El Salvador: $400 million for loans to productive sector

The main condition from the IDB is that the BCR use the funds to create a short-term credit portfolio in the financial system for working capital and international trade.

Monday, December 22, 2008

The Central Bank indicated that the reserves will be available at participating financial institutions, who have responded positively to channeling the resources to production activities, including small businesses.

The Program will be administered by the Multi-Sectoral Investment Bank, which will act on behalf of the BCR and will be responsible to ensure that the conditions for the financing are complied with.

More on this topic

Guatemala expects 73% reduction in lines of credit

January 2009

According to projections for 2009 by Banguat, lines of credit from abroad could fall to $50 million.

Sigloxxi.com reports on its webpage: "The Central Bank indicates that in 2008 correspondent banks made $188.2 million (Q1,411.5 million) available to the national banking system, however this year it could be only $50.0 million (Q375.0 million), a reduction of 73.6%.

15$ million credit for Salvadoran small and medium sized businesses

December 2008

The Multilateral Investment Bank (MIB) and the Federation of Laborers Credit Unions and Banks launched a financial support program for small and medium sized businesses.

The program seeks to provide financial resources coming from the MIB for small and medium sized businesses in order to help them to overcome problems cause by the international financial crisis and to contribute to the development of the sector.

Salvadoran Government and IMF analyze line of credit

November 2008

The Government is talking of the possibility of getting an emergency line of credit for $1 billion, however the IMF is cautious and has not released the amount it is studying.

Yesterday, Alfred Schipke, the resident regional representative of the IMF, confirmed that they are jointly studying the feasibility of a preventive stand up, an emergency loan that will not necessarily be used immediately.

IMF opens short term lines of credit

October 2008

The International Monetary Fund (IMF) will direct the resources to those economies suffering the most at finding financing.

The IMF announced yesterday its decision to increase its efforts to support those countries affected by the crisis, and is considering advancing liquidity for short periods, but on the condition that proper administration be of said funds be carried out.

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