Government delivered $ 42 million to savings and credit cooperatives

Five savings and credit cooperatives received a total of $42 million from the Government, to be distributed through productive loans to micro, small and medium-sized enterprises. The event was held on Wednesday, February 16, in the Rumiñahui canton, east of Quito.

President Guillermo Lasso delivered the funds to the entities of the National Police, Cooprogreso, 23 Julio, Cotocollao and Luz del Valle. “These are resources for entrepreneurs,” he stressed.

The president highlighted that currently the Popular and Solidarity Economy (EPS) registers loans for $17,000 million and the assets of savings and credit cooperatives reach $21,000 million, which reflects the solidity of the sector.

Likewise, he pointed out that during the nine months of his administration, through the National Corporation of Popular and Solidarity Finances (Conafips) $347 million have been placed in the cooperative, which exceeds the planned goal by more than $100 million. initially. By 2022, it is expected to disburse $355 million.

Roberto Romero, president of the Conafips board, reported that each day the entity allocates, on average, $1 million for productive activities.

For his part, Edgar Peñaherrera, president of the Association of Organizations for the Integration of the Popular and Solidarity Financial Sector (ASOFIPSE), stated that cooperatives deliver 75% of all microcredit placed in the country. (I)