El Salvador: Development Banking Starts in January

Authorities argue that the creation of this institution will be of great assistance to MSEs.

Wednesday, December 1, 2010

The announcement was made by President of El Salvador Mauricio Funes in the First Business Meeting on Micro and Small Enterprises (MSEs).

The president also announced the launch in January 2011 of a program called “Family farming”, aiming at providing technical and financial assistance to families with greatest economic needs in the country writes Laprensagrafica.com. "... The program will be implemented in order to provide more comprehensive benefits to farmers of the country..."

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El Salvador: Credit to MSMEs

February 2012

The start of 2012 will see the launch of the new Development Banking System, which has $200 million in credit to support micro, small and medium enterprises.

Bandesal has, to start off with, $200 million for small and medium enterprises."However, we are aiming later on to provide funding for large enterprises, preferably those that require large investments such as construction and agricultural industries, said the technical secretary of the Presidency, Alexander Segovia," in an article by from Daniel Gonzalez Choto a ElFinancierocr.com correspondent in Costa Rica.

Salvadoran Development Banking Law Comes into Effect

January 2012

From January 19th with the entry into force of the law to encourage development the Banco Multisectorial de Inversiones (Multisectoral Investment Bank) will operate as Banco de Desarrollo, (Development Bank or BDES).

The bank can then direct lending to small and medium enterprises (SMEs). At the moment it can only do so through lines opened by private banks.

Credit for MSMEs in Costa Rica

April 2012

Increased credit is available for mini, small and medium enterprises in the Banco Popular and Banco Nacional in Costa Rica, bringing the amount available to $740 million.

Banco Nacional now has ¢ 250,000 million ($493.66 million) for the productive sector, 50,000 million colones ($98.7 million) more than in 2011, said Victor Eduardo Acosta, director of the entity’s Development Bank.

Costa Rica: Announces $93 million in Soft Loans

June 2015

Six financial institutions have been authorized to provide loans under the conditions imposed by the Development Bank, with interest rates of 3% in dollars and in line with the passive base rate in colones.  

Welmer Ramos, chairman of the Governing Board of the Development Banking System commented that "... 'These programs involve interest rates that are half the rates that currently exist for the same activities.'"

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