Nicaragua Passes Exchangeable Invoices Law
The new law will help raise funds primarily for small and medium enterprises.
Thursday, November 4, 2010
"The text of the law refers to the currency bill as “a negotiable security, which will serve as legal support when transactions are issued between employers and a financial institution, if the purpose is to raise funds", published Laprensa.com.ni.
Entrepreneurs in the finance sector and academics are preparing a proposal to regulate by law invoice discounting, an activity which keeps on growing.
The funds provided by the EU and Holland will go toward the Crear Empresas ("Business Creation") Program
The proposal has already been favorably reviewed by the Economic Committee of the National Assembly and its approval is expected next week.
Through an agreement with the IDB's Multilateral Investment Fund (Fomin), the company Credifactor will offer factoring (selling invoices at a discount) services to small and medium sized enterprises.
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