IDB Invest Expands Agreement with Banco Comafi to Support Small and Medium-sized Businesses in Argentina
IDB Invest renewed its commitment to Banco Comafi with a $10 million loan to support small and medium-sized businesses (MSMEs) in Argentina in foreign trade operations.
“This new strategic alliance with IDB Invest represents a milestone for Banco Comafi. It not only strengthens the link between both entities, but also advances the joint commitment to support the development of MSMEs, a key driver of the Argentine economy,” said Iván Soñez, CFO of Banco Comafi.
The transaction builds upon the $20 million financing that IDB Invest provided to Banco Comafi in 2021 to promote digital transformation among small and medium-sized enterprises in the country.
“We are pleased to expand our support to Banco Comafi, which seeks to improve access to financing for small and medium-sized businesses,” said Marisela Alvarenga, Managing Director of the Financial Institutions Division at IDB Invest. She added that the agreement “renews IDB Invest's commitment to the Argentine financial system with which we work very closely through the Sustainable Finance Protocol to achieve economic and sustainable development in the country.”
The agreement will allow Comafi bank clients to finance trade operations for up to one year, while a leasing line will have a tenor of up to three years. Both programs will have an availability period of three years in total, renewable for three additional years.
The project is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG8) and Partnerships for the Goals (SDG17).
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and over 390 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in various industries.
About Banco Comafi
With 76 branches, Banco Comafi operates in all segments and has been one of the fastest growing private Argentine capital entities in recent years. It is part of a group of companies that provide financial services, which, among others, also includes: TCC, leader in leasing in Argentina; and the fintech Nubi that offers a free digital account with a Visa International prepaid card; recharges money for online purchases and, through its alliance with Paypal, allows Argentine SMEs and entrepreneurs to withdraw payments for their sales abroad in local accounts. More information at www.comafi.com.ar.