"It's an honor to support groups and institutions that seek to broaden women empowerment across the region as well as to place women at the center of Panama's recovery from the coronavirus pandemic," said Marcelo Gorrini, Caribbean and Central America Cluster Head and Panama Citi Country Officer. In addition, Global Bank will also partner with IFC Advisory Services to further enhance and develop gender-focused products and services in Panama.
The proceeds from this loan will be used for either Low Income Housing Mortgages-Hipoteca Preferencial-for women as heads of household or for women-owned and-or women-led enterprises.
The joint initiative offers a first-of-its-kind co-lending transaction of a $90 million loan ($20 million funded by Citi for three years and $70 million funded by IFC for five years) to Global Bank. New York – Citi, Global Bank and the International Finance Corporation (IFC) have partnered to provide more mortgages and Small Medium Enterprise (SME) business loans to women.
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