The IBD has finalized a syndicated operation with three impact investors to support a line of credit that will finance the modernization of municipal markets.
A press release from Inter-American Development Bank (IDB) reads:
“The Inter-American Development Bank (IDB) has finalized a syndicated loan of U.S. $19 million from three impact investors to support a new line of credit to finance the modernization of municipal markets in El Salvador.
The Federation of Credit Unions in El Salvador hsa signed a $20 million loan with the IDB for the construction and renovation of municipal markets.
Macario Armando Rosales, president of Fedecrédito said that funds from the Inter-American Development Bank will be directed to the municipalities through long-term loans.
The program aims to improve the conditions under which products and services are sold for large number of micro and small entrepreneurs.
The IDB loan will increase competitiveness and incomes of micro business.
The municipal markets of El Salvador will modernize and improve operations and facilities with a loan of U.S. $ 10 million from the Opportunities for Majorities of the Inter-American Development Bank. The initiative includes other loans of up to similar amount syndicated to international lenders.