He The World Bank (WB) estimates an additional USD 300 million in financing for the Project to Promote Access to Financing for Productive Purposes for Mipymes, implemented by the National Finance Corporation (CFN) since it is a second tier bank.

This program had an initial contribution of $260 million in July 2020. Together with CFN’s technical team, draft documents were analyzed to reflect the final design for the new phase.

The news comes amid a visit by an international organization mission to the National Finance Corporation (CFN) this week. The aim of the mission was to participate in hybrid sessions of project monitoring and evaluation in general.

Thus, World Bank delegates supervised the implementation of the Project to Promote Access to Financing for Production Purposes for Mipymes, which is implemented through CFN’s second tier instruments.

They had sessions Delegates of the Ministry of Economy and Finance and relevant stakeholders of the financial sector and they analyze progress, implementation, technical issues and aspects of financial management, payments, acquisitions and environmental and social management. In addition, the World Bank authorities pointed out that this is an exemplary project for the region.

The World Bank team was led by financial experts Raquel Letelier, project manager and Federico Díaz Kalan, co-manager.

CFN works in its role as a second-tier bank, which means that it supplies funds to private banks so that they in turn lend to small and medium-sized enterprises, i.e. end users, on better terms.

Under this credit model, MSMEs must directly manage their loan application with their trusted financial institution.

What are the conditions for the end user of the product of the second tier of productive financing MSME-BM?

In addition, CFN specifically cooperated with eight financial entities, providing funds for loans to end users. These entities are: