Banco Ficohsa has been the leader in the Honduran banking sector since 2014. The bank initially focused on corporate financing and has successfully developed its retail banking and SME financing activity. The bank’s current strategy is based on three pillars: maintaining its position in the corporate segment, developing the SME portfolio and increasing the consumer credit activity.
The project involves a USD 35m senior credit line earmarked to support renewable energy financing in Honduras.
It is the second financing allocated to Banco Ficohsa by Proparco. The first USD 20m loan signed in 2012 was already earmarked for renewable energy development and energy efficiency.
This project should firstly contribute to reducing the dependence of Honduras on fossil fuels (56% of the mix) and, secondly, the country’s CO2 emissions (29.5 Mt, if emissions related to forests and changes in land use are not included; source WRI, 2017 inventory).
On the economic level, the project will support the growth of local companies developing green projects.
On the social level, it will contribute to providing access to electricity to people who do not benefit from it yet.
Finally, in terms of employment, the project will support over 3,200 jobs in Honduras.