"All of our customers will keep on relying on the resources" commented Edda Meléndez, Country Manager at the Central American Economic Integration Bank (BCIE). "If they can't have the resources is because of eligibility matters and lack of compliance with requirements, not because BCIE is not disbursing funds", assured Meléndez.
The executive made these comments at the signing of a new agreement with the Foundation for Rural Socioeconomic Development (Fundeser), for the renovation of a $2 million credit line.
"These $2 million will be used to support 3.000 families with small loans, assured René Romero, Fundaser General Manager".
On January 11, 2012 the Law on Promotion and Regulation of Microfinancers comes into force.
From 2009 up to 2011 the global financial crisis and the local crisis has negatively affected the microfinance sector, which has generated successive losses.
The president of the Nicaraguan Association of Microfinance Institutions (ASOMIF) and general manager of the Foundation for Rural Social and Economic Development (Fundeser), Rene Romero expects that the new legislation will bring "stability and institutionalisation" to the microfinance sector.
The BCIE has granted an additional $3 million to Desyfin's global credit line, meaning that the total amount it now has reaches $10 million.
With this money Desyfin will finance "programs to support micro, small and medium enterprises, financial intermediation programs for social housing, the housing and urban improvement program, and factoring products for suppliers," explains Nacion.com.
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