Designation of $500 million in El Salvador still undefined.

The system of designation for the IDB loan of $500 million is still under discussion by the authorities of the Central Reserve Bank.

Tuesday, December 16, 2008

The president of the institution, Luz Maria de Portillo, said that the Board of Directors is still dealing with the matter.

Meanwhile, the productive sectors have expressed their expectation that the funds will be channeled as soon as possible since the funds will help to inject capital into the local economy and to reinvigorate it.

More on this topic

IDB Provides Technical Assistance to El Salvador

November 2010

The assistance will help identify possible investment patterns in public-private partnerships.

As a way to revive the economy the Government is promoting investment in public-private partnerships. The president has asked the private sector to join him on this project.

La Prensa Gráfica states on its website, "On this issue, the multilateral agency is providing technical assistance to the Government in order to identify structures of this type of investment, informed the IDB representative in El Salvador. At this moment we are providing assistance for the identification of possible mechanisms for public-private partnerships," said Carmenza McLean, IDB representative in the country.

$200 Million need by Salvadoran industries

December 2008

The Association of Industrial Companies (ASI) indicated that it will need at least $200 million to reactivate the industry and investments that have been paralyzed due to lack of credit.

The proposal was made by the executive director of ASI, Jorge Arriaza, who pointed out that they are concerned about comments by the Salvadoran Banking Association (Abansa) which complained that credit from the Inter-American Development Bank (IDB) for 500 million dollars was too expensive and had short terms, in addition to the fact that certain sectors would not have greater access to the funds.

Salvadoran Banks ask for lower credit rate from the IDB

December 2008

ABANSA believes that the cost of accessing the $500 million made available with IDB funds is too high.

Armando Arias, president of the group said that the rate of the funds corresponds to the LIBOR plus 400 base points more in commissions and is practically the same as the rates offered by other international lenders.

$500 million for Salvadoran financial sector

November 2008

In an unprecedented move since the dollarization of the country's economy, the BCR will inject ready money into the local financial sector.

The IDB approved an operation for the Central Reserve Bank to buy a credit portfolio totalling $500 million from banks giving them more liquidity to support the production sector.

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