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El Salvador: Supporting Promerica to increase financing for the country’s SMEs.
Project
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Signature date
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Location
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Salvador
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Financing tool
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Financing amount (Euro)
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13367792.53
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Financing details
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USD 15m loan
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Customer
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BANCO PROMERICA, S.A.
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Type of customer
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Financial institution
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Country of headquarters
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Salvador
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Project number
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PSV1006
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Environmental and social ranking
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IF-B
Proparco’s loan will allow the bank to continue to develop its activity for SMEs, the main job creators in El Salvador. This project is thereby contributing to the development of SMEs and is supporting employment for the employees of Promerica and the funded SMEs.
Client presentation
Banco Promerica SA was set up in 1996 and is a Salvadoran commercial bank, the country’s 6th largest in terms of assets. The bank is part of the regional group Promerica Financial Corporation (PFC), which is present in 9 Latin American countries and has been a strategic partner of Proparco since 2013.
Project description
The project involves a USD 15m credit line, earmarked to support growth in Banco Promerica’s SME financing activity, a strategic business sector.
The bank offers its SME clients a wide range of products and services tailored to their needs.
Project impact
This financing will allow the bank to continue to develop its activity in the SME segment, which is a catalyst for growth in EL Salvador’s GDP. These SMEs provide some two-thirds of employment in the country. Banco Promerica disseminates good CSR practices among companies in El Salvador.
In addition, the project will support employment and training for local communities. The bank currently has just over 1,000 employees and could recruit 300 more over the next five years to support its growth, 60% are women.