IFC Supports Banco Agromercantil, BAM to Expand Financing for SMEs Affected by COVID-19, Helping Economic Recovery in Guatemala
More than 1000 micro, small, and medium enterprises (MSMEs) in Guatemala will have improved access to finance, as a result of a partnership between IFC, a member of the World Bank Group, and Banco Agromercantil, BAM, that aims to address a $14.2-billion MSME finance gap in the country. With the unprecedented challenges of an ongoing pandemic, this partnership will allow smaller businesses to continue operations and preserve jobs, thereby contributing to the resilience of financial markets and accelerating the nation’s post pandemic recovery.
IFC is providing a $20 million loan to Banco Agromercantil, BAM, a member of Grupo Bancolombia, as part of the Working Capital Solutions Program from IFC’s global COVID-19 response. IFC will be mobilizing another $20 million from the Eco-Business Fund in Latin America, managed by Finance in Motion.