As we conclude the first quarter of the year, reflecting on our journey reveals 2023 as one of our standout years. Beyond mere figures, we've achieved significant milestones in our strategic plan, reinforcing our commitment to growth and excellence.

Our financial foundation remains robust with the CIFI platform managing assets of US$750 million. Our loan portfolio has been solid at US$359 million, reflective of our forward-thinking approach. The Capital Adequacy Ratio standing strong at over 13% underscores our financial stability.

Our financial leadership is further exemplified by a capitalization of US$113 million and a reduced leverage of 2.8. Our Trading Income hit US$12 million, with a healthy Portfolio Margin of 3.4%, ensuring our operations continue to run efficiently.

A notable achievement this quarter has been the record-setting fee income at US$13.5 million, significantly bolstered by our dedicated team in Brazil focusing on financial advisory. The Asset Management fees grew impressively to US$2.4 million, marking a milestone where managed assets have surpassed those on our balance sheet for the first time—aligning seamlessly with our long-term strategy. A Net Income of US$9.8 million not only sustains our business model across three main divisions but also reaffirms our dedication to operational excellence and stakeholder value creation.

Together, we continue to make a difference, not just in figures but in the positive impacts our projects bring to each country and their communities.

At CIFI, we believe in our potential for greater achievements and are committed to nurturing a corporate culture that reflects our evolution.

In a landmark achievement for financial sustainability in Panama and the broader region, the Corporación Interamericana para el Financiamiento de Infraestructura (CIFI) has been accredited by the Green Climate Fund (GCF). Established in 2010 by members of the United Nations Framework Convention on Climate Change (UNFCCC), the GCF supports developing countries in their efforts to mitigate and adapt to climate change by fostering collaboration across governments, private sectors, and communities.

"This accreditation reaffirms our commitment to environmental sustainability and enables us to  enhance financing for projects aligned with the Paris Agreement throughout Latin America," stated Carla Chizmar, CIFI’s Head of ESG.

Discover more about this achievement on our LinkedIn page.

This membership underlines CIFI's commitment to play a more pronounced role in the impact investing arena, continuing our tradition of fostering substantial change beyond financial metrics.

The LAGreen Fund, a prominent green bond manager in Latin America, has invested US$10 million in CIFI's recent issuance to bolster renewable energy initiatives in Panama. This investment supports sustainable projects and underscores CIFI’s dedication to sustainable development and the energy transition through its pioneering Green Bond Programme, which commenced in 2019 with a potential to reach up to US$200 million. Aligned with key environmental and social objectives, LAGreen's contribution fortifies the green bond market, aiming for a 50% renewable energy threshold by 2050.

Johannes Scholl of LAGreen commended the synergy with CIFI, while César Cañedo-Argüelles, CEO of CIFI, appreciated this strategic partnership amid challenging capital markets and pressing climate concerns, highlighting the initiative's adherence to the International Capital Markets Association (ICMA) Green Bond Principles and its transparency, confirmed by an independent opinion.

Phase II of Monte Plata Solar Park, Dominican Republic

CIFI and its Sustainable Infrastructure Debt Fund (SIDF) have committed to financing US$57.9 million for the expansion of the Monte Plata Solar Park in the Dominican Republic, in partnership with the Netherlands Enterprise Development Bank (FMO). This project is integral to CIFI's Climate Change Strategy, aiming to support low-carbon economic transitions.

The SIDF is dedicated to mobilizing private capital for projects that yield positive societal and environmental impacts, in alignment with the Paris Agreement and the UN Sustainable Development Goals. The expansion will enhance the park's capacity to generate clean energy in the region, reducing greenhouse gas emissions by approximately 72,000 tons of CO₂ equivalent annually and contributing to the Dominican Republic’s renewable energy goals. The project  will provide clean, affordable

CIFI Sustainable Infrastructure Debt Fund and Triodos Asset Management Support Distributed Solar Energy in Brazil

In a collaborative effort, CIFI Latam, the CIFI Sustainable Infrastructure Debt Fund, and Triodos have provided a loan of approximately US$31.3 million to AXS Energia, part of the Roca Group, for the commissioning of 14 small distributed generation photovoltaic plants in Brazil. This

CIFI Latam Contributes US$15M to Sustainable Tourism in the Dominican Republic

CIFI Latam, S.A. has contributed US$15 million to a US$134.6 million financing package structured by IDB Invest for the Inversiones Costa Elocuente S.A.S. (ICE) project in the Dominican Republic. This US$226 million endeavor will establish the Four Seasons Resort and Residences at Tropicalia, set to open in 2026 with 95 rooms and 25 luxury residences.
Operated by Four Seasons Hotels Limited, the resort will offer a range of premium facilities, including a spa, fitness center, and event spaces. Designed to provide a luxurious yet sustainable experience, the project is expected to achieve LEED certification, showcasing a tropical modernist architecture that utilizes local materials and harmonizes with Esmeralda Beach in Miches. The construction will not only generate around 2,000 jobs but also stimulate the local market and promote community development, positioning Miches as an upcoming luxury destination in the country. This project exemplifies CIFI's commitment to environmentally friendly investments, setting new standards in eco-conscious hospitality in the region.

Recognition and Success: CIFI Lauded for Sustainability Commitment

Vida y Éxito Magazine has recognized CIFI for its outstanding dedication to sustainability and adherence to environmental, social, and governance criteria. This accolade reflects our ongoing efforts to operate responsibly and contribute positively to our planet’s well-being.

Additionally, we had the honor of showcasing the CIFI Sustainable Infrastructure Debt Fund as a business success story at a prominent exhibition. This provided a unique opportunity to share our best practices and commitment to sustainability with a wider audience.

CIFI and Partners Share Achievements and Goals

On April 18, 2024, CIFI hosted a breakfast with our relationship banks, brokerage firms, investors, funders, and other stakeholders who support our growth at both local and regional levels.

This gathering not only facilitated the presentation of the year-end financial results as of December 31, 2023, but also served as an excellent networking platform, allowing participants to exchange ideas and explore collaboration opportunities. We extend our heartfelt thanks to all who joined us and continue to support our mission to drive sustainable infrastructure throughout the region.

Access the fiscal year 2023 financial figures presentation at CIFI Investor Portal

• Caribbean Energy Conference (CEC) in Santo Domingo: A convergence point for Caribbean energy sector leaders. Ramón Candia, CIFI's Chief Investment Officer, contributed to the panel discussing sustainable energy financing and resilience.

CIFI's active participation in these crucial meetings reaffirms our commitment to renewable energies and our role in combating climate change, positioning us as a pivotal ally in the transition to a more sustainable energy future.

CIFI is proud to have sponsored the National Public Speaking Contest. This edition's main theme was "The Energy Transition in Panama: An Opportunity for Sustainability, Democratization, and Economic Development of the Country." This initiative fosters the development of communication and oral expression skills among young Panamanians, providing a platform for them to showcase their talent and express their ideas on socially relevant topics. Through their participation, they gain self-confidence, enhance their critical thinking, and refine their communication skills.

Our sponsorship of this contest underscores CIFI's commitment to social responsibility and sustainable development in Panama, affirming our belief in the pivotal role of education and skill development in shaping a prosperous future for the country.