The IFC, the World Bank's financial arm for private sector support, granted a loan of 50 million dollars to Grupo M Holding S. A.
The credit was provided "for the purpose of introducing the swaps market, that is, the transfer of funds in US dollars and currencies from other Central American countries," according to details of a press release from Grupo M.
Costa Rica's Grupo M said it will open 13 household appliance stores in Nicaragua under its El Verdugo brand.
El Verdugo is one of five chains that make up Grupo M, which has 370 stores in Costa Rica, Nicaragua, Honduras, El Salvador and Guatemala. Three of the new Nicaraguan El Verdugo stores will be located in the capital and the rest in the provinces.
Fitch Ratings has upgraded from negative to stable the outlook on the issuance of $650 million made in 2013, after another $575 million was successfully issued a few days ago.
In its statement, the rating agency noted that sanctions imposed by the Office for Assets Control of the United States Department of the Treasury on companies that are part of Grupo Waked Internacional (Wisa), for allegedly operating a money laundering scheme, will not have a material impact on the Tocumen's credit rating.