Where the credit comes from
37 topics
The research is written in English; quoted figures, source names and the titles of legal instruments stay in the language their source published them in.
Local and multilateral financing
35 topicsDomestic credit to the private sector is equivalent to 37.2% of GDP in 2025 and 36.8% in 2024, according to the World Bank's FS.AST.PRVT.GD.ZS indicator. At that level Guatemala is under-banked relative to its peers: credit is scarce and expensive for small and medium-sized firms without a track record. But the system is profitable, well capitalized and structurally liquid, so for a large formal investor the problem is not obtaining credit but its cost in quetzales and the collateral demanded.
- Crédito interno al sector privado / PIB37.2%
- Crédito interno al sector privado / PIB36.8%
According to the central bank's (Banguat) short-term economic indicators, bank credit to the private sector stood at Q426,755.3 million as of 6 August 2026 (+4.3% versus December 2025) and at Q428,023.5 million as of 13 August 2026 (+4.6% against Q409,087.1 million as of 31 December 2025). As of 6 August 2026, Q314,091.4 million (~74%) was in local currency and Q112,663.9 million (~26%) in foreign currency; as of 13 August the figures were Q315,383.1 M and Q112,640.5 M. The series is updated weekly in Banguat's PDF.
- Crédito bancario al sector privadoQ426,755.3 millones (+4.3% vs dic-2025)
- Crédito bancario al sector privadoQ428,023.5 millones (+4.6% vs Q409,087.1 M al 31-dic-2025)
- Crédito en moneda nacionalQ314,091.4 millones (~74%); Q315,383.1 M al 13-ago
- Crédito en moneda extranjeraQ112,663.9 millones (~26%); Q112,640.5 M al 13-ago
In the institutional foreign-exchange market, purchases of foreign currency for private capital loans totalled US$17,687.4 million from 1 January to 6 August 2026 (+12.4% year on year) and US$18,121.1 million as of 13 August 2026 (+12.6%); sales for amortization payments came to US$23,253.1 million as of 6 August. The dossier reads this as a private sector rolling over very large volumes of short-term external debt, which is useful for sizing the cross-border funding available. Source: Banguat, Short-Term Economic Indicators, Table 5.
- Compras de divisas por préstamos de capital privadoUS$17,687.4 millones (+12.4% interanual)
- Compras de divisas por préstamos de capital privadoUS$18,121.1 millones (+12.6%)
- Ventas de divisas (amortizaciones) de préstamos privadosUS$23,253.1 millones
Banco Industrial (BI), part of Corporación BI / Bicapital (Guatemalan capital), is Central America's number-one bank with US$20,882.5 million in assets as of December 2024, according to Revista E&N's banking ranking. Moody's Local Guatemala puts its share of local market assets at ~29% (report on Banrural, 27 June 2025). It is the recipient of the largest IFC, IDB Invest and DFC operations in the country and the originator of the US$996 million remittance securitization (DPR) of 2025.
- Activos de Banco IndustrialUS$20,882.5 millones (#1 de Centroamérica)
- Cuota de activos del mercado local~29%
Banrural is a Guatemalan mixed-capital bank, created out of the 1997 transformation of BANDESA. With US$15,782.2 million in assets as of December 2024 it is the region's number three according to Revista E&N, and Moody's Local GT puts its share of local market assets at ~22%, with 3.5 million customers and the country's largest rural branch network. It channels lines from the Central American Bank for Economic Integration (BCIE) to agriculture and micro, small and medium-sized firms (US$37.6 million in 2025), and its franchise is remittance distribution.
- Activos de BanruralUS$15,782.2 millones (#3 regional)
- Cuota de activos del mercado local~22%
- Clientes3.5 millones
Banco G&T Continental, of Grupo G&T (Guatemalan capital), held US$8,907.4 million in assets as of December 2024 and ranked number six in Revista E&N's regional ranking. On the local exchange it issues bank bonds (the BBEGYTCQ series was awarded at 7.50-7.85% in July 2025) and in January 2026 it drew down a sustainable DPR facility of up to US$200 million structured with the IFC.
- Activos de G&T ContinentalUS$8,907.4 millones (#6 regional)
- Tasa de bonos BBEGYTCQ en BVN7.50-7.85%
See the other 29
BAM has been 100% owned by Grupo Bancolombia (Colombia) since 2020: according to the material-event filing (Form 6-K) submitted by Bancolombia to the SEC on 13 March 2020, it acquired the remaining 40% of Grupo Agromercantil Holding for US$289,144,606. Forbes Centroamérica confirms the move from 40% to 100% and that BAM was the country's fifth-largest bank by assets (Q28,289 million in 2020), though it does not publish the price. The network of 68 branches in the capital and 87 in the departments (2023) comes from Wikipedia and needs verification.
