IDB Invest Supports St. Georges Bank to Promote Green Projects in Panama
IDB Invest is providing up to $10 million in financing to St. Georges Bank, part of the Promerica Group, one of the main financial groups in the region, to support the development, financing and expansion of its green portfolio in Panama.
A subordinated loan with a 10-year term will strengthen the lender’s regulatory capital and provide access to long-term financing to support the growth of its green portfolio, driven in large part by loans for renewable energy, in line with the country strategy of the IDB Group.
Access to financing in the region is crucial to increase the implementation of green technologies, especially in the renewable energy sector, that may help facing the climate change crisis. The banking sector plays a key role to direct capital flows towards projects and companies aligned with these efforts.
Additionally, as part of the agreement, IDB Invest will provide advisory services to St. Georges Bank with the aim of supporting the design of green financing lines for the renewable energy sector, thus transferring capacities for green financing in priority market segments. The advisory will also provide help St. Georges Bank implement improvements in socio-environmental policies and practices through a Social and Environmental Action Plan.
With this project, IDB Invest strengthens its commitment to help promote green portfolios in Panama and the region.
The deal is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Climate Action (SDG 13), and Partnerships for the Goals ( SDG 17).
About IDB Invest
IDB Invest, a member of the IDB 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 $15.3 billion in asset management and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About St Georges Bank
St. Georges Bank began operations in Panama in 2002 with an international license and in 2004 it acquired a general license. St. Georges Bank is a subsidiary of Promerica Financial Corporation (Grupo Promerica), a financial group with a presence in Central America, the Dominican Republic and Ecuador. During its 20 years of sustained development, St. Georges Bank has established itself as part of one of the largest regional financial groups. It has a body of collaborators that exceeds 600 people and more than 62,000 clients. St. Georges Bank ranks as number 13 of 41 private banks with a general license, with total assets rising from $320 million at the end of 2007 to more than $1.93 billion at the end of December 2022.