The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has agreed to provide long-term debt financing of seven years worth USD 50 million to Panamanian commercial lender Banco General, to increase the bank’s mortgage lending program for low-income households. According to Lars Thunell, executive vice president and CEO of IFC, the funding will be deployed to expand the scope of affordable housing, with a focus on those families “whose annual incomes are near or below the median income level in Panama.”
As of June 31, 2011, Banco General reported total assets worth an equivalent of USD 8.8 billion with approximately 490,000 clients served through 59 branches.
By Rohan Trivedi, Research Associate
About International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (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 that drive its policies and approve disbursements. As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
About Banco General:
Banco General is a private retail bank in Panama. The bank offers products and services in personal, commercial and private banking, in addition to mortgage loans. As of June 31, 2011, Banco General reported total assets worth an equivalent of USD 8.8 billion with approximately 490,000 clients served through 59 branches.
Sources and Additional Resources:
[1] IFC Press Release: “IFC’s $50 Million for Panama’s Banco General to Increase Mortgages to Low-income Households”, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=32DF648B7CDBFF5F852578F700596468
MicroCapital.org story, July 16, 2011: “MICROCAPITAL BRIEF: Habitat for Humanity Receives $45m Loan from Overseas Private Investment Corporation (OPIC), to Be On-Lent to Microfinance Institutions Through Housing Finance Programs”, https://www.microcapital.org/microcapital-brief-habitat-for-humanity-receives-45m-loan-from-overseas-private-investment-corporation-opic-to-be-on-lent-to-microfinance-institutions-through-housing-finance-programs/
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 General, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banco+General
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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