IFC Approves Loan To Guatemalan Banco Industrial

The International Finance Corporation (IFC) has agreed a subordinated loan of $30 million to Guatemala’s largest financial institution, Banco Industrial, aimed at strengthening the capital base of the Bank. Atul Mehta, IFC’s director for Latin America and the Caribbean, said: “IFC’s investment will constitute a signal of approval in the international market and help put Banco Industrial on a very competitive footing as CAFTA is implemented in the region.” The move is part of a strategy to encourage the development of Guatemala’s banking sector as a whole. The loan will help Banco Industrial expand its financing of local companies, as well as the country’s growing export sector. IFC is the private sector arm of the World Bank.