Santo Domingo, D N.- The International Finance Corporation (IFC), a member of the World Bank Group, has granted long-term financing for USD 92.5 million to subsidiaries of Grupo Promerica to expand access to funding for small and medium enterprises ( SMEs). Although these companies are employment-generating, they lack access to financing, which limits their capacity for growth.
The subsidiaries of Promerica in some countries will use IFC funds to provide loans to companies that wish to adopt more energy-efficient practices and use cleaner sources. The goal is to help access credit.
“Sustainability represents a challenge for companies, but it also represents a great variety of opportunities,” said Mr. Ramiro Ortiz Mayorga, Chairman of the Board of Directors and CEO of the Promerica Group. “Some financial institutions in the region are reluctant to grant credits to implement new technologies that they may not know. IFC support allows us to offer funds specifically for energy efficiency projects. It will also help us expand our portfolio for small and medium-sized businesses, which are what create the vast majority of jobs in Central America, in addition to providing essential goods and services. ”
“One of the pillars of IFC’s strategy in Central America is to facilitate regional integration, an essential factor in strengthening competitiveness,” said Luc Grillet, IFC senior manager for Central America and the Caribbean.
“Our investment in Grupo Promerica will help a regional financial group to expand its work with small and medium-sized entrepreneurs and investments related to climate change,” he added.
About IFC
IFC, an organization that is part of the World Bank Group, is the main international development institution dedicated exclusively to the private sector in emerging markets. He works with 2000 companies worldwide and uses his six decades of experience to create opportunities where they are most needed. In 2016, its long-term investments in developing countries amounted to almost $19 billion, through which it capitalized on its capital, its expertise and its influence to help the private sector put an end to extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
About Grupo Promerica
The Promerica Group is a group of financial institutions linked through Promerica Financial Corporation (PFC), led by a multinational team of prestigious bankers of different nationalities with extensive knowledge about economic activities in countries of Central America, the Caribbean and South America , with 25 years of successful performance, becoming one of the most important financial group in Latin America; with presence in nine countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Ecuador, Dominican Republic and Grand Cayman.
