El Salvador: Construction After Banking Flexibility

In the absence financing solutions, the construction union sector initiated meetings with private banks.

Wednesday, April 29, 2009

The Salvadoran Construction Industry Chamber (CASALCO) is not seeking massive loans, but more flexibility in granting credit.

La Prensa Grafica published on its website: According to Nolasco, the hope is to find new funding mechanisms in private banking, as well as to know what the requirements are to gain access to resources. Earlier this year, several construction companies went to the the Multisectoral Investment Bank (BMI) to look for financing mechanisms that would allow the development of 11 housing projects that needed an investment of $70.1 million, of which $31 million was expected to be obtained from the second-tier bank."

More on this topic

Project to Finance Housing Loans Approved

June 2013

Costa Rica's Congress has approved a bill that seeks to exempt deposits used to finance long term housing loans from requiring a minimum legal reserved amount.

From a press release by the Legislative Assembly of Costa Rica:

The plenary legislature passed on its second and final debate with the support of 23 MPs bill number 17809, addition to Law No.

Salvadoran Banking Loan Less for Construction

January 2012

Financial institutions lent 15% less for building houses in 2011, complained the Chamber of Construction.

The Salvadoran Chamber of Construction Industry (Casalco) reported that the portfolio of loans for housing construction experienced a decrease of 15% in 2011, as banks only granted $113.9 million.

$50 Million for Housing in El Salvador

June 2009

Commercial Banks have authorized short term loans to builders for the construction of 5000 homes.

In response to the ‘anti-crisis plan’ announced by President Mauricio Funes on Thursday June 18th, the Salvadoran Banking Association (Abansa) will be authorizing construction loans for $50 million.

El Salvador: 6% Decrease in Construction for 2008

May 2009

Lack of credit, the uncertainty of an election year and rising material and oil costs were the principal causes.

The Salvadoran Construction Industry Chamber (CASALCO) had predicted zero growth.

German Rivas of Laprensagrafica.com published statements by the Executive Director of CASALCO in his article: "The expectations for 2009 are not very optimistic.

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