The municipal savings banks are asking the central government for economic strengthening with the aim of offering more loans to micro-entrepreneurs seeking economic reactivation. John Sarmiento Tupayachi, manager of Corporate Services of the Peruvian Federation of Municipal Savings and Credit Banks (FEPCMAC), told La República yesterday that the request was made to the president Dina Boluarte and the Ministry of Economy and Finance (MEF).
The objective of the FEPCMAC is for the State to transfer S/1,000 million to the municipalities that own a fund. Eleven work in the country, in total. The funds would come from the government’s economic recovery programs. “Our aspiration is to reach one billion soles that can be distributed among the savings bank system so that this money can be lent and place ten billion in credits for microentrepreneurs,” he said at an event of the Association of Banks of Peru ( Asbanc).
According to Sarmiento, certain conditions would be established and the rate at which the credit would be offered is 12%. The fact that they ask for an economic injection from the Government could cause suspicion, but according to Sarmiento’s analysis, with the claim they do not mean that they are not solid, but rather that they want to be a financial arm to help micro-entrepreneurs. The last weekend, the Ministry of Economy published a design of the program in which S/100 million are assigned. For Sarmiento, the amount is insufficient. The 11 municipal savings banks as a whole have ten million clients, basically they are micro-entrepreneurs.
Financial market: participation of municipal savings banks would reach 15% in the next 5 years. Photo: diffusion
They all suffered the blow of the pandemic, the political crisis and now the natural disasters. Investment will fall On the other hand, former Economy Minister Luis Miguel Castilla indicated that according to data from the Central Reserve Bank of Peru, private investment is going to contract sharply this year. This is explained, on the one hand, due to the decrease in mining investment, which in 2023 will fall by 10 to 15% due to the lack of projects. The only one that was under construction was Quellaveco in Moquegua and this year it was completed. “Non-mining investment depends on expectations and those are affected,” he said at the event. There are no signs that business expectations improve.
Bells. Christmas for microentrepreneurs was not good, they worked at 50%. Mother’s Day. The microenterprise sector hopes that the development represents a true reactivation.
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