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 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.
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).
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.
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.
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