More than


of all businesses in El Salvador are SMEs


95% PHOTO: bilgehan yilmaz/iStock


Supporting post-pandemic economic recovery of small businesses in El Salvador T


he OPEC Fund is providing a US$25 million loan to Banco


Promerica in El Salvador for on- lending to small- and medium-sized enterprises (SMEs) and women- owned businesses to help spur the recovery of the sector, which has been severely impacted by the COVID-19 pandemic. SMEs represent over 95 percent of all businesses in El Salvador and are significant contributors to job creation and economic development. The OPEC Fund’s loan will strengthen Banco Promerica’s ability to provide financing to small businesses, promote employment and support growth. Banco Promerica’s on- lending program will place a strong focus on targeting women-owned enterprises. The loan will align with SDG 8 –


28


Decent Work and Economic Growth, SDG 5 – Gender Equality, and SDG 10 – Reduce Inequality. The OPEC Fund is fully committed to the delivery of the SDGs as a universal call to action to achieve a better and more sustainable future for all. The funding follows an earlier loan that the OPEC Fund extended to Banco Promerica, which


supported 560 businesses active in manufacturing and services, the production of dairy products, construction and the import of goods. Banco Promerica El Salvador is the sixth largest bank in the country and enjoys a high penetration in the SME segment, accounting for 18 percent of its total portfolio.


The OPEC Fund is fully committed to the delivery of the SDGs as a universal call to action to achieve a better and more sustainable future for all.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52