- Precio por el 40% restante de Grupo Agromercantil HoldingUS$289,144,606
- Activos de BAMQ28,289 millones (5º banco del país)
BAC Guatemala belongs to BAC Credomatic (a regional group, formerly part of Grupo Aval, now held by regional shareholders). It received an IFC package of US$230 million (a US$200 M loan plus a US$30 M trade-finance line, 12 May 2026) and issued the local market's first dematerialized sustainable bank bond, the Bono BAC + Positivo of up to US$140 million on the BVN (February 2025).
- Paquete IFC a BAC GuatemalaUS$230 millones (US$200 M préstamo + US$30 M comercio exterior)
- Bono BAC + Positivohasta US$140 millones
Banguat's monetary policy rate is 3.50%, in force as of 24 June 2026 (detail in dossier 10). The system's average lending rate across all currencies was 12.85% in 2025, 12.40% in 2024 and 11.96% in 2023, according to the World Bank's FR.INR.LEND indicator. That average is inflated by consumer and micro credit: a blue-chip corporate places one-year quetzal commercial paper at 4.00-4.75% on the BVN.
- Tasa líder de política monetaria3.50%
- Tasa activa promedio del sistema (todas las monedas)12.85%
- Tasa activa promedio del sistema12.40%
- Tasa activa promedio del sistema11.96%
The SIB publishes the weighted average for the loan book by currency, by segment (large and small corporate, consumer, mortgage) and by economic activity on the 12th business day of each month (the Weighted Average Interest Rate), along with the rate applied to new operations by bank and the weighted average by economic purpose. Banguat publishes lending and deposit rate series in local and foreign currency in its Economic and Financial Information Module. One example of a published per-bank schedule is Ficohsa GT's 2026 nominal lending rates. The dossier did not extract the exact values by segment — they remain pending for the data phase.
According to the BVN's monthly report for July 2025, exchange-traded repos at 1-4 days yielded a weighted 4.31% in quetzales and 4.40% in dollars. Banguat's short CDP curve ran from 5.22% at 0.1 years to 6.04% at 1.6 years, and Certibonos (the long quetzal curve) yielded 6.25% at 4.8 years, 6.60% at 7 years, 6.90% at 12.8 years and 7.16% at 19.7 years. That local sovereign curve is the pricing reference for any corporate debt in quetzales.
- Reportos GTQ 1-4 días (ponderado)4.31%
- Reportos US$ 1-4 días (ponderado)4.40%
- CDP Banguat, curva corta GTQ5.22% a 0.1 años → 6.04% a 1.6 años
- Certibonos, curva larga GTQ6.25% a 4.8 años; 6.60% a 7 años; 6.90% a 12.8 años; 7.16% a 19.7 años
Corporate credit in dollars is appreciably cheaper than in quetzales: in the BVN's July 2025 auctions, US$ commercial paper from non-bank issuers (PARRENDA, PLAFISE, PARRENDLEASE, PTCUSCATLAN) cleared at 5.50-7.50% against 7.00-8.33% in GTQ, while a blue-chip bank placed PBICREDIT paper in quetzales at 4.00-4.75% for one year and the system's average lending rate runs at around 12.9%. Borrowing in dollars against quetzal revenue is a currency bet, historically mitigated by the narrow Q7.3-8.2 per dollar band (see dossier 10), but a bet all the same. The dossier's rule of thumb: debt in US$ if there is dollar revenue (exporter, free zone); in GTQ if not.
- Pagarés US$ de emisores no bancarios5.50-7.50%
- Pagarés GTQ de emisores no bancarios7.00-8.33%
- Pagarés PBICREDIT (GTQ, 1 año)4.00-4.75%
- Banda histórica del tipo de cambioQ7.3-8.2 por US$
The traditional forms of security are the fiduciary guarantee (co-debtors), the pledge and the mortgage, under the Commercial Code and the Civil Code; a mortgage over real property recorded at the General Property Registry remains corporate banking's preferred collateral. The Movable Guarantees Act (Decree 51-2007, amended by Decree 4-2018) allows inventory, receivables, machinery, future harvests and movable property in general to be pledged, with priority set by order of filing at the Movable Guarantees Registry (RGM), a public registry attached to the Ministry of the Economy (MINECO) that accepts standard forms on paper or electronically. Loan-to-value practice by bank is not published.
Decree 1746, the General Deposit Warehouses Act, governs warehousing companies as auxiliary credit institutions. They issue two instruments: the deposit certificate, which represents ownership of the goods, and the bono de prenda, or pledge bond, which documents a secured loan over them. This is the classic mechanism for financing imported inventory or stored harvests, including goods held under customs bond; its basis is article 717 of the Commercial Code.
The Leasing Act (Decree 2-2021) was published in the Diario de Centro América on 2 March 2021 and came into force three months later, on 2 June 2021 (dates cross-checked with PwC). It regulates financial and operating leases with a purchase option and sets out their legal, accounting and tax treatment; it was conceived to open access to machinery and equipment for smaller firms without real-estate collateral. Banks, cooperatives, microfinance institutions, private finance companies and entities whose corporate purpose includes leasing may act as lessors. When the law was passed PRONACOM estimated potential of up to Q15,000 million in portfolio — a projection, not a datum.
