IFC, Panama's Multibank to fund SMEs, efficiency, renewable energy
Jun 13, 2014 - The World Bank's International Finance Corp (IFC) said yesterday it had extended a loan of USD 40 million (EUR 29.5m) to Panama's Multibank Inc to support small and medium enterprises (SMEs), energy efficiency and small-scale renewable energy projects.
Multibank could use the seven-year loan to improve SMEs' access to longer-term financing and promote climate-smart projects reducing greenhouse gas emissions.
Despite its hydropower resources, Panama depends on expensive diesel and fuel oil for nearly half of its power generation due to its high electricity demand, IFC said.
The loan fills important gaps, particularly for entrepreneurs who need financing to grow their businesses and for financing climate-friendly projects, IFC's manager for Panama, Angela Fonseca, said.
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