Citi, IFC and Global Bank Partner to Fund Women’s Economic Empowerment in Panama | Business
NEW YORK – (BUSINESS WIRE) – Sep 20, 2021–
Citi, Global Bank and the International Finance Corporation (IFC) have teamed up to provide more mortgages and loans to small and medium enterprises (SMEs) to women.
The joint initiative offers a one-of-a-kind co-loan transaction of a $ 90 million loan ($ 20 million funded by Citi for three years and $ 70 million funded by IFC for five years) to the Bank global. The proceeds of this loan will be used either for mortgages for low income housing – Hipoteca Preferencial – for women heads of household, or for businesses owned and / or run by women. In addition, the World Bank will also partner with IFC Advisory Services to improve and further develop gender-focused products and services in Panama.
“It is an honor to support groups and institutions that seek to expand the empowerment of women in the region and to place women at the center of Panama’s recovery from the coronavirus pandemic,” said Marcelo Gorrini, manager of the Caribbean and Central America and Panama Citi Country cluster. Officer. “This is not just any kind of deal, but the one we see has the real ability to make a difference in people’s lives by providing them with this targeted funding while championing the empowerment of women.
Across the world, the struggle for comprehensive equality and women’s economic empowerment has persisted for many generations and has become more acute as the effects of the COVID-19 pandemic have disproportionately affected more women on the planet. place of work than men. This was no different in Panama, with 46.5% of employed women working in the sectors most affected by the crisis, compared to 29.6% of employed men.
“There has been growing interest in housing projects that benefit from preferential interest rates, and there is a need to adjust the supply,” said Jorge Vallarino, CEO of Global Bank. “We have steadily increased our mortgage portfolio, almost half of which is focused on low- and middle-income families,” added Vallarino.
“For Citi, this ESG transaction is a victory at all levels and illustrates how Citi succeeds together, one of our leadership principles, for the benefit of our clients, namely Global Bank in Panama and IFC as as the largest private sector-oriented development institution in the development country, ”said John Finnigan, managing director of banking, capital markets and advisory services, Citi. “We can truly say that we deliver with pride with our customers and with the ultimate benefit of on-lending and economic value creation for women in Panama.”
This successful transaction serves as a model for future transactions that Citi and IFC seek to replicate as it embodies IFC and Citi’s commitment to ESG.
Citi, the world’s largest bank, has approximately 200 million accounts receivable and operates in more than 160 countries and jurisdictions. Citi provides consumers, businesses, governments and institutions with a wide range of financial products and services, including consumer banking and credit, business and investment banking, securities brokerage, wealth management and transaction services.
Additional information can be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About the World Bank
Global Bank is a Panamanian capital bank that began operations in 1994, initially focused on the business banking segment. Currently, Global Bank and its subsidiaries offer a wide range of financial services to its more than 200,000 clients across Panama, positioning itself as the second largest bank with a general license of Panamanian capital. It has assets of $ 8,516 million, net worth of $ 782 million and 39 branches nationwide.
IFC, a member of the World Bank Group, is the world’s largest private sector-focused development institution in emerging markets. We work in over 100 countries, using our capital, expertise and influence to create markets and opportunities in developing countries. In FY2020, we invested $ 22 billion in private businesses and financial institutions in developing countries, harnessing the power of the private sector to end extreme poverty and foster shared prosperity.
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CONTACT: Media contacts: Citi
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KEYWORD: NEW YORK UNITED STATES PANAMA CENTRAL AMERICA NORTH AMERICA
INDUSTRY KEYWORD: FINANCE BANKING WOMEN PROFESSIONAL CONSUMPTION SERVICES
Copyright Business Wire 2021.
PUB: 09/20/2021 10:08 a.m. / DISC: 09/20/2021 10:08 a.m.
Copyright Business Wire 2021.