Women entrepreneurs and MSMEs in Panama will have access to financing from CABEI-sponsored programs
Panama City, March 8th, 2023.– To benefit more than 60 Panamanian micro, small and medium-sized enterprises (MSMEs) and as part of the extension of the US$75 million credit line to Global Bank Corporation, the Central American Bank for Economic Integration (CABEI) made two disbursements totaling US$12.9 million.
The first disbursements of US$7.98 million were made under the Regional Business Financing Program for Women (FEM), which promotes women's empowerment and economic autonomy and strengthens the regional economic development process in terms of gender.
The second disbursement of US$5.0 million is part of the COVID-19 economic support and reactivation program and will contribute to the adaptation, solvency, transformation, and economic reactivation of MSMEs in this country.
"We are very pleased with the progress of these initiatives that promote gender equity; the resources channeled to our allied financial institution will enable MSMEs led by women to access financial alternatives, thus strengthening the productive fabric and preserving jobs," highlighted CABEI Executive President, Dr. Dante Mossi.
With a promising scenario for 2023, the multilateral expects to move forward with more disbursements in the short term in order to take another step towards consolidating the position of women in the labor market and in turn provide new opportunities for the advancement of MSMEs in Panama and the region.
CABEI in Panama is currently developing initiatives such as the Productive Sectors Development Program, which aims to increase the participation of the Panamanian financial system in productive sectors, thereby increasing competitiveness, productivity, and job creation and benefiting more than 6,500 people. Likewise, in 2022, a total of US$55.0 million was channeled through allied financial institutions for the country's economic, social, and environmental development.