Citi structured a Commercial Social Loan for US$20 million for Banesco Panama, with the aim of extending productive credits to small and medium-sized enterprises (SMEs) throughout the country and promoting economic growth.

This loan is Citi’s first social financing transaction for a Panamanian financial institution and is part of its international commercial credit offering.

The financing will be used to provide SMEs with better access to credit, allowing them to expand their operations and thus contribute to the development of the local economy and job creation.

“This loan to an institution that supports the local activity of Social Finance in Panama is a milestone for us. We are proud to promote sustainable economic growth and support small and medium-sized enterprises,” said Malcolm Muñoz, Country Officer of Citi Panama.

For his part, Alfonso Prieto, CEO of Banesco Panama, highlighted the importance of this transaction, since it will allow them to further support the Panamanian SME. “With this agreement, we can continue to expand our SME loan program, providing them with the resources they need to prosper and contribute to our local economy,” he said.

Between 2022 and 2023, Citi has closed 50 social finance transactions worth approximately US$3 billion, focusing on expanding access to basic services in underserved communities in Latin America and the Caribbean.