El Salvador: Financial Companies Request International Funds

Financial companies members of ASIFBAN are demanding the government more access to international financial resources.

Monday, August 10, 2009

Nelson Alvarado is the President of the Salvadoran Association of Financial Intermediaries, also known as ASIFBAN. He stated that his union is undertaking several measures to obtain more financial resources... "out of the $500 million (given to the country by IDB, to be used in loans for production), we didn't get one penny; we requested it and we were denied them."

From Laprensagrafica.com: "But ASIFBAN has not only targeted international loans; they are also requesting the Multisectorial Investment Bank (BMI), to have a credit line for micro-financing companies. 'BMI does not have access to all those funds just for banks. We are only working with our own resources', stated Alvarado"

More on this topic

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January 2012

On January 11, 2012 the Law on Promotion and Regulation of Microfinancers comes into force.

From 2009 up to 2011 the global financial crisis and the local crisis has negatively affected the microfinance sector, which has generated successive losses.

The president of the Nicaraguan Association of Microfinance Institutions (ASOMIF) and general manager of the Foundation for Rural Social and Economic Development (Fundeser), Rene Romero expects that the new legislation will bring "stability and institutionalisation" to the microfinance sector.

Private Sector Credit Still Growing in Guatemala

December 2011

Between November 2010 and November 2011 loan grants have risen by 14%.

The boom being seen in Guatemala’s economy is one of the main reasons explaining the rise in private sector credit, a key indicator of the state of an economy.

In Guatemala’s case, loans granted by financial entities have grown by 14% this year, driven not only by economic growth but also by the interest rate structure which favors debtors.

Salvadoran Banks Have $800 Million to Lend

April 2010

Banks in El Salvador remarked they have resources to boost the country’s economic recovery and lend them to companies.

Armando Arias, president of the Salvadoran Banking Association (ABANSA), explained they now have enough liquidity to assist the country in its economic recovery, thanks to being very cautious during the crisis.

Credit Continues to Drop in Guatemala

June 2009

June shows 12-month growth in credit at 6.7%, below the 11.7% it had at the beginning of this year.

According to the president of the Chamber of Industry of Guatemala, Thomas Dougherty, uncertainty about the international economy and contingency plans brought about by companies are a few of the causes for the decrease in requests for lines of credit.

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