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Proparco grants a $30 million loan to Banco Cuscatlan to support SMEs and the economic role of women
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The funds will be used to finance projects that will lead to the creation of jobs and the generation of new products and services. This new funding establishes that at least 30% of the credits must be granted to SMEs managed by women.
Through this alliance, Banco CUSCATLAN and Proparco reaffirm their commitment and support to Salvadoran entrepreneurs with various credit tools that facilitate opportunities for growth within the sector.
This financing agreement is part of the bank's strategic vision, thus promoting new challenges that highlight the role of SMEs and the leadership of women in the national economy.
"We are proud to be part of this great project. SMEs are the basis of our country's economy, and the role of women is indispensable in the construction of a more egalitarian society. We are convinced that this type of initiative is vital to create better opportunities for new generations. We are grateful for the support and accompaniment of Proparco, a great ally that allows us to continue to materialize our approach to energize the sector," said Andrés Pineda, Treasurer of Banco CUSCATLAN.
It is projected that with this financing, Banco CUSCATLAN will promote greater dynamism by providing new loans to small and medium-sized companies to strengthen areas such as Industry (textiles, footwear, cleaning products, among others), Commerce (including medical supplies, sale of basic grains, sale of computers and accessories) and Service in different areas such as Logistics, outsourcing, equipment rental, among others.
"Betting on small and medium enterprises and empowering women in business are priority issues to accelerate the economic and social development of countries like El Salvador. This alliance with Banco CUSCATLAN is a great opportunity to innovate and strengthen the business of SMEs and empower all women who continue to overcome challenges and create opportunities to transform their quality of life and that of their country through their work," said Arnaud Michon, Proparco's Regional Director for Mexico, Central America and the Caribbean.
This project contributes to Sustainable Development Goal 8 (decent work and economic growth) and the 2XChallenge, an initiative of 18 development finance institutions such as Proparco to mobilize US$15 billion by the end of 2022 to support the economic role of women in emerging and developing countries.