Multi-billion dollar emergency help for Latin America to deal with crisis

The IDB, the Andean Development Corporation (CAF) and the Latin American Reserve Fund announced that they will make $9.3 billion available to governments in the region to deal with the financial crisis.

Tuesday, October 14, 2008

The amount could double starting next year and is in response to the need for joint international action to deal with the crisis, the IDB, the Andean Development Corporation (CAF) and the Latin American Reserve Fund announced.
The IDB noted, however, that it did not expect the funds to used by the Latin American countries since the region is in a better condition compared to others to deal with the difficulties created by the crisis which has expanded from the rich countries to the rest of the world.

More on this topic

$500 Million for Panamanian Banking

April 2009

The approved loan by the IDB must be submitted to the National Bank of Panama and it will be used to restore liquidity.

The National Bank of Panama will offer lines of credit for banks through a financial stimulus trust.

According to what Mipunto.com published: "This loan was provided through the New Liquidity Program for Sustainable Growth of the IDB, which has 6 billion dollars to help countries and their commercial banks that are burdened by the lack of credit due to the crisis to get money."

$1.1 billion for Panama banks

January 2009

President Martin Torrijos announced that his government will create the fund to help local banks which are having problems accessing international markets for credit.

Dialogociudadano.com reports: "Torrijos said in a discourse that the fund will be established with loans from the Andean Development Corporation (CAF) and the Inter-American Bank (IDB) as well as from the National Bank of Panama, in order to provide help to banks in the country with cash problems, in case it is needed.

IDB approves $500 million for Costa Rica

December 2008

The funds will be used to deal with the possible lack of liquidity next year due to the international financial crisis.

"This loan will inject Zuniga, who also added that with the funds from the IDB the authorities are seeking to provide "sustainable growth" for the Costa Rican economy.

Salvadoran Banks ask for lower credit rate from the IDB

December 2008

ABANSA believes that the cost of accessing the $500 million made available with IDB funds is too high.

Armando Arias, president of the group said that the rate of the funds corresponds to the LIBOR plus 400 base points more in commissions and is practically the same as the rates offered by other international lenders.

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