- Publicación del Decreto 2-20212-mar-2021 (vigente 2-jun-2021)
- Potencial de cartera de leasing (proyección)hasta Q15,000 millones
In practice, Arrend (a specialist lessor operating in Guatemala) offers leasing and Corporación BI itself promotes the instrument — both are promotional claims. The verifiable market signal is on the BVN: in July 2025 lessors' commercial paper was awarded — PARRENDLEASE3 in GTQ at 8.25% for one year, PARRENDLEASE2$ in US$ at 7.25-7.50% for two years, and PARRENDA5/6$ — which shows that lessors fund themselves on the exchange at those levels. The aggregate leasing portfolio since Decree 2-2021 does not exist as public data: the SIB does not break it out and there is no trade association.
- Pagaré PARRENDLEASE3 (GTQ, 1 año)8.25%
- Pagaré PARRENDLEASE2$ (US$, 2 años)7.25-7.50%
The Factoring and Discount Contracts Act (Decree 1-2018) was published in the Diario de Centro América on 22 February 2018 and came into force six months later, on 22 August 2018 (Perspectiva treated it as in force on that date; the publication date comes from law-firm summaries). It gives legal certainty to the assignment of invoices and receivables in order to raise liquidity. Technically, factoring is assignment to a factor, with or without recourse and with collection or advance functions; discounting is the assignment of a future-maturity claim for an agreed amount (Consortium Legal). Banks and finance companies offer it within their corporate banking arms; there is no public register of factors and no published market volumes.
- Publicación del Decreto 1-201822-feb-2018 (vigente 22-ago-2018)
In July 2025 the BVN traded Q114,017.9 million and US$675.3 million; the January-July 2025 cumulative total (Q+US$) was Q783,209.9 million. By segment: liquidity neutralization (Banguat open-market operations) Q66,898.3 M; repos Q38,632.6 M and US$649.7 M; liquidity injection Q5,650.0 M; Banguat CDPs Q2,401.1 M; private primary market (commercial paper and corporate bonds) Q217.3 M and US$19.6 M; secondary equity Q5.8 M. The honest reading is that the BVN is essentially a money market: central-bank liquidity operations, repos at 1-20 days and public debt. Full annual volumes for 2024 and 2025 were not extracted; the BVN site serves HTTPS with an incomplete certificate chain.
- Neutralización de liquidez (OMAs Banguat)Q66,898.3 millones
- ReportosQ38,632.6 millones y US$649.7 millones
- Inyección de liquidezQ5,650.0 millones
- CDP (Banguat)Q2,401.1 millones
- Primario privado (pagarés/bonos corporativos)Q217.3 millones y US$19.6 millones
- Secundario accionarioQ5.8 millones
- Total del mesQ114,017.9 millones y US$675.3 millones
- Total acumulado (Q+US$)Q783,209.9 millones
The BVN's private primary market — commercial paper from banks, finance companies and lessors such as PBICREDIT at 4.00-4.75%, G&T's BBEGYTCQ at 7.50-7.85%, PTCUSCATLANQ1 at 8.33% and PLAFISE — was barely 0.2% of July 2025 volume; shares are effectively not traded (Q5.8 million in the month). There is no meaningful public equity market: share capital is raised privately. Even so, the amounts outstanding of private-issuer securities grew 31% between January and July 2024 (Prensa Libre/BVN), and the BVN publishes the full prospectus of every issue (for example Banco Credicorp's quetzal commercial paper, APCREDICORPQ1, and the BAC + Positivo bonds, SOSTENIBAC) for diligence on issuers.
- Peso del primario privado en el volumen BVN0.2%
- Pagarés PBICREDIT4.00-4.75%
- Bonos BBEGYTCQ (G&T)7.50-7.85%
- Pagarés PTCUSCATLANQ18.33%
- Crecimiento de títulos privados en circulación+31%
The Central America Bottling Corporation (CBC) issued a US$1,100 million senior secured sustainability-linked bond on 27 January 2022, carrying a 5.250% coupon and maturing in 2029, placed by Citi and J.P. Morgan — the first SLB by a bottler in the Americas, according to LexLatin. Together with Comcel, it marks the ceiling of what is possible for a Guatemalan corporate issuer in the international market.
- Bono CBC sustainability-linkedUS$1,100 millones, cupón 5.250%, vencimiento 2029
Comunicaciones Celulares S.A. (Comcel, a Millicom subsidiary) issued US$900 million of senior notes on 27 January 2022 with a 5.125% coupon maturing in 2032, rated Ba1/BB+, to prepay the bridge loan used to buy the 45% of Tigo Guatemala, according to Millicom's release on GlobeNewswire (cross-checked against the English version; the French URL had expired).
