Arias advises IFC on loan to El Salvador’s Banco Agrícola

Law firm Arias has advised and assisted the International Finance Corporation (IFC) on a $330 million loan facility to El Salvador’s Banco Agrícola

The funds will be used to finance the borrower’s operations for housing loans and other projects, such as climate smart assets, including green building, and for micro, small or medium-sized enterprises, and especially to women-owned businesses, the law firm said.

The IFC, the financial arm of the World Bank for the private sector, has now granted two credit lines to Banco Agricola to contribute to the recovery of the economy, mainly helping businesses that are unable to access bank credit to restart operations after the pandemic lockdown.

Thirty per cent of El Salvador’s workforce is employed by micro, small and medium-sized enterprises, the firm said. 

Arias’ team comprised lead partner Roberta Gallardo (pictured), senior associate Mario Lozano and associate Rolando Alvarenga.

“We are proud for our team to have participated in such an important transaction that will benefit multiple economy sectors affected by the pandemic,” the law firm said in a statement.

In addition to El Salvador, Arias has offices in Costa Rica, Guatemala, Honduras, Nicaragua and Panama.