The credit was provided "for the purpose of introducing the swaps market, that is, the transfer of funds in US dollars and currencies from other Central American countries," according to details of a press release from Grupo M.
"This will reduce or prevent the foreign exchange risk exposures of the currencies," the report added.
The aid also includes providing counsel to help the company expand its operations in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua
The Irish-owned Caribbean and Central American mobile telecommunications group Digicel has approached the World Bank, for a loan of between USD50 million and USD75 million to help fund its estimated USD400 million investment to launch commercial services in Honduras.
According to a report on the IFC’s website, as quoted by BNamericas, the World Bank body has applauded Digicel’s credit history and welcomed its plans for Honduras, a country where ‘private financing from local or from international commercial banks without multilateral support is scarce’. The IFC statement went on to say that ‘the entry of an experienced player such as Digicel into the market will encourage the existing mobile operators to invest further in their networks, thereby increasing availability and stimulating improved service standards, the development of value added services, and lower tariffs for consumers.’
Costa Rica's Grupo M said it will open 13 household appliance stores in Nicaragua under its El Verdugo brand.
El Verdugo is one of five chains that make up Grupo M, which has 370 stores in Costa Rica, Nicaragua, Honduras, El Salvador and Guatemala. Three of the new Nicaraguan El Verdugo stores will be located in the capital and the rest in the provinces.
The International Finance Corporation (IFC) will acquire up to 15% of the assets of the Guatemalan insurer.
The capital will be used to develop a model of "Bancassurance", which will market the insurance products through the network of branches owned by Banco G&T Continental, a sister company of the insurer.
The IDB approved a $ 12.5 million loan for the Comprehensive Care Program for Nicaraguan Children (PAININ).
The project aims to contribute to the development of children less than six years old in conditions of extreme poverty in rural Nicaragua and improve their opportunities, including timely entry into the educational system.
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