Arias, Fábrega & Fábrega has represented the International Finance Corporation (IFC) and Citibank in the successful closing of a US$90 million unsecured facility to Global Bank Corporation.

IFC, the private sector arm of the World Bank Group, is partnering with Panama’s Global Bank in this first-of-its-kind transaction that will increase housing finance for women and support women-owned businesses in the country.

IFC’s US$70 million portion of the loan to Global Bank is IFC’s first investment focused on housing for women. It will increase Global Bank’s portfolio of mortgages for women, especially for low- to middle-income households headed by women. Part of the package will also be aimed at funding women-owned small and medium enterprises (WSMEs) through IFC’s Banking on Women business.

With one of the largest and most stable financial sectors in the region, Panama and Global Bank will serve as an innovation hub to test solutions that Latin America and other emerging markets can replicate to increase access to finance for underserved segments, a pillar of IFC’s strategy.