobs will be generated with CABEI support through US$100 million credit line increase for SMEs in Guatemala
These resources will be available through Banco Industrial and will provide financing to companies in various sectors to consolidate the country's economic dynamism.
Buenos Aires, November 1st, 2022.- Reiterating its commitment to provide financial resources in a timely and effective manner for the benefit of the region's business sector, the Central American Bank for Economic Integration (CABEI) approved an increase of US$100 million in Banco Industrial's Credit Line, bringing the total amount to US$150 million to finance small and medium-sized enterprises (SMEs) in Guatemala.
These new resources are expected to generate 75,625 jobs, 43% of which will be for women, through financing accessible to 1,375 companies for investment and working capital, which will allow them to improve and expand their operations in sectors such as infrastructure and construction, commerce and services, agribusiness, among others.
"With this operation we are giving priority to the SME sector in Guatemala, helping to close the financing gap so that they can improve their operating and productivity levels. We believe that financial intermediation is a mechanism that allows us to integrate companies into markets and value chains, create decent jobs and support entrepreneurship and innovation in the region" commented CABEI Executive President, Dr. Dante Mossi.
Luis Lara, General Manager and Corporate Director of Banco Industrial, said, "In order for companies in Guatemala's SME sector to grow at a faster and stronger pace, it is important for them to have financing as part of their financial strategy, which will help them support working capital for short-term decisions by providing them with liquidity, securing their equity and facilitating opportunities to acquire new equipment and even hire more human capital. We are very pleased to strengthen our relationship with CABEI to contribute to the consolidation of Guatemala's business fabric, which will lead to more and better jobs.”
This operation, which contributes to CABEI's strategic axis of social development and sustainable competitiveness by mobilizing resources for income generation and investment in the productive sectors of the economy, will also contribute to the adaptation, solvency and transformation of the SMEs that were affected by the COVID-19 pandemic, in order to consolidate the country's economic reactivation.