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.
About IFC
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 .
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