$1.1 billion for Panama banks
President Martin Torrijos announced that his government will create the fund to help local banks which are having problems accessing international markets for credit.
Thursday, January 22, 2009
Dialogociudadano.com reports: "Torrijos said in a discourse that the fund will be established with loans from the Andean Development Corporation (CAF) and the Inter-American Bank (IDB) as well as from the National Bank of Panama, in order to provide help to banks in the country with cash problems, in case it is needed.
The terms and conditions of the Financial Stimulus Program for banks to access the $1.11 billion are ready.
The $500 million contributed by the IDB for the financial incentives program will be available beginning on May 10.
Banks participating in the program won't benefit from lower rates nor more flexible conditions than those provided by their correspondent banks.
The National Bank has announced the terms and conditions under which PEF loans can be accessed.
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