IIC approved a loan to Banco La Hipotecaria of Panamá and La Hipotecaria in El Salvador.
Both entities are subsidiaries of La Hipotecaria (Holding), Inc.
Funds from the loan will be used to stimulate the growth of the mortgage loan portfolio of these companies.
"With this medium-term loan, the Inter-American Investment Corporation (IIC) will support the financing of residential mortgages in El Salvador and Panama, focusing resources on end users of middle and lower middle income in order to help improve access to finance of these large segments of customers," said Marvin Guevara, Investment Officer of the CII.
The Panamanian government has extended for another five years preferential mortgage loans previously registered with the Department of Revenue.
A press release from the Ministry of Economy and Finance of Panama reads:
Preferential mortgage loans previously registered with the Department of Revenue of the Ministry of Economy and Finance, are to be extended for five more years, as was established by Act 8 of 2010 and as has been regulated by Executive Decree # 539 of 30 November 2011. The standard applies to loan contracts which are in the first ten years of their term at the date when the regulation becomes effective.
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