Three thousand families in Guatemala are now able to buy affordable homes as part of a U.S. investment project in the region.
The $150 million investment to boost Guatemala’s mortgage lending capabilities to low income families is part of a broader U.S. strategy to build prosperity and security in Guatemala, Honduras and El Salvador, known as the Northern Triangle.
“By expanding financial services to a large but underserved segment of the population, this project will help alleviate the severe shortage of affordable housing in Guatemala,” said Ryan Brennan, an official with the Overseas Private Investment Corporation (OPIC), the U.S. government agency responsible for the financing. OPIC disbursed the $150 million in financing to Banco Industrial, Guatemala’s largest mortgage lender, which will use the OPIC financing to expand its portfolio of affordable home loans.
The United States recently committed $5.8 billion through public and private investment in all three countries to promote economic growth and opportunities for the people of the region.
The money will be used to promote education and job training, build food and energy security, and improve local governance and law enforcement in the region.