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.
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 system of designation for the IDB loan of $500 million is still under discussion by the authorities of the Central Reserve Bank.
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.
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.
The banking system has a mortgage portfolio that