In order to support micro, small and medium-sized enterprises in their economic growth, the Central American Bank for Economic Integration -CABEI- and Corporación Multi Inversiones -CMI-, through Financiera Consolidada, S.A. -COFINSA-, formalized a revolving credit line for an amount of US$7 million.
This line of credit hopes to support 61 MSMEs and 10 independent workers, benefiting more than 3,600 people in the country, which promotes constant, inclusive and sustainable economic growth, full and productive employment, decent work for all, responsible production and consumption, and the adoption of urgent measures to combat climate change and its effects.
“This project will allow MSMEs that are suppliers of CMI, to have access to working capital, to make payments of obligations contracted, implement biosecurity measures, consolidate or readjust their debts, and other key actions to contribute to the economic growth of these companies in the country. Likewise, we contribute to the fulfillment of the Sustainable Development Goals -SDGs– specifically SDG 8 (Decent work and economic growth) and SDG 17 (Partnerships to achieve the goals)”, commented Enrique Crespo, CEO of CMI Capital.
Needs of SMEs
On this occasion, the needs of MSMEs will be met through different initiatives. First, the Financial Sector Support Facility program for the care of MSMEs affected by COVID-19, which seeks to contribute to the adaptation, solvency and transformation of these companies as part of their economic reactivation in the face of the effects of the pandemic, implementing a productive credit for the private sector.Second, the financing of electromobility initiatives, through the Green MSME program.
CMI, through COFINSA, will be able to support companies to reduce their operating costs, through the financing of more sustainable actions for their business, such as the change of fleets based on fossil fuels to electric vehicles. As well as, develop real estate projects that contribute to overcoming the problem of the housing deficit in the country.
Alliance with COFINSA
CABEI’s Executive President, Dr. Dante Mossi, said: “We are pleased with this alliance that we are formalizing today with COFINSA, which is part of an important private group in Guatemala, and with which we will promote manufacturing, electromobility, new ventures and decent housing.
Undoubtedly, together we will be able to channel financial resources to promote sustainable development and generate opportunities for growth and employment for Guatemalans.
“The objectives of this project are aligned with CABEI’s Institutional Strategy 2020-2024, within the Strategic Axes of Competitiveness and Social Development; since it seeks to intervene in the strengthening of the economic, social and institutional factors that determine regional competitiveness, as well as the mobilization of capital and the generation of income through financing to MSMEs.With this new credit line approved, CMI reaffirms its commitment to continue making investments that promote sustainable development, comenta Juan José Gutiérrez Mayorga, giving the opportunity to grow together with other companies and suppliers, through programs and projects that take care of the environment.