Salvadoran Banks ask for lower credit rate from the IDB
ABANSA believes that the cost of accessing the $500 million made available with IDB funds is too high.
Thursday, December 4, 2008
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.
The Inter-American Development Bank (IDB) will loan $27 million to a program fostering rural business.
The funds will be available beginning in 2010 and they will be used to fund some projects of Mauricio Funes’ new government.
During a meeting of Governors, IDB President Luis Alberto Moreno announced that the entity will increase its support to countries in the region.
Multibank has become the third bank to join the Panamanian Facilitation of Foreign Trade Financing Program (TFFP).
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