IDB Invest, the Inter-American Development Bank's private-sector arm, granted a $60 million loan to Panama's Global Bank Corp. to help finance small- and medium-sized enterprises and to support women linked to the retail business in the country.

SMEs will receive 70% of the funds, while the remaining 30% will go to female retailers in the country, IDB Invest said in a statement.

The project includes financial products to start and expand nonfinancial businesses through training and tutoring.