March 2024. Alcogal acted as local counsel to Global Bank in connection with a loan for an amount of up to US$50 million dollars granted by the Japan International Cooperation Agency (JICA). This transaction marks JICA's first foray into investment financing in Panama's private sector.
Proceeds of this loan will strengthen Global Bank Corporation’s portfolio financing provided to Micro, Small, and Medium Companies and promote the closing of the existing gender breach in Panama. The successful negotiation and structuring of this deal were proficiently managed, from the Panamanian legal perspective, by Alcogal's team, led by partners Patricia Cordero and Rafael Marquínez
Under the leadership of partner Rafael Marquinez, Microserfin, as issuer, and Banco General, as structurer and underwriter, registered and placed the first series of social bonds in Panama, with a Moody's risk rating of BBB and aligned with the UN Sustainable Development Goals.
We are honored to be part of this significant advance in social impact investments.