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The International Finance Corporation (IFC), a member of the World Bank Group, announced a key US$150 million investment in Bancoagrícola, aimed at expanding access to credit for micro, small, and medium-sized enterprises (MSMEs) in the country. The investment is positioned as a decisive boost to revitalize the Salvadoran economy and promote job creation in local productive sectors.
Of the funds granted, US$115 million come directly from IFC, and US$35 million will be mobilized with the support of other investors, allowing Bancoagrícola to strengthen its loan portfolio. The focus will be on supporting both formal and informal MSMEs, especially those led by women and people over 50, two segments that have historically faced greater difficulty accessing financial services.
For Bancoagrícola, this investment is strategic. “At Bancoagrícola, we believe in people and their ability to transform realities. With this alliance, we will be able to support those who drive the national economy: micro, small, and medium-sized enterprises (MSMEs). This financing will enable their growth and the creation of new job opportunities,” stated Rafael Barraza, CEO of the institution.
Olga Calabozo, manager of the Financial Institutions Group for Mexico, Central America, and the Caribbean at IFC, emphasized the importance of the agreement: “We are pleased to reaffirm our alliance with Bancoagrícola. This investment will directly contribute to energizing the business environment and promoting more inclusive economic growth throughout the country”.
Micro, small, and medium-sized enterprises (MSMEs) represent 95% of El Salvador’s business sector and generate more than 700,000 direct jobs, according to the MYPE Observatory. However, access to financing remains one of their main barriers, as more than a quarter face difficulty obtaining the necessary resources to operate and expand. This new investment is expected to reduce that gap and strengthen national productive development.
The announcement consolidates a relationship of more than two decades between the IFC and Bancoagrícola, focused on sustainable development and financial inclusion. This new capital injection reinforces the commitment of both institutions to boost the country’s economic growth, placing MSMEs at the heart of the strategy.
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