First Citizens in US$175m financing negotiation with IDB

First Citizens Group is in negotiations with IDB Invest, a multilateral investment institution and independent affiliate of the Inter-American Development Bank, for multi-million-dollar financing that will be used to provide loans and develop technology.

In a release shared through the TT Stock Exchange, First Citizens announced the negotiations will be for senior unsecured financing of up to US$175 million up to seven years.

The release said the purpose of the financing would be to help the company grow its capacity to provide household mortgage solutions to low- to mid-income customers, implement digital transformation initiatives and to expand its lending capabilities to small and medium enterprises.

“First Citizens also entered into an agreement for technical advisory services with IDB Invest for the development of a comprehensive sustainable finance strategy to fund environmental social and governance initiatives,” it said in the release.

IDB Invest finances projects to advance clean energy, modernise agriculture, strengthen transportation systems and expand access to financing. Its focus is on the private sector.

First Citizens boasts of being the first in the country to engage in digital banking. In 1995 it introduced MIDAS, one of the country’s first online real-time cash management systems, to transfer funds, pay bills and manage other areas of a banking account.