Panama, April 16, 2020.- IFC,
a member of the World Bank Group, provided Banco General, S.A., a loan
of $150 million for mortgage lending for low and middle-income families
in Panama, at the end of 2019.
IFC and Banco General reached a new agreement to promote the development
of green finance for the private sector in Panama. The $50 million loan,
agreed in April 2020 and to be disbursed this year, will be used to finance
green buildings and solar energy projects.
"For more than 20 years we have worked with Banco General to support
Panamanian families and promote inclusive economic growth in the country,
which is particularly relevant during this crisis we are going through,"
said Marcelo Castellanos, Manager of the Financial Institutions Group for
IFC in Latin America and the Caribbean. He added that a portion of the
loan will be used to finance climate products in Panama, “a market that
until now has been mainly limited to large-scale projects and has great
potential to continue expanding in the country".
In addition, IFC will provide advisory services to promote knowledge sharing
and capacity building related to the construction sector, so that Banco
General can, in turn, support its developer clients in the implementation
of EDGE, IFC's innovative certification for green buildings.
IFC and Banco General have maintained a strategic relationship for over
20 years, which has allowed the Panamanian entity to facilitate home ownership
for Panamanian families and the bank's regional expansion.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
where they are needed most. In fiscal year 2019, we delivered more than
$19 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org.