- Senior notes ComcelUS$900 millones, cupón 5.125%, vencimiento 2032 (Ba1/BB+)
Cementos Progreso issued an international bond with a 7.125% coupon maturing on 6 November 2023 through Cementos Progreso Trust (Cayman Islands), after obtaining a BB+ rating from Fitch in 2013. That bond has already matured (cbonds.es record cross-checked on 22 August 2026, ISIN USG1990LAA47) and the dossier found no public evidence of a live international bond from the group, today 'Progreso' — whether it has outstanding international debt remains to be confirmed.
- Bono Cementos Progresocupón 7.125%, vencimiento 6-nov-2023 (vencido)
The Bono BAC + Positivo is Guatemala's first local issue of dematerialized sustainable bank bonds: up to US$140 million on the BVN (February 2025), anchored by IDB Invest (up to US$70 M), Proparco (US$50 M) and LAGreen through Finance in Motion (US$20 M), according to Infobae/EFE of 27 February 2025. The '134 million' in Infobae's headline is the euro conversion of the US$140 M; the prospectus (SOSTENIBAC) is published by the BVN. The Revista Summa piece returned a 403 in the audit.
- Emisión Bono BAC + Positivohasta US$140 millones
- Ancla BID Investhasta US$70 millones
- ProparcoUS$50 millones
- LAGreen (Finance in Motion)US$20 millones
In July 2025 Guatemala placed US$1,500 million in two tranches: US$800 million at 11 years with a 6.250% coupon (priced at 99.073%) and US$700 million at 30 years with a 6.875% coupon (priced at 98.429%), with demand of ~US$6,000 million across 315 orders (Prensa Libre, 9 July 2025). According to the Ministry of Public Finance (Minfin), it was the first Latin American issuer of 2025 to negotiate a rate below the secondary yield at the same maturity. The exact pricing date (7 July according to press coverage), the amortization of the US$800 M tranche and the domestic comparison of 6.97% at 7 years could not be cross-checked because Minfin's press room returned a 403. In the local market, Treasury bonds are sold to retail investors from Q5,000 (previously Q10,000). The spread over US Treasuries has no direct public series.
- Tramo a 11 añosUS$800 millones, cupón 6.250%, precio 99.073%
- Tramo a 30 añosUS$700 millones, cupón 6.875%, precio 98.429%
- Demanda~US$6,000 millones en 315 órdenes
- Monto mínimo Bonos del Tesoro para minoristasQ5,000 (antes Q10,000)
Recent IFC operations in Guatemala: a US$850 million package for Banco Industrial for micro, small and medium-sized firms (11 February 2026: US$100 M of own-account subordinated loan plus US$750 M in subordinated notes placed in the market, the first 'C/B Loan' for a financial institution, with orders above US$2,800 M); US$770 million for Energuate (US$100 M direct plus US$670 M through an international bond, an 'A/B Bond' structure, 20 October 2025); US$415 million for Banco Industrial alongside JICA and FinDev Canada (IFC 190 / JICA 150 / FinDev 75, 22 September 2025) for green building, climate-smart agriculture, housing and women-led firms; US$230 million for BAC Guatemala (12 May 2026); and G&T Continental's sustainable DPR of up to US$200 M (approved 16 December 2025, disbursed 28 January 2026). Total exposure of ~US$3,200 million, 'the largest in Central America', circulates in the press but does not appear in the IFC releases that were reopened — to be confirmed.
- IFC a Banco Industrial (mipymes)US$850 millones (US$100 M cuenta propia + US$750 M notas subordinadas)
- IFC a Energuate (A/B Bond)US$770 millones (US$100 M directo + US$670 M bono)
- IFC/JICA/FinDev Canada a Banco IndustrialUS$415 millones (190/150/75)
- IFC a BAC GuatemalaUS$230 millones
- DPR sostenible G&T Continentalhasta US$200 millones, 7 años con 2 de gracia
- Exposición total IFC en Guatemala (prensa)~US$3,200 millones
- IFC, 11-feb-2026, landmark transaction with Banco Industrial
- IFC, 20-oct-2025, US$770 million investment in Energuate
- IFC, 22-sep-2025, IFC, JICA and FinDev Canada invest US$415 million in Banco Industrial
- IFC, 12-may-2026, IFC invierte en BAC Guatemala
- IFC disclosure, DCM Banco GyT DPR
- WB Finances One, IFC projects in Guatemala
The IDB Group projects ~US$3,000 million for Guatemala in 2026-2028 (public and private, with most of it expected through IDB Invest and IDB Lab) and two loans totalling US$350 million for 2026, according to statements by Goldfajn reported by Prensa Libre on 14 July 2026. IDB Invest approved US$133 million for Banco Industrial on 12 March 2026 (a US$110 M loan plus US$20 M of blended UK SIP/CIF funds plus a US$33 M B-loan through BlueOrchard) for micro, small and medium-sized firms, women entrepreneurs and sustainable projects; for CMI Alimentos, the 2018 proposal for a syndicated facility of up to US$350 M was approved on 27 November 2018 as a senior loan of up to US$50 M; for Pantaleón, US$70 million in 2021 (US$50 M from the IDB Group plus US$20 M mobilized) for green agro-industrial investment and working capital for cane growers; and it anchored BAC's sustainable bond with up to US$70 M.
