IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has signed a $5 million loan with Agropecuaria El Siglo, S.A. of Guatemala to finance the cultivation of 475 hectares of banana. The objective is to commercialize the production, mainly for export.
IDB Invest financing will allow the company to leverage its operations and develop more growth in less time. It is expected that a minimum 475 rural direct jobs will be generated, which is equivalent to one direct employment for each hectare planted.
Guatemala is the eighth largest producer of bananas worldwide and third in Latin America and the Caribbean with a production of 2.7 million MT in 2015. Banana production in Guatemala represents 2% of the country's GDP and 16.4% of its agricultural GDP.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
About El Siglo
Agropecuaria El Siglo, S.A belongs to the Corporación Metropolitana Business Group, which is family-owned and is comprised of senior management investors. It was established in 1998 and its main activity is the sowing, harvesting and commercialization of bananas and plantains, mainly for export. It complies with strict international standards that include the care of the environment and social attention. The team is made up of more than 800 people.