The National Finance Corporation (CFN) will allocate $300 million it received from the World Bank for the Project to Promote Access to Financing for Production Purposes for Micro, Small and Medium Enterprises (MSMEs) and Production Processes with a Mitigation or Climate Adaptation Component, which may include projects for the use or production of clean energy, clean transportation, sustainable waste management, environmentally efficient products or structures.
This amount corresponds to an additional loan approved by the World Bank’s Board of Directors on May 31, 2023.
The World Bank estimates the delivery of an additional $300 million to the CFN to finance small and medium-sized enterprises
The first financing had an initial contribution of USD 260 million in July 2020 with the aim of promoting reactivation and economic recovery from the effects of the COVID-19 pandemic, corresponding to more than 3,700 credit operations for micro, small and medium enterprises (MSMEs).
For the president of the board of CFN, Jorge Andrade, the approval of this loan is a sign of the international support of multilateral organizations to the government of President Guillermo Lasso Mendoza, “through the National Finance Corporation, the same one that respects its role of development banking, articulating actions with entities such as the World Bank , which enable small and medium-sized enterprises to access financing through second-tier banks”.
The World Bank approved a loan of 260 million dollars for CFN intended to finance small and medium-sized enterprises
And he adds that in this way financial inclusion is encouraged and sustainable economic development is promoted.
Source: Eluniverso
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