IDB Invest, a member of the Inter-American Development Bank (IDB) Group, recently agreed to issue Atlantic Bank Limited of Belize senior loan funds of up to USD 30 million with the aim of fostering the expansion of Atlantic Bank’s financing for micro-, small and medium-sized enterprises (MSMEs). The funding package is divided into committed and uncommitted pools of USD 20 million and USD 10 million, respectively, each having a 3-year tenor. IDB Invest will support the loan with advisory services targeted at improving services to women as well as the monitoring of environmental, social and labor risks.
Atlantic Bank was established in Belize City in August 1971. It engages in financial services supporting sectors such as imports, exports, agriculture, real estate and tourism. As of 2022, the bank reports total assets of USD 848 million, with annual net interest income of USD 28 million. The bank has 15 locations and 19 automated teller machines across Belize.
The goal of IDB Invest is to “finance sustainable companies and projects to achieve financial results and maximize economic, social and environmental development” across Latin America and the Caribbean. The institution is owned by its 48 member countries and holds total assets of USD 19 billion as of December 2022. In addition to IDB Invest, the IDB Group comprises IDB, which provides “financial and technical support for countries working to reduce poverty and inequality,” and IDB Lab, which tests models for facilitating growth that is inclusive of “vulnerable people affected by economic, social or environmental factors.” During 2022, IDB issued loans totaling USD 12.7 billion in sectors such as agriculture, trade and social services.
By Rohan Kumar Agarwal, Research Associate
Sources and Additional Resources
IDB Invest press release
https://www.idbinvest.org/en/news-media/idb-invest-promotes-access-financing-msmes-belize
Atlantic Bank Limited homepage
https://www.atlabank.com
Atlantic Bank Financial Statements (2022)
https://www.atlabank.com/financials/2022-Financial-Statements.pdf
IDB Invest homepage
https://idbinvest.org
IDB Invest Annual Report (2022)
https://www.idbinvest.org/en/publications/idb-invest-annual-report-2022
IDB homepage
https://www.iadb.org
IDB Annual Report (2022)
https://publications.iadb.org/publications/english/viewer/Inter-American-Development-Bank-Annual-Report-2022-The-Year-in-Review.pdf
Previous MicroCapital article on IDB Invest
https://www.microcapital.org/microcapital-brief-idb-invest-sura-investments-channeling-25m-in-loans-to-smes-mid-market-firms-in-colombia/
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