St. Georges Bank of Panama, an entity belonging to the Promerica Group, one of the main financial groups in Central America, will receive financing to expand its green portfolio in the country.

The financing, for an amount of 10 million dollars, consists of a 10-year term subordinated loan granted by IDB Invest. The objective is to strengthen the regulatory capital of St. Georges Bank, and will provide access to long-term financing to support the growth of its green portfolio, driven mainly by loans for renewable energy.

IDB Invest will also provide advisory services to St. Georges Bank on: 1) design of green financing lines for the renewable energy sector; 2) implementation of improvements in socio-environmental policies and practices through a Social and Environmental Action Plan.