The National Finance Corporation (CFN) and the World Bank mission held workshops to prepare the signing of the contract for a new loan of 300 million dollars that will be intended for the productive financing of micro, small and medium enterprises (MSMEs).
The Ecuadorian public entity reported this Monday, September 25, 2023 that “the components of the line of credit, the placement of second-tier loans, the provision of partial guarantees through the National Guarantee Fund (FNG), the strengthening of institutional, environmental management, social management and financial management of the project. “
Banco Pichincha will allocate an additional 20 million dollars to promote small and medium-sized enterprises
Also, the president of CFN’s board of directors, Jorge Andrade, spoke about the importance of this monitoring, which is carried out by a multilateral organization, because in this way the progress of the management becomes visible.
The World Bank has approved $300 million in additional financing for the project Promoting access to productive financing for small and medium-sized enterprises. The loan was approved on May 31, 2023 with a variable rate, repayment period of 20 years, including a grace period of 3.5 years, according to the information provided at the time.
The $100 million delivered by CFN will be given as credit to small and medium enterprises through Produbanco and Banco Pichincha
Now, in a statement, the CFN indicated that together with the World Bank “they are constantly working, with the sovereign guarantee of the Republic of Ecuador, which represents an important vote of confidence from multilateral organizations towards the Government of President Guillermo Lasso. , the same one committed to strengthening the foundations of the country’s manufacturing pyramid.”
As part of the MiPymes-WB Productive Financing program, loans are granted to entities of the national financial system so that they are the ones who allocate funds to a larger number of end users. Small and medium-sized enterprises directly manage a loan application with a verified financial institution.
Source: Eluniverso
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
