Citi to Offer Banco Bolivariano Ecuador’s First Social Finance Product Benefiting Women-Led SMEs

Quito, Ecuador - Citi is pleased to announce an inaugural program to Banco Bolivariano in Ecuador. Citi will act as the confirming bank for letters of credit, for Banco Bolivariano, issued to women-led Small and Medium Enterprises (SMEs) that meet related eligibility criteria.

This social finance transaction will help support women in Ecuador and aligns with Citi’s membership in 2X Global, an initiative launched by the G7 countries that has mobilized more than US$ 13.5 billion to date for projects that empower women in developing countries.

“Citi’s social finance strategy aims to give 15 million people, 10 million of them women, increased access to essential services (including financing) that they can put toward developing their businesses and increasing economic empowerment. This is the first transaction of its type in Ecuador, and we hope it will serve as a model that can be replicated with our partners in other regions," commented Rocio Velarde, Citi Country Officer and Banking Head in Ecuador.

This financing contributes to Citi’s US$ 1 trillion commitment for sustainable financing by 2030, and to progress toward several Sustainable Development Goals (SDGs), including Goal 1, eliminating poverty; Goal 5, gender equality, and Goal 8, decent work and economic growth.

“This deal represents Citi’s first letter of credit confirmation program supporting social finance goals to support institutional clients. The program demonstrates Citi’s ability to tailor its foreign trade and working capital products to help our clients reach their sustainability goals, especially those with a social focus, with a direct impact on Latin America and Caribbean communities,” remarked Andre Carvalho, Citi’s Director of Trade, Treasury and Trade Solutions for Latin America.