Phoenix confirms a $85m participation within a $US250m MIGA-guaranteed loan which will be used to improve access to affordable housing in Panama. This investment builds on the £200m investments Phoenix had already made in 2020 to support the provision of affordable housing.

MIGA, a member of the World Bank Group, has issued guarantees on a fifteen-year, US$250 million loan funded to Caja de Ahorros (CA) of Panama. CA was established in part to help promote home ownership by providing affordable mortgages to low-and middleincome households in Panama. The MIGA-guaranteed loan, which is being arranged by Citi and funded in large part by institutional investors, will be used by CA to issue mortgages on newly constructed homes with values of up to US$120,000.

MIGA Executive Vice President Hiroshi Matano said: “MIGA’s support for Caja de Ahorros will help increase access to affordable housing, while also improving the resilience of SMEs and companies that employ economically vulnerable individuals at a time of uncertainty. This project highlights the role of MIGA in helping mobilize capital from international investors to deliver strong developmental outcomes.”

Scott Robertson, Head of Phoenix Group Capital, said: “Phoenix is pleased to have been a key provider of capital within a financing initiative designed to improve access to affordable housing. We will continue to seek similar investment opportunities which will deliver positive social outcomes”

A key on-going focus for Phoenix Group will be on its proactive approach to Responsible Investment and managing assets in a way that embeds Environmental, Social and Governance (ESG) considerations in the investment decision making process. This is one of the key pillars of the Group’s sustainability strategy, which seeks to safeguard the interests of its customers, shareholders and the community where it operates over the long term.

Phoenix was provided with support on this project from strategic partner, Aberdeen Standard Investments, throughout the transaction.

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Enquiries

Shellie Wells
Head of Corporate Communications
Lansons
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Rachel Esland
PR and Public Affairs Manager
Phoenix Group
0131 245 0489 / 07892 705093
Rachel.esland@thephoenixgroup.com