It’s Not Money That’s Missing

As in Panama, there are hundreds of millions of untapped dollars in loans that were obtained to prevent illiquidity in the Costa Rican banking system.

Friday, June 12, 2009

The government of Costa Rica rejected the loan for $500 million that the Inter-American Development Bank (IADB) had granted at the end of 2008 and for which the approval by the Legislative Assembly had already been obtained.

According to an article in, Treasury Minister Guillermo Zúñiga stated: "We were told that there isn’t a need for these resources in the financial system and we are not going to go into debt if it is not necessary."

In Panama, the same scenario is playing out. The $500 million that was contributed by the IADB to the Panamanian government for the Financial Stimulus Program remains unused.

Is the same thing happening in the rest of Central America?

More on this topic

$500 Million for Panamanian Banking

April 2009

The approved loan by the IDB must be submitted to the National Bank of Panama and it will be used to restore liquidity.

The National Bank of Panama will offer lines of credit for banks through a financial stimulus trust.

According to what published: "This loan was provided through the New Liquidity Program for Sustainable Growth of the IDB, which has 6 billion dollars to help countries and their commercial banks that are burdened by the lack of credit due to the crisis to get money."

IDB approves $500 million for Costa Rica

December 2008

The funds will be used to deal with the possible lack of liquidity next year due to the international financial crisis.

"This loan will inject Zuniga, who also added that with the funds from the IDB the authorities are seeking to provide "sustainable growth" for the Costa Rican economy.

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.

Guatemala seeks US$600 million in IADB funding

April 2008

Guatemala's government is negotiating two programs for a total of US$600 million with the Inter-American Development Bank (IADB), President Álvaro Colom said.

"We've been working with the IADB ever since we won the election, Colom told reporters after a lunch with IADB president Luis Alberto Moreno at the bank's Washington offices.

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