The International Finance Corporation (IFC), a member of the World Bank Group, and Atlantic Bank of Belize, with support from the Canadian International Development Agency (CIDA), are working to improve access to financial services for small and medium- sized enterprises (SME) in Belize. While the nature of the support is unspecified, IFC intends to help Atlantic Bank improve the products and services it offers and diversify its portfolio, with the aim of increasing the bank’s SME portfolio by 40 percent to about USD 15 million [1]. While financial details are not available on Atlantic Bank, it has 13 branches and is majority-held by Sociedad Nacional de Inversiones of Honduras. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
By Natalie Baer, Research Associate
About the International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
About Atlantic Bank: Atlantic Bank in Belize was established in 1971 and has 13 locations as of 2012. Atlantic Bank is held by the Honduran company Sociedad Nacional de Inversiones, SA (SONISA), which owns 55 percent of Atlantic Bank’s shares; the remainder are held by various Belizean and Honduran shareholders.
Sources and Additional Resources:
[1] IFC, Atlantic Bank Strengthen Access to Financial Services for Entrepreneurs in Belize http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/FCDCBC374A197AD6852579960068EC85
MicroCapital story, January 31, 2012 “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Lends $30m to Agricultural Cooperative Bank of Armenia (ACBA)-Credit Agricole Bank to Support Micro-, Small and Medium-Sized Enterprises (MSMEs), Agribusinesses,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-lends-30m-to-agricultural-cooperative-bank-of-armenia-acba-credit-agricole-bank-to-support-micro-small-and-medium-sized-enterprises-ms/
MicroCapital story, July 31, 2011, “MICROCAPITAL BRIEF: Développement international Desjardins (DID), Financière agricole du Québec – Développement international (FADQDI), Inter-American Institute for Cooperation on Agriculture (IICA) Collaborate on $20m Agricultural Microfinance Project Funded by Canadian International Development Agency (CIDA), Haitian Government” https://www.microcapital.org/microcapital-brief-developpement-international-desjardins-did-financiere-agricole-du-quebec-%E2%80%93-developpement-international-fadqdi-inter-american-institute-for-cooperation-on-agriculture/
MicroCapital Universe: International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)
MicroCapital Universe: Atlantic Bank https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Atlantic+Bank
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