Banco Aliado is the 4th largest bank with Panamanian capital in terms of assets (balance sheet of USD 2.76bn).
Since 2013, the bank has benefited from two successive credit lines from PROPARCO for a total amount of USD 53m to finance renewable energy and energy efficiency projects in Central America.
With this new financing, Proiparco is supporting Banco Aliado’s SME financing activity in Panama, a segment in which the bank is well positioned (over 800 SME clients, 20% of its outstanding loans). Thanks to this financing, the bank will be able to allocate long-term resources to SMEs, which are not readily available locally.
The financing will support some 30 additional SMEs and will increase the bank’s volume of SME financing to over USD 425m over the next 5 years.
The project should help create or maintain over 3,200 jobs, including some 350 direct jobs in the bank (64% of women) and 2,900 indirect jobs among Banco Aliado’s SME clients.