The World Bank has disbursed the National Finance Corporation (CFN) the first $150 million corresponding to a credit agreement signed last October to provide productive financing for small and medium-sized enterprises through second-tier banking.
In total, the mentioned agreement amounts to 300 million dollars of financing for this purpose.
300 million dollars from the World Bank will arrive in Ecuador for loans
Funds from this first allocation will be directed to lending through private financial institutions throughout the country, with the aim of expanding geographic coverage and ensuring that these entities can lend to MSMEs, to boost production and increase employment.
The chairman of the board of directors of the National Finance Corporation, Jorge Andrade, indicated that “CFN, as a development bank, manages resources to finance MSME ventures and projects, which encourages the growth and development of this important sector.”
BanEcuador resumed 1×30 loans after a two-month break and without guarantee that these and new services will continue in the next government
During 2023, this public entity received $600 million through credit agreements with multilateral organizations to support the economic growth of Ecuadorian MSMEs, according to the statement.
Source: Eluniverso
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