Banco Promerica SA is a Guatemalan commercial bank, the 7th largest in the country in terms of assets.
The bank is part of the Promerica regional group, which operates in 9 Latin American countries and has been a strategic partner of Proparco since 2013.
The project involves earmarking 50% of the financing (USD 30m Tier 2 subordinated credit line) to support growth in Banco Promerica’s SME financing activity and 50% (USD 30m senior credit line) to strengthening the financial institution’s equity.
These two credit lines are being cofinanced with identical amounts from Proparco and its German counterpart DEG, which is leading the operation under the Friendship Facility (https://www.proparco.fr/en/partnerships-development).
In social terms, the growth in activity associated with the equity contribution and the financing for SMEs should create over 770 new jobs in the bank by 2022.
The project should also help create or maintain 1,800 indirect jobs among the bank’s clients.
The project will help create or maintain a total of over 5,600 direct and indirect jobs in Guatemala.