Aid proposed for Panama banks
The Panama Bank Association (ABP) recommended that the Government start, as soon as possible, a program to reactivate the economy via the banks.
Tuesday, January 20, 2009
Prensa.com reports: "This means that the State can drive the economy via local banks by granting loans to sectors that will generate employment and wealth for the country," said the new president of the ABP, Moises Cohen, in his inauguration speech.
The terms and conditions of the Financial Stimulus Program for banks to access the $1.11 billion are ready.
The law establishes a trust fund of $1.11 billion to be used by banks to finance productive investment.
Banks participating in the program won't benefit from lower rates nor more flexible conditions than those provided by their correspondent banks.
Panamanian banks will not use Financial Stimulus Program funds due to their terms and conditions.
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