Fundación Génesis Empresarial will use the funds to extend productive loans to low-income individuals and entrepreneurs who own microenterprises in Guatemala, with the objective of financing activities linked to the local economy and thus promoting inclusive economic growth in the country.

This transaction is aligned with Citi's Social Finance Framework in the financial inclusion category of access to essential services, and furthers Citi's commitment to improve access to financial services in emerging economies. The transaction will place special emphasis on promoting financial inclusion and is aligned with Citi's goal of supporting 15 million people worldwide (including 10 million women), by 2025.

"Citi Guatemala is committed to the development and 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", said Julio Álvarez, CEO of Citi Guatemala.

"This is the first loan to finance local Social Finance business activity in Latin America through our Trade platform. It demonstrates Citi's ability to tailor its trade and working capital products to help our clients achieve their social and sustainability goals, with a direct impact on communities in Latin America and the Caribbean", said Andre Carvalho, Citi's Global Head of Working Capital and Trade Lending for Latin America.

Fundación Génesis Empresarial is the largest microfinance institution in Guatemala and has strong relationships with other financial development organizations and high-impact investors.

"We are a development access entity", said Edgardo Perez, CEO of Fundación Génesis Empresarial. "We help strengthen micro and small businesses and agricultural activities, providing financial support, training and technology, so that our clients can expand their growth opportunities and generate sustainable income. In this way we are improving the living conditions of Guatemalan families, focusing on women in rural areas of the country. We achieved national goals thanks to the support of strategic and important allies such as Citi, which allow us to continue generating financial and technological inclusion to bring more families closer to the Development Route", he concluded.

Translated by: A.M