The Development Bank in El Salvador has received about three hundred projects which it could potentially fund, in the category of medium and small businesses, and will start analyzing them next month.
Oscar Lindo, chairman of the state agency, indicated that they have yet to define service guidelines between the Bandesal and private banks. Once they have been defined analysis of potential funding will start.
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.
Bandesal has, to start off with, $200 million for small and medium enterprises."However, we are aiming later on to provide funding for large enterprises, preferably those that require large investments such as construction and agricultural industries, said the technical secretary of the Presidency, Alexander Segovia," in an article by from Daniel Gonzalez Choto a ElFinancierocr.com correspondent in Costa Rica.
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).
The bank can then direct lending to small and medium enterprises (SMEs). At the moment it can only do so through lines opened by private banks.
At the Salvadoran Stock Exchange, the Multi Sector Investment Bank (BMI) successfully placed CEMUNIs, certificates of municipal debt.
The issuance was for a total $43.965.000, in two trenches, both rated AAA by Pacific Credit Ratings and AA by Fitch Ratings.
Oscar Lindo, Management director at BMI, explained that the funds will be used to change the debt structure of a group of 37 municipalities which joined the trust known as FIDEMUNI, seeking to lower their debt service by extending terms and lowering interest rates.
The Multi-sector Investment Bank announced the allocation of $ 50 million to finance the coffee sector.
The funding will be made through the BMI Hotline for Avio Café Financing: 2011-2012.
This funding is intended to continue contributing to the revival of the coffee sector and generate benefits for El Salvador, including employment in rural areas and a positive impact on the environment.
The new Development Bank aims to attend productive sectors which are not served by commercial banks and expects to receive capital for up to $ 1.200 million through bond issues in domestic and international markets and also financing from the Central American Bank for Economic Integration (BCIE) and other multilateral agencies.
The BMI and the Ministry of Economy presented the Export Guarantee Fund (FIDEXPORT).
According to the president of BMI, the FIDEXPORT aims to provide guarantees for short-term financing for export of goods and services required by companies exporting to Financial System institutions in El Salvador.
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As part of the Agritrade Platform, Guatemala will participate for the 27th time in PMA Fresh Summit, the most important international trade show and convention of fruits and vegetables in the United States, which will take place at Anaheim Convention Center, California from October 17th to 19th.