With a total balance sheet of USD 4.7bn as at December 2019, Multibank is the 6th largest private bank in Panama. It has been a client of PROPARCO since 2014.
The operation involves a senior debt credit line of USD 50m (USD 30m for DEG and USD 20m for Proparco) under the Friendship Facility led by DEG, the German development finance institution. The objective is to support Multibank’s financing activity for local SMEs, in particular during the Covid-19 crisis.
This project will support some 1,500 jobs over the next 5 years, in particular in the SMEs financed by the bank. It should be noted that about 60% of Multibank’s employees are women: this proportion should remain stable.
The project will also mobilize USD 23m of private finance.
The project should thereby contribute to SDG 8 (Decent work and economic growth) and SDG 9 (Industry, innovation and infrastructure).
This information is given at the time of signature, without prejudice to any developments in the operation/project