GUATEMALA – Citi, a financial institution with a 49-year presence in Guatemala, structured a social trade loan in local currency to Fundación Génesis Empresarial, a private microfinance institution, that provides working capital and financial solutions to promote sustainable growth in underserved communities.
Génesis Empresarial will use the funds to extend productive credits to low-income people and entrepreneurs’ owners of microenterprises across Guatemala to finance activities linked to the local economy, thereby promoting inclusive economic growth in the country.
This transaction is aligned with Citi Social Finance Framework under the access to essential services financial inclusion category and furthers Citi's commitment to improving access to financial services in emerging economies. The transaction will have special emphasis on promoting financial inclusion, and furthers Citi’s goal to support 15 million people around the world, 10 million of them women, by 2025.
“Citi Guatemala is committed to the development and the social and Economic progress of the country. This specific opportunity allows us to channel resources directly to the social development of Guatemala, which we consider a strategic country in the region,” noted Julio Álvarez, CEO of Citi Guatemala.
“This is the first loan that funds local Social Finance business activity in Latin America from our Trade platform. It demonstrates Citi’s capacity to adapt its foreign trade and working capital products to help our clients reach their sustainability and social goals, with a direct impact on Latin American and Caribbean communities,” commented Andre Carvalho, Citi’s Managing Director, Global Head Working Capital Loans & Trade Head for LATAM.
Fundación Génesis Empresarial is Guatemala’s largest microfinance institution and has solid relationships with other financial development organizations and high-impact investors.
“We are an access to development entity,” added Edgardo Pérez, CEO of Fundación Génesis Empresarial. “We help strengthen micro, small businesses, and agricultural activities, providing financial support, training, and technology, so that our clients can expand their growth opportunities and generate sustainable incomes. In this way we are improving the living conditions of Guatemalan families, focusing on women in the rural areas of the country. We achieved nationwide goals thanks to the support of strategic and important allies such as Citi that allow us to continue creating financial and technological inclusion to bring more families closer to the Development Path.”
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
About Fundación Génesis Empresarial
Fundación Génesis Empresarial is a Guatemalan, non-profit institution, with 35 years of work, specialized in microfinance for development. Promotes economic growth in all the country through financial services and training, including technical assistance and insurance to improve the living conditions of Guatemalan families. The management model of Fundación Génesis Empresarial is to go along with Guatemalans on their Development Route, facilitating financial and technological inclusion to promote productive opportunities that generate economic and social growth with a better Quality of Life for Guatemalans.
Citi: Camila Sardi, Camila.firstname.lastname@example.org