IDB Invest, a member of the US-based Inter-American Development Bank (IDB) Group, recently loaned USD 20 million to Argentina’s Banco Comafi to invest in small and medium-sized enterprises (SMEs) via leasing services and asset financing. In particular, the intent is to enable access to equipment that is more efficient or otherwise employs better technology. The wholesale loan has a period of up to three years and is renewable for an additional three years. Meanwhile, IDB Invest will provide technical assistance to help Comafi improve its environmental and social risk management system.
Established in 1984, Comafi provides banking, insurance and investment services to individuals, SMEs and corporations through 77 branches. As of September 2021, the bank reports total assets of ARN 135 billion (USD 1.24 billion).
IDB Invest seeks to promote economic development through projects in agriculture, financial inclusion, sustainable energy and transportation. As of 2020, it had USD 16.1 billion in development-related assets, deployed via approximately 400 clients in 47 countries. Established in 1959, IDB Group works to promote “environmentally friendly” economic development via improved health, education and infrastructure in Latin America and the Caribbean. During 2020, it reports having issued USD 14 billion in loans and grants, ending the year with assets of USD 152 billion.
By Sheen Gupta, Research Associate
Sources and Additional Resources
IDB Invest press release
https://www.idbinvest.org/en/news-media/idb-invest-promotes-technological-reconversion-argentina-together-comafi
IDB Invest homepage
https://idbinvest.org/
IDB homepage
https://iadb.org/
Comafi homepage
https://www.comafi.com.ar/
Comafi financials
https://www.comafi.com.ar/4-Relaciones-con-el-Inversor.note.aspx
Previous MicroCapital article on IDB Invest
https://www.microcapital.org/microcapital-brief-banco-santander-deg-idb-invest-itau-bba-loan-150m-to-banco-pan-to-boost-digital-financing-of-vehicles-microenterprise-consumption-in-brazil/
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