The $50 million long-term IFC funding , which will run for seven years, will enable Banco General match the maturity needed to finance mortgages for low-income groups.
During the agreement signing ceremony today in Panama City, Executive Vice President and General Manager of IFC, Lars Thunell, said: "The IFC is aiming to deepen the strategic partnership with Banco General to increase access to mortgages. The IFC's support will help Banco General to extend funding for families whose annual income is near or below the average income in Panama. "
"We are very pleased with the support provided by the IFC to extend the mortgage loan portfolio of Banco General S. A., targeting low-income families. This agreement demonstrates the commitment by both institutions to promote the growth of markets that are essential for sustainable development in Panama, such as affordable housing", said Raul Alemán, general manager of Banco General.
This funding is in keeping with IFC's strategy in Panama, which supports private companies who have a strong developmental impact, particularly in strategic sectors such as finance companies who promote access for under served sectors, infrastructure and renewable energy. In July 2011, the IFC’s investment portfolio in Panama amounted to $533 million. This portfolio includes the support of IFC's in the plan to widen the Panama Canal.
Source: International Finance Corporation
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March 2012
The National Housing Plan is paying off, and the Chamber of Developers and the government is working to make banks more flexible with credit for urban social interest projects.
Employers and the government are moving towards common positions regarding measures that could ease mortgage lending for low-income families (less than $521 per month) and the construction of affordable housing.
August 2010
The Housing Ministry has a fund to support low-income families earning less than $850 per month in the purchase of a home.
The country currently has a housing shortage of approximately 125,000 houses, particularly in the provinces of Colón, Chiriquí and in the capital.
The ministry's program assists families with incomes less than $850 per month with a loan of up to $5,000 towards the purchase of a home.
May 2009
At least 3 Nicaraguan banks obtained a loan of $10 million each from the INSS to finance low-income housing projects.
The president of the Association of Private Banks of Nicaragua (ASOBANP), Arturo Arana, told Prensa.com that the agreement with the Nicaraguan Social Security Institute (INSS) “had already been approved and 'I think that several banks already have it.
November 2010
BCIE and IDB funds will finance the "Casa para Todos" (Housing for Everyone) program.
The $ 70 million Inter-American Development Bank loan will go to build 6.373 homes for low-income families, of which 2.000 would be ready by March 2011.
The credit of the Central American Bank for Economic Integration (BCIE), of also $ 70 million, "will be implemented by the National Housing Fund (FONAVIPO), which will bid the affordable housing projects to developers," Elsalvador.com reported.
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