The Failure of Costa Rica's Development Banking
Three years after its creation, the system designed to finance SMEs still finds no productive use for some $ 370 million.
Friday, February 18, 2011
An article by Nacion.com reports that "$ 370 million remain unused due to legal problems and more than $ 20 million has been spent in writing off debts from the previous inherited trust. Also, nearly all of its 13 employees are under internal investigation."
Credit needs for the entrepreneurial sector in the country reached $ 245 million.
Between January and November 2013, Panamanian banks gave out 14% more loans than in the same period of 2012.
Development bank “Produzcamos” has $12 million available for livestock breeding loans, but it has only approved 5%.
One third of Panamanians have on average three loans, and they make payments on them with an acceptable default rate.
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