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.
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 Banco Bolivariano
Banco Bolivariano was founded in 1980 with solid indicators and has maintained the highest levels of asset quality, profitability and liquidity in the Ecuadorian financial system ever since. Innovative processes, products and services, along with a strong social commitment, have ensured it a prominent role in the industry for more than 40 years. A high level of public trust and client fidelity have allowed Banco Bolivariano to continue its mission of driving the country’s sustainable growth passionately and responsibly. For more information, please visit http://www.bolivariano.com.