Citi has announced a social trade loan in local currency for Fundación Génesis Empresarial, a microfinance institution. The loan is intended to promote sustainable growth in underserved communities. Génesis Empresarial plans to use the funds to extend productive credits to low-income individuals and entrepreneurs in Guatemala, fostering inclusive economic growth.
This deal aligns with Citi's Social Finance Framework within the financial inclusion category, thereby supporting its commitment to enhancing access to financial services in developing economies. According to a press release by Citi, this initiative, which focuses on promoting financial inclusion, contributes towards Citi's objective of assisting 15 million individuals globally, including 10 million women, by 2025.
"Citi Guatemala is committed to the development and the 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, as per a press release by Citi.
Edgardo Pérez, CEO of Fundación Génesis Empresarial also commented on this partnership. He stated that they are an "access to development entity." Pérez added: "We help strengthen micro, small businesses and agricultural activities by providing financial support, training and technology so that our clients can expand their growth opportunities and generate sustainable incomes. In this way we are improving the living conditions of Guatemalan families, focusing on women in rural areas of the country. We achieved nationwide goals thanks to the support of strategic and important allies such as Citi that allow us to continue creating financial and technological inclusion to bring more families closer to the Development Path."
Fundación Génesis Empresarial was established in 1988 in Guatemala with a focus on sustainable socioeconomic development. Through microfinance and social-focused business development services, it provides working capital and financial solutions for businesses, housing, agriculture and education with the aim of breaking the cycle of poverty. This information is provided by the About webpage of Fundación Génesis Empresarial.