The Central American Bank for Economic Integration (CABEI) has approved a significant increase in credit to Financiera Consolidada, S.A. (COFINSA), a part of CMI Capital, business group of CMI, Corporación Multi Inversiones, bringing the total to $15 million.
This initiative is designed to revitalize Guatemala’s business fabric by providing essential support to small and medium-sized enterprises (SMEs) which represent a vital sector of the economy. This effort aims to improve access to capital necessary for expansion and sustainability and to support job creation and innovation in environmental practices, highlighting the opportunity to grow together.
Expansion of Financial Support to SMEs
It has been announced that the increase in COFINSA’s credit line will allow the provision of financial support to approximately 70 SMEs in various productive sectors. These companies, which together employ more than 4,200 people, 20% of whom are women, will benefit significantly from this increase in resources.
In this regard, the Executive President of the BCIE, Eng. Gisela Sánchez, emphasized that this alliance with CMI Capital is an essential step in strengthening this important sector.
Focus on Sustainability and Climate Adaptation
In addition to facilitating access to working capital, the additional resources will enable SMEs to implement projects that promote sustainability and adaptability to climate change. With funds from the CAMBIO II Program, supported by the BCIE and the Green Climate Fund, companies will be able to invest in agroforestry systems, technologies to reduce water consumption, and other innovations that improve their sustainability in sectors such as agriculture and tourism.
Long-Term Projections
Enrique Crespo, CEO of CMI Capital, expressed his gratitude to the BCIE for their trust and extended support. The relationship between CMI Capital and the BCIE reflects an ongoing commitment to economic growth and sustainability in the region, essential factors in the vision of Juan Luis Bosch Gutiérrez, President Chairman of CMI Capital.
This credit line increase is therefore a confidence vote in the viability of Guatemalan SMEs and a recognition of their crucial role in the country’s economic and environmental development.
The credit expansion to COFINSA by the BCIE represents a strategic investment in Guatemala’s economic future, particularly in support of SMEs. By facilitating financial and technical resources, the BCIE and CMI Capital are contributing to the immediate growth of these businesses and equipping them to face environmental challenges, ensuring their sustainability and competitiveness in a global market.
