The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, will provide a five-year credit line of USD 25 million to Banco BBVA Panama to expand its lending to farmers and small and medium-sized enterprises (SMEs) with the aim of promoting regional economic integration. The funds are also intended to support Banco BBVA Panama’s efforts to reach sectors with limited access to finance, such as rural areas [1].
IFC funds projects in infrastructure, the service sector and financial institutions inPanama. As of 2012, IFC has an investment portfolio of USD 529.5 million in nine private sector projects in Panama. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects. Banco BBVA Panama has total assets of USD 2.21 billion, deposits of USD 1.49 billion and serves approximately 70,000 customers.
By Brendan Millan, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
About Banco BBVA Panama: Formed in 1982, Banco BBVA Panama is a subsidiary of Spanish Grupo BBVA, which has total assets of USD 728 billion and operations in approximately 40 countries. Banco BBVA Panama has total assets of USD 2.21 billion, deposits of USD 1.49 billion and serves approximately 70,000 customers.
Sources and Resources:
[1] International Finance Corporation: “IFC Provides $25 Million to Banco BBVA Panamá to Expand Financing for Farmers and SMEs.”, http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/D1B960FC878C5E7C852579C00073FDB8
MicroCapital.org Article, March 13, 2012, “BBVA Microfinance Affiliate Corporacion par alas Microfinanzas Puerto Rico (PR) Reaches $2m in Entrepreneurial Loans”, https://www.microcapital.org/microcapital-brief-bbva-microfinance-affiliate-corporacion-para-las-microfinanzas-puerto-rico-pr-reaches-2m-in-entrepreneurial-loans/
MicroCapital.org Article, December 4, 2011, “In Panama, Fundacion BBVA Microfinanzas and Autoridad de la Micro, Pequena y Mediana Empresa (AMPYME) Promote Microfinance”, https://www.microcapital.org/microcapital-brief-in-panamafundacion-bbva-m…
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Banco BBVA Panama, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banco+BBVA+Panama
MicroCapital Universe Profile: Fundación BBVA Microfinanzas, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fundaci%C3%B3n+BBVA+Microfinanzas
MicroCapital Universe Profile: Grupo BBVA, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grupo+BBVA
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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