Citi and Banco Guayaquil Sign $20 Million Loan Agreement Benefiting Microfinance in Ecuador
Citigroup, Inc. (C)
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Source: Business Wire
QUITO, Ecuador--(BUSINESS WIRE)-- Citibank, N.A. Ecuador Branch, with support from Citi Inclusive Finance and Banco Guayaquil, reached a three-year, $20 million financing agreement in September to expand financial inclusion in Ecuador by supporting Guayaquil’s ability to provide micro-loans through its “Banco del Barrio” program. With over 520,000 previously-unbanked clients that now have “Amiga Accounts” and a $70m loan book to finance microenterprises, Banco Guayaquil’s “Banco del Barrio” is one of the pioneering and most comprehensive inclusive finance programs in Latin America, significantly expanding access to financial services in Ecuador by leveraging a network of more than 4,400 non-bank customer touchpoints across the country. “This agreement underscores Citi’s strength in consistently identifying opportunities to serve our clients and the community, taking advantage of Citi’s globa
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