IFC lends US$255mn to Colombian units of Itaú and BBVA
The IFC has approved US$255mn in loans for two Colombian banks.
Of the total, US$105mn has been disbursed to Itaú CorpBanca to support lending to SMEs and increase financing of projects that help mitigate the impacts of climate change.
"A recent survey showed that 62% of SMEs in Colombia consider lack of financing the main obstacle they face to grow and create more jobs," the IFC, a member of the World Bank Group, said in a statement.
Itaú CorpBanca Colombia president Álvaro Pimentel said: "Our vision is to be the leading bank in sustainability and customer satisfaction, so this credit is perfectly aligned with our strategy of decisively contributing to the development of the country by promoting sectors as important as clean energy and small and medium enterprises, both with a very high growth potential."
READ: Colombia Banking Report
Meanwhile, the multilateral approved US$150mn for BBVA Colombia to support mortgage lending.
Georgina Baker, IFC VP for Latin America and the Caribbean, Europe and Central Asia, said: "A strong housing sector is critical for Colombia's sustainable development and we are confident that financial institutions such as BBVA can play an important role in helping drive the growth of this sector."
Óscar Cabrera Izquierdo, executive president of BBVA Colombia, said: "Colombia still has a way to go to provide quality housing to more Colombians, and thus to contribute to improving the quality of life and reducing poverty. This is how BBVA understood it, and that is why we are decidedly supporting this sector. We are always looking to finance housing projects. We are leaders in the financing of housing in the sector with a market share of 17% and a portfolio that grew 5% at the end of 2017."
Pictured: A worker sews a football by hand at a factory in Mongui, Boyacá department, Colombia.
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