- Proyección Grupo BID para Guatemala~US$3,000 millones
- Préstamos BID previstos para 2026dos por US$350 millones en total
- BID Invest a Banco IndustrialUS$133 millones (110 + 20 blended + 33 B-loan)
- BID Invest a CMI Alimentospréstamo senior de hasta US$50 millones (propuesta original: sindicado hasta US$350 M)
- BID Invest a PantaleónUS$70 millones (US$50 M Grupo BID + US$20 M movilizados)
Guatemala is a founding member of the Central American Bank for Economic Integration (BCIE). On 17 November 2025 the bank approved a US$100 million line for Banco Promerica Guatemala for micro, small and medium-sized firms, exports and social and middle-income housing (projected at 264 companies and ~19,300 jobs). Through Banrural it channeled US$37.6 million in 2025 to agriculture and smaller firms: PROSEP ~US$25 M of working capital, CAMBio II US$8.4 M and Visionarias US$4.2 M (República, 11 December 2025). Access is intermediated by those banks; the BCIE announced rate reductions in 2025 without publishing a schedule, and the terms for lending directly to the private sector are not published.
- Línea BCIE a Banco Promerica GTUS$100 millones (proyección 264 empresas, ~19,300 empleos)
- BCIE vía BanruralUS$37.6 millones (PROSEP ~US$25 M; CAMBio II US$8.4 M; Visionarias US$4.2 M)
The DFC board approved a US$300 million loan to Banco Industrial on 15 January 2025 for on-lending to micro, small and medium-sized firms (60% women-led, 10% smaller firms with climate projects, 30% others; 20% of the total for rural borrowers), with a total project cost of US$375 M and US$75 M contributed by BI; the precedent is an approval of up to US$200 M for BI on 4 June 2020 (a minimum of 30% for women entrepreneurs). OPIC/DFC also backed BI's DPR with up to US$250 M over 12 years, lent to Industrial DPR Funding Ltd. (Cayman Islands). US EXIM approved a final commitment of more than US$11.3 million on 29 July 2024 for two self-refrigerated nitrogen generation plants for Productos del Aire de Guatemala (PAGSA) under the CTEP program. The count of '12 active DFC projects as of April 2025' in the original version has no source.
- DFC a Banco IndustrialUS$300 millones (costo total US$375 M; US$75 M aporte BI)
- DFC a Banco Industrial (antecedente)hasta US$200 millones
- OPIC/DFC al DPR de BIhasta US$250 millones a 12 años (Industrial DPR Funding Ltd.)
- US EXIM a PAGSA (programa CTEP)>US$11.3 millones
The pattern in Guatemala is that the multilaterals lend through the banks (on-lending to smaller firms) or to large corporates with a green or social agenda. A mid-sized project reaches that money through local banks, not directly — except for tickets of US$50 million or more with an ESG record, such as Pantaleón, CMI or Energuate. Proparco and LAGreen co-invested in the BAC + Positivo bond, and JICA and FinDev Canada in BI's green package. No operation by the EIB (European Investment Bank) was found in the country, although Guatemala is eligible under its external mandate; from KEXIM (Korea) there are only global textile supply-chain programs (purchase of receivables from Korean suppliers to Gap for up to US$30 M), with no country operation identified.
- Umbral orientativo para acceso directo a DFIsUS$50 millones o más, con historia ESG
- KEXIM, línea global de supply-chain textilhasta US$30 millones (proveedores coreanos de Gap)
Remittances (~US$21,644.5 million in 2024, see dossier 10) underpin the system's dollar liquidity, and the banks convert them into long-term funding by securitizing Diversified Payment Rights (DPRs): Banco Industrial sold its present and future DPRs to Industrial DPR Funding Ltd. (a Cayman Islands SPC) which issues notes to international investors, and in September 2025 closed a US$996 million issue in three series that Mayer Brown describes as one that 'is considered' the largest by an originator in Central America and the Caribbean (Hogan Lovells and Mayora & Mayora advised the bank); there were earlier series in 2022 of US$195 M and US$135 M. G&T Continental replicated the formula with a sustainable DPR of up to US$200 M with the IFC (January 2026). Banrural is said to pay out more than 50% of the remittances entering the country, according to an old academic study by Caltech that also documents loans taken with a relative in the United States as co-debtor — both figures to be verified against recent data.
