Alliance to Capture Remittances to El Salvador

Fedecrédito joins Wells Fargo in order to capture a greater market share of remittances between the U.S. and the Central American nation.

Wednesday, February 22, 2012

"We believe that our Salvadoran population living abroad, will appreciate having adequate access to services, enabling them to send money home quickly and safely, with a network of branches with a presence nationwide", said Macario Armando Rosales Rosa , president of Fedecrédito. reports that the goal of Fedecrédito, which has 125 service points throughout the country, is to capture 30% of remittances sent to El Salvador in a maximum of 10 years.

More on this topic

$200 million Available for SMEs

May 2012

Fedecrédito is looking to grant $236 million more in 2012 than last year in order to expand its credit supply in El Salvador.

Fedecrédito system, focusing on the sector of micro and small businesses, aims to grant $236 million in loans in 2012, bringing its portfolio to $1,031 million.

Shrimp Companies Team Up in El Salvador

March 2012

In light of a decline in this activity, businesses have come together to form the Shrimp Producers Association of El Salvador in order to obtain economic and financial support.

The Shrimp Producers Association of El Salvador was founded on Monday March 19th, backed by the National Foundation for Development (Funde in Spanish).

Remittances for $13.06 billion to Central America in 2011

March 2012

By country: Guatemala $4.37 billion; El Salvador $3.65 billion; Honduras $2.86 billion; Nicaragua $1.05 billion; Panama $592 millions; Costa Rica $530 millions.

Inter-American Development Bank Report:

Remittances to Latin America and the Caribbean rose to $61 billion in 2011

El Salvador: $30 Million for Fedecrédito

June 2010

The International Financial Corporation, part of the World Bank, will loan $30 million to Fedecrédito, for it to extend its loans to micro companies.

Armando Rosales, president of Fedecredito, explained that the collateral of these loans will be the flow of remittances sent by Salvadorans living abroad.