$200 Million need by Salvadoran industries
The Association of Industrial Companies (ASI) indicated that it will need at least $200 million to reactivate the industry and investments that have been paralyzed due to lack of credit.
Friday, December 5, 2008
The proposal was made by the executive director of ASI, Jorge Arriaza, who pointed out that they are concerned about comments by the Salvadoran Banking Association (Abansa) which complained that credit from the Inter-American Development Bank (IDB) for 500 million dollars was too expensive and had short terms, in addition to the fact that certain sectors would not have greater access to the funds.
In an unprecedented move since the dollarization of the country's economy, the BCR will inject ready money into the local financial sector.
ABANSA believes that the cost of accessing the $500 million made available with IDB funds is too high.
The system of designation for the IDB loan of $500 million is still under discussion by the authorities of the Central Reserve Bank.
The export and industrial sector in the country has indicated that market conditions have worsened.
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