- DPR Banco IndustrialUS$996 millones en tres series
- Series DPR previas de BIUS$195 millones y US$135 millones
- DPR sostenible G&T Continentalhasta US$200 millones
- Remesas~US$21,644.5 millones
- Participación de Banrural en pago de remesas>50% (dato antiguo)
- Latin Lawyer, Banco Industrial seals US$996 million DPR securitisation, 7-oct-2025
- Mayer Brown, represents investors in US$996 million DPR securitization, 25-sep-2025
- DFC, resumen público OPIC del DPR de Banco Industrial (PDF)
- Hogan Lovells, US$135 million DPR program issuance (403 en auditoría)
- BID Invest, Banco Industrial DPR Financing
- IFC disclosure, DCM Banco GyT DPR
- Caltech, estudio de microcrédito Banrural (PDF)
- Banrural, servicio de remesas familiares
Invariantes (Guatemala City, founded in 2015) is the only institutional VC firm based in the country: its third fund, of US$30 million (2023), follows a hybrid model of 50% emerging VC funds / 50% early-stage startups in the United States and Latin America (software, fintech, AI), with a cited portfolio of Luminar, Lambda Labs, Glovo and Kubo Financiero — it invests mostly outside Guatemala, so it is not a channel for traditional local projects. There is no consolidated formal angel network; the Central America Angel Fund Initiative (CAFI, tickets of US$5,000-150,000) and PRONACOM efforts are cited. The large deals are done by strategic buyers and DFIs (Bancolombia→BAM; IFC/IDB Invest): no private equity fund based in Guatemala was found, and 'Kamaycu', mentioned as a possible local fund, has no verifiable results. Equity is raised privately and through relationships.
- Tercer fondo de InvariantesUS$30 millones (50% fondos de VC / 50% startups)
- Tickets CAFI (ángeles)US$5,000-150,000
The route the dossier sets out: (1) senior bank debt with BI, Banrural, G&T, BAM or BAC depending on sector and region, secured by a mortgage or by movable collateral filed at the RGM — in US$ if there is dollar revenue (exporter, free zone), in GTQ if not; (2) working capital through invoice factoring, a pledge bond over inventory held in a deposit warehouse, or exchange-traded commercial paper if the issuer qualifies for the BVN; (3) equipment and machinery through leasing under Decree 2-2021, with lessors funded on the exchange; (4) for a scale of US$50 M or more, or a green or social agenda, lines or co-financing from the IFC, IDB Invest, the BCIE or DFC, normally intermediated by those same banks, with international precedents only for national champions (CBC, Comcel, BI through DPRs); (5) private, relationship-driven equity, because there is no functioning equity exchange and no institutional local PE. The official counterpoint on the investment climate and access to credit is the State Department's Investment Climate Statement 2025.
According to the Superintendent of Banks' report as of December 2025, the banking system's net assets came to Q642,350.0 million (+12.3% year on year) and banks' pre-tax profits to Q10,961.3 million (+3.1%). Banks hold 93.3% of the assets of the regulated financial system: 18 banks (10 of them inside financial groups), 1 more added as of September 2025 and 2 in formation. A caution: the banking regulator's (SIB) PDF could not be reopened in the audit of 22 August 2026 because the site blocks automated downloads; the asset figure was confirmed only through the PDF's search index, and the 93.3%, the 18 banks and the profit figure remain to be cross-checked.
- Activos netos del sistema bancarioQ642,350.0 millones (+12.3% interanual)
- Utilidades antes de impuesto (bancos)Q10,961.3 millones (+3.1%)
- Peso de la banca en el sistema financiero regulado93.3% de los activos; 18 bancos (10 en grupos financieros)
Banco Promerica Guatemala (Grupo Promerica, regional) reports financial-group assets of more than Q34,165 million (+3.9%) and a loan book of Q25,383 million at the close of 2025 — the bank's own claim, to be checked against the SIB; it received a US$100 million line from the BCIE in November 2025. Banco Ficohsa Guatemala (Grupo Ficohsa, Honduras) has a confirmed presence and publishes a 2026 schedule of lending rates. The full official list of authorized banks is on the Banguat site (Bancos Nacionales) and an independent sector analysis is available from PCR (Pacific Credit Rating). Individual assets for Ficohsa and BAC Guatemala were not extracted (the SIB serves them through a dynamic query).
- Activos del grupo financiero Promerica GT>Q34,165 millones (+3.9%)
- Cartera Promerica GTQ25,383 millones
As a global benchmark, the World Bank's Enterprise Surveys (131 countries, 2005-2017) record that 77% of loans require collateral and that the median value of collateral relative to the loan is 60%. The Guatemala-specific cut is on enterprisesurveys.org and was not extracted by the dossier; typical loan-to-value practice for mortgage or pledge lending by bank is likewise unpublished and would require interviews or rate schedules.
- Préstamos que requieren colateral (global, 131 países)77%
- Mediana préstamo / valor del colateral (global)60%
Opening a bank account
2 topicsAccording to the ICS 2024, foreigners can normally open an account by presenting a passport and a utility bill or other proof of residence, although requirements vary from bank to bank. The Free Foreign Exchange Negotiation Act allows banks to offer foreign-currency accounts, in practice mostly in US$. The specific KYC policies of Banco Industrial, Banrural, G&T Continental, BAM and Promerica for non-resident shareholders are not public; corporate-banking contacts and their checklists remain to be recorded.
Since October 2010, monthly cash deposits in foreign currency above US$3,000 have been subject to additional requirements, including a sworn statement by the depositor as to the lawful origin of the funds (ICS 2024). The ICS records this as a practical friction in handling foreign exchange; it does not affect the right of repatriation, which the same report describes as unrestricted.
- Umbral de depósitos mensuales en efectivo de divisas con requisitos adicionalesUS$3,000
This layer is research: read from public sources by the archive's own team, every claim cited with the date it was consulted, and audited where it is marked so. It has not entered the verified store — no figure here was fetched back from its source or stamped with a retrieval time — so it wears no red provenance numeral and never mixes with the verified figures.
Banks, multilaterals and development finance
48 organizations
- Central bank: monetary policy (the policy rate), the exchange rate, reserves, the balance of payments and the official FDI series by country of origin and activity.
- A commercial bank cited as an option for accounts of companies with foreign shareholders.
- A commercial bank; it takes payment for immigration procedures at branches inside the migration institute (IGM).
Banco G&T Continental
- A commercial bank cited as an option for accounts of companies with foreign shareholders.
BAM — Banco Agromercantil
- A commercial bank cited as an option for accounts of companies with foreign shareholders.
Banco Promerica
- A commercial bank cited as an option for accounts of companies with foreign shareholders.
Organización Mundial del Comercio (OMC/WTO) — Import Licensing
- Publishes the copy of Governmental Agreement 137-2016 as amended to 2018 (the environmental regulation) used to verify the licensing deadlines
SICE — Sistema de Información sobre Comercio Exterior (OEA)
- Publishes the original (1989) text of Decree 29-89, useful for comparison with the consolidated version held by the tax authority (SAT)
- Legal database holding the text of Decree 126-97 (the Law Regulating Territorial Reserve Areas), checked in the audit (arts. 5, 6, 9, 11, 25 and 26)
- Text of the Foreign Investment Law (Decree 9-98), art. 5: full right of use, enjoyment, benefit and ownership for the foreign investor
Naciones Unidas (repositorio de legislación, static.un.org/depts/los)
- PDF of the Criminal Code (Decree 17-73) used to check arts. 256–257 on usurpation
BAM (Banco Agromercantil de Guatemala)
- The country's 5th bank by assets (Q28,289 M, 2020), 100% owned by Grupo Bancolombia since 2020 (the final 40% for US$289,144,606); 68 branches in the capital plus 87 in the departments (2023) (§2).
Grupo Bancolombia
- Colombian controlling shareholder of BAM; an example of the large deals in Guatemala being done by strategic buyers (material-event filing with the SEC, 13 March 2020) (§2, §10).
BAC Guatemala (BAC Credomatic)
- Recipient of the IFC's US$230 M package (a US$200 M loan plus a US$30 M trade-finance line, 12 May 2026) and issuer of the first dematerialized, sustainable local bank bond, Bono BAC + Positivo, of up to US$140 M on the BVN (February 2025) (§2, §7, §8).
- Grupo Promerica (regional); financial group assets of >Q34,165 M and a loan book of Q25,383 M (2025 year-end); a US$100 M BCIE line (17 November 2025) for MSMEs, exports and housing (§2, §8).
- Grupo Ficohsa (Honduras); publishes a 2026 schedule of nominal lending rates, an example of a public rate schedule bank by bank (§2, §3).
Banco Credicorp
- Issuer of quetzal promissory notes on the BVN with a public prospectus (APCREDICORPQ1) (§7).
IFC (Corporación Financiera Internacional)
- The largest recent DFI financier: US$850 M to BI (11 February 2026), US$770 M to Energuate (20 October 2025), US$415 M to BI with JICA and FinDev Canada (22 September 2025), US$230 M to BAC (12 May 2026) and a sustainable DPR for G&T of up to US$200 M; it lends through banks or to corporates from US$50 M upwards with an ESG agenda (§8).
- Benchmark series: private credit to GDP of 37.2% (2025), average lending rate of 12.85% (2025) and the Enterprise Surveys on collateral requirements (§1, §3, §4).
Grupo BID (Banco Interamericano de Desarrollo, incl. BID Lab)
- Projects ~US$3,000 M for Guatemala in 2026-2028 (public plus private, mostly through BID Invest/BID Lab) and two loans of US$350 M in 2026 (Prensa Libre, 14 July 2026) (§8).
- Private-sector arm of the Inter-American Development Bank (BID): US$133 M to BI (12 March 2026), a senior loan of up to US$50 M to CMI Alimentos (2018), US$70 M to Pantaleón (2021), an anchor of up to US$70 M in the Bono BAC + Positivo, and BI's DPR (§7, §8, §9).
BCIE (Banco Centroamericano de Integración Económica / CABEI)
- Guatemala is a founding member; a US$100 M line to Banco Promerica (17 November 2025) and US$37.6 M through Banrural in 2025 for agriculture and MSMEs; it lends intermediated through banks (§8).
BEI (Banco Europeo de Inversiones)
- Guatemala is eligible under its external mandate, but no specific transaction in the country was found (§Not found 5).
Citi
- International placement agent for CBC's US$1,100 M sustainability-linked bond (27 January 2022) (§7).
J.P. Morgan
- International placement agent for CBC's US$1,100 M sustainability-linked bond (27 January 2022) (§7).
Organización Mundial del Comercio (OMC)
- Guatemala tariff profile 2025: a simple MFN average of 5.5% and a weighted average of 5.2%; non-electrical machinery 0.7% (93.7% of lines duty-free) and electrical machinery 3.2% (71.7% duty-free); the Article VII GATT valuation agreement, applied by Guatemala since 1995.
Organización Mundial de Aduanas (OMA)
- Source of the Harmonized System that underpins the SAC, of the ETD methodology (Guide to the Study of Release Times, v3, 2018) and of the SAFE standards behind the OEA program.
- Technical support for the digital dashboard of Banguat's Regional and Departmental GDP (PIBR); its Urban Platform publishes the text of Decree 121-96 (the boleto de ornato) used for the cross-check
FMI
- Cited as possible technical support for Banguat's PIBR
OIT (Organización Internacional del Trabajo)
- A modeled labor-force series (WDI SL.TLF.TOTL.IN) used to compare countries; wage surveys cited as a route to the actual wages paid in maquila
- World Investment Report 2025 (PR/2025/009): FDI into Latin America and the Caribbean fell 12% in 2024 to US$164,000 million; Central America grew modestly, with Mexico in the lead on manufacturing; proposed as a co-feed for benchmark_fdi_inflows
OCDE
- The Pillar 2 global minimum tax (15%), which erodes the value of exemptions for groups with consolidated revenue above €750 million; the security and transparency certificate for free zones (awarded to La Lima and Coyol on 4 June 2025); and the Inclusive Framework's official tracker
Unión Europea
- Pillar 2 in force in the EU since 2024 through Directive 2022/2523
BCN (Banco Central de Nicaragua)
- Publishes the Moody's release assigning Nicaragua B2 stable (23-Feb-2026)
BCRD (Banco Central de la República Dominicana)
- Official DOP/USD exchange rate for fixing the conversion of the free-zone wage
Banxico (Banco de México)
- Official MXN/USD exchange rate for fixing the wage conversions
FAO (Organización de las Naciones Unidas para la Alimentación y la Agricultura)
- Support (with the IPPC) for Guatemala's ePhyto platform; FAOLEX publishes the texts of Governmental Agreement 969-99 and of the Labor Code; it documented the 2018 National Irrigation Plan
Convención Internacional de Protección Fitosanitaria (CIPF/IPPC) — hub ePhyto
- The ePhyto hub for exchanging electronic phytosanitary certificates (XML under ISPM No. 12) with Guatemala
MIGA — Multilateral Investment Guarantee Agency (Banco Mundial)
- Guatemala is a member country: guarantees against inconvertibility, expropriation, war and civil disturbance are available to foreign investors.
UNODC
- A candidate source for the total number of private guards and the guard-to-police ratio.
Comisión Interamericana de Derechos Humanos (CIDH)
- It can order precautionary measures against projects: MC 260-07 on Marlin, with the suspension granted on 20 May 2010 and modified on 9 December 2011 (suspension lifted, the measure refocused on access to uncontaminated drinking and irrigation water).
UNCTAD — ISDS Navigator (Investment Policy Hub)
- Public case records for the investment arbitrations against Guatemala (for example Kappes v. Guatemala, case 917).
Banco Interamericano de Desarrollo (BID / Grupo BID)
- Multilateral financing conditioned on indigenous-peoples safeguards that the local environmental impact assessment (EIA) does not require; at Ixquisis the IDB Group drew up its first 'responsible exit' plan.
MICI — Mecanismo Independiente de Consulta e Investigación (Grupo BID)
- The accountability mechanism to which communities can bring complaints; at Ixquisis (MICI-CII-GU-2018-0136, August 2018) it found 5 breaches of the bank's own policies, including denial that indigenous peoples existed there and insufficient consultation.
CEPAL — Observatorio del Principio 10
- Records of regional environmental case law, including the Escobal judgment (case file 4785-2017) with its four-stage consultation doctrine.
UNESCO — Centro del Patrimonio Mundial
- Antigua Guatemala and Tikal have been World Heritage sites since 1979.
- It hosts a mirror of INGUAT's Tourism Statistical Bulletin (May 2025).
OIM — Organización Internacional para las Migraciones
- It states, as do private guides, that the 90 tourist days are counted jointly across the CA-4 (GT-SV-HN-NI).