CAF- development bank in Latin America - signed two credit lines amounting to a total of $ 60 million, with aim to further strengthening the Panamanian and Latin American financial system.
Enrique Garcia, chief executive of CAF, Jaime Rivera, CEO of Bladex and Gregory Testerman, Executive Vice president of Bladex, signed the contract by which CAF grants Bladex a $ 50 million line of credit. In addition, the Executive Chairman of CAF signed with Otto Wolfschoon, JR. Executive Vice President of Global Bank, a contract through which the entity gives Panama a $ 10 million line of credit. The funds will be used to finance customers of both institutions in Panama and Latin America.
"The financial sector in the region continues to face challenges and opportunities, it is assuming and integrating - more and more responsibility - sustainable development principles in all their activities, hence our interest in strengthening the system." Garcia concluded.
Bladex is a supranational financial institution founded by 23 central banks in Latin America and the Caribbean, in order to support foreign trade and contribute to economic growth and competitiveness in Latin America. Based in Panama, its shareholders include central and commercial banks in the region, as well as international banks and private investors.
Global Bank, 100% Panamanian capital, began operations in June 1994 and is currently positioned as fifth in terms of portfolio. Global Bank is rated by Fitch and Equilibrium locally with A+.
Source: CAF
More on this topic
March 2009
The Andean Development Corporation (CAF) has approved a credit line of $210 million for medium-term loans for the Bank of Panama.
The agreement, signed by the Andean Development Corporation, the Bank of Panama and the Panamanian Ministry of the Economy, will open the way for the allocation of resources for the strengthening of Panamanian banking.
August 2010
The Central American Bank for Economic Integration (CABEI) and Banco ProCredit Honduras have signed an agreement to open a credit line to finance micro-companies and SMEs.
With the $5 million credit line ProCredit seeks to strengthen its portfolio of micro, small and medium-sized enterprises (MSMEs) in Honduras.
March 2010
The Panamanian bank will in turn lend the funds to companies in need of expanding.
Enrique García, executive president of the Andean Development Corporation (CAF), stated that “operations such as this show the role that CAF plays in Latin America, strengthening those institutions which foster external trade, working capital and investment in low risk, high value-added sectors”.
October 2009
The European Investment Bank has granted a USD 211 million loan to the Gas de France-Suez Group, holder of the concession for the Dos Mares project.
EIB Vice-President Carlos da Silva Costa and Mr Philippe Delmotte, Executive Director of the Gas de France-Suez Group for Central America, signed the finance contract in Luxembourg this morning.
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