A $7 million credit line will support MSMEs in Guatemala

Guatemala – In order to support MSMEs in their economic growth, Central American Bank for Economic Integration -CABEI- and Corporación Multi Inversiones -CMI-, through Financiera Consolidada, SA -COFINSA-, Formalization of a revolving credit line of $7 million.

This line of credit is expected to support 61 micro, small and medium enterprises and 10 independent workers, benefiting more than 3,600 people in the country.that promote sustained, inclusive and sustainable economic growth, full and productive employment, decent work for all, responsible production and consumption, and the adoption of urgent measures to combat climate change and its effects.

“This project will allow micro, small and medium enterprises that provide CMI to have access to working capital, Enrique Crespo, CEO of CMI Capital, commented that they can make payments on contractual obligations, implement biosafety measures, consolidate or adjust their debts, and other actions key to contributing to the economic growth of these companies in the country.

Likewise, they will contribute to achieving the Sustainable Development Goals-ODS- Specifically for Goal 8 (Decent Work and Economic Growth) and Goal 17 (Partnerships for the Goals).

Initiatives

On this occasion, the needs of MSMEs will be met through various initiatives.

The Financial Sector Support Facility Program for Sponsoring MSMEs Affected by the Coronaviruswhich seeks to contribute to the adaptation and solvency of these companies and their transformation as part of their economic revitalization in the face of the effects of the pandemic, and the implementation of a productive loan to the private sector.

Funding electric mobility initiatives through the Mipymes Verdes programme. CMI, through COFINSA, will be able to support companies to reduce operating costs, by financing more sustainable actions for their businesses, such as switching from fossil fuel fleets to electric vehicles.

Real estate project development Which contribute to overcoming the problem of housing deficit in the country.

CABEI CEO, Dante Mossi, confirmed that the alliance they formally established with COFINSA, which is part of an important private group in Guatemala, They will be able to boost industrialization, electric mobility, new projects and decent housing.

“Together without a doubt We will be able to direct financial resources to promote sustainable development and create opportunities for growth and employment for GuatemalansMoses stressed.

The objectives of this project are in line with the corporate strategy of CABEI 2020-2024, within the strategic axes of competitiveness and social development; It seeks to intervene in strengthening the economic, social, and institutional factors that determine regional competitivenessAs well as capital mobilization and income generation through financing micro, small and medium enterprises.