Montreal (Quebec), 22 September 2025 – Canada’s bilateral Development Finance Institution, FinDev Canada, International Finance Corporation, IFC, and Japan’s International Cooperation Agency, JICA, announce the signing of a USD 415 million investment to Banco Industrial S.A. (or Banco Industrial), the leading financial institution in Guatemala. This represents FinDev Canada’s first transaction in Guatemala.
Structured and led by IFC, the financing package, comprising USD 190 million from IFC, USD 150 million from JICA, and USD 75 million from FinDev Canada, will enable Banco Industrial to address various development challenges. This includes supporting sustainable initiatives, such as green buildings and climate-smart agriculture (CSA) projects, helping reduce Guatemala’s housing deficit, and promoting the growth of small and medium-sized enterprises (SMEs), particularly those led by women.
FinDev Canada’s contribution of USD 75 million to Banco Industrial will be entirely directed to climate finance, thereby improving access to finance for both climate mitigation and adaptation efforts. This includes financing for CSA, which can help increase productivity, strengthen crop yields, and improve household incomes. Additionally, the financing will support certified green buildings, advancing sustainable development by reducing energy consumption, improving water conservation, and minimizing waste.
Guatemala is highly vulnerable to climate risks and natural disasters, including floods, hurricanes, and earthquakes, which can threaten significant portions of its economy and agriculture. These challenges impact development, making it critical to adopt resilient practices and infrastructure. Additionally, the shift towards sustainable technologies in building construction and operations, as well as material production, presents opportunities to reduce greenhouse gas emissions. In response, Banco Industrial is aligning its efforts with Guatemala's greenhouse gas reduction strategy by developing climate metrics to monitor the performance of its climate-focused assets and strengthen economic development.
“We’re proud to partner with IFC and JICA to help Banco Industrial strengthen its capacity to offer sustainable products in a country on the frontlines of climate change. This partnership reflects our shared commitment to support long-term development and amplify impact across Guatemala. Together, we’re advancing climate action, strengthening enterprises, developing local markets, and supporting quality jobs across Central America,” said Paulo Martelli, VP and Chief Investment Officer, FinDev Canada.
“We are proud to strengthen our strategic alliance with Banco Industrial in Guatemala. With the support of JICA and FinDev Canada, this effort will improve climate resilience, enhance SME competitiveness, address housing needs, and ultimately expand both the quantity and quality of employment in the country,” said Vittorio Di Bello, Director of the Financial Institutions Group for Latin America and the Caribbean at IFC, part of the World Bank Group.
“The closing of this financing operation represents enormous opportunities for hundreds of businesses and entrepreneurs, to whom we will channel these funds to make their dreams come true and, at the same time, support the development of our country. Guatemala has unique conditions: a solid and stable macroeconomy, strategic location, committed and dynamic business sector, young and hardworking population, and a rich cultural and natural heritage that distinguishes us in the region. All of this makes our country a place full of opportunities to invest, grow, and prosper. Throughout its 57-year history, Banco Industrial has supported Guatemala’s development. But this effort would not be possible without strategic allies and partners like IFC, JICA, and FinDev Canada. We deeply value the trust and commitment of these three development institutions. Thanks to these resources, we will be able to finance companies and projects that will generate thousands of jobs, creating a very positive impact on our economy,” said Luis Fernando Prado Ortiz, Corporate and International Banking Division Manager, Banco Industrial.
About FinDev Canada
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About Banco Industrial S.A.
Banco Industrial continues to establish itself as one of the most important financial institutions in Central America and the largest in Guatemala. It holds internationally recognized ratings granted by the three leading global credit rating agencies: S&P, Moody’s, and Fitch. Thanks to the commitment and efforts of a team of more than 11,300 employees, as of June 2025, Banco Industrial was awarded, for the fourteenth consecutive year, the title of “Best Bank in Guatemala” by the prestigious financial magazine The Banker. This recognition has also been validated by other prominent international financial publications such as Euromoney, Global Finance, and Latin Finance. Currently, the institution has an extensive service network in Guatemala, consisting of more than 11,500 service points, including branches and mini-branches, banking agents, proprietary ATMs, and access to ATMs from other networks. The core principles that define Banco Industrial are integrity, innovation, commitment, teamwork, and love for the homeland. For more information, visit https://www.corporacionbi.com/gt/bancoindustrial/.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
Media Contacts
FinDev Canada: Media@findevcanada.ca
Banco Industrial: morero@bi.com.gt
IFC: fffunes@ifc.org