Costa Rica: $885 million in flexible bank loans

All of the formal conditions have now been revealed for the operation of the system for granting flexible loans to farmers and entrepreneurs who currently have no access to commercial bank financing.

Wednesday, March 4, 2015

Hundreds of millions of dollars were left idle because of lack of standards to allow their use in lending to the productive sector.

From a statement issued by the presidency of Costa Rica:

The president, Luis Guillermo Solís, Minister of MEIC, Welmer Ramos; the Minister of the MAG, Luis Felipe Arauz, the Finance Minister Helio Fallas, and the Minister of Planning Olga Martha Sanchez signed Regulation Act No. 9274, "Comprehensive Reform Act No. 8634, Law on Development Banking System" an initiative which could generate an articulated effort to support the local business community.

The initiative regulates the way in which financial operators must be approved by the Governing Council, its programs to support the beneficiaries of Law, and also the form of regionalization of resources and the importance given to them by the Law on microcredit and entrepreneurs .



More on this topic

Agricultural Credit: Flexible Payment Extensions

May 2020

In El Salvador, the Legislative Assembly decided to extend until June 1, 2021, the validity of the Decree of the Special Law to Facilitate the Cancellation of Agricultural and Livestock Debts.

The approval was made with the aim of giving the peasants who benefit from this regulation approved in 1998 a new period of 12 months to cancel the debts acquired with the banks, the Legislative informed.

Costa Rica: Changes in Income Tax

March 2015

The reform under public consultation includes tax on remittances sent abroad, on the payment or crediting of interest, commissions and other financial expenses by natural or legal persons domiciled in Costa Rica.

From the order by the Ministry of Finance published in La Gaceta:

Longer Deadlines for Credit Restrictions

August 2013

Financial institutions in Costa Rica will have a maximum of 48 months to implement the new measures which restrict lending.

The information was confirmed by the National System for Financial Supervision (Conassif), which approved "11 new regulations, with a phased implementation period of up to 48 months, when the original version stipulated 36. Most of the grace periods start from 1 January 2014 ", reported Nacion.com.

Development Banking Requirements Made More Flexible

April 2013

The definition of the conditions and requirements for customers will be the responsibility of each entity, as determined in its policies and risk analysis.

The National Council of Financial System Supervision (CONASSIF) approved from Tuesday, 15 to 10 changes to the standard established by the Superintendent of Financial Institutions (SUGEF) under the Regulation for qualifying borrowers with resources granted by the Banking System Development Act 8634, which states: "It is the responsibility of the Board of Directors or equivalent governing body of each financial institution, to approve the policies, processes and controls which will be used to identify, measure and manage the risks associated with credit operations, and resources granted by the Banking System Development Act 8634 ".

 close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Tailor made software for construction companies

O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Jan 20)
Brent Crude Oil
55.65
Coffee "C"
127.35
Gold
1,871
Silver
25.900