Japanese development agency Jica has signed a $50 million loan agreement with Global Bank to boost female entrepreneurship in Panama. The loan aims to support women-led micro, small and medium businesses which make up 97% of companies in the Central American nation.
Speaking at the signing ceremony, Jica Senior Vice President Katsura Miyazaki emphasized the need to address gender inequality barriers facing women entrepreneurs. “This project is vital to help level the playing field for women in business and contribute to a fairer society,” she said.
While Jica has previously invested in Panama’s public sector, this marks their first partnership with a private entity. “We were seeking the right partner to back women business owners, and Global Bank stood out for its commitment to female-led MSMEs,” Miyazaki noted.
Global Bank CEO Jorge Vallarino said the funds will directly assist women producers and entrepreneurs. “Most companies are small or medium-sized, so this loan is important for their growth,” he explained.
Miyazaki hopes the initiative spurs more Japanese investment in Latin America. “The region shows great potential but economic volatility deters some. This project proves commitments here can succeed,” she stated.
Vallarino agreed deals like this encourage further investments. “Let this be the first of many Japan- Latin America collaborations,” he concluded optimistically.