Banco Industrial SA secured a $30 million credit line from the Export-Import Bank of Korea, which will be used to finance foreign trade operations of Guatemalan and Korean companies, El Periódico reported.

In addition to financing foreign trade, the credit line will also fund working capital and investment for the purchase of equipment and machinery, said Luis Prado, head of the bank's international division. It will have "longer terms, up to five years, and with very competitive rates," Prado noted.

Diego Pulido, corporate director and general manager of Corporación Banco Industrial, said that the interest rate "will be at least two or three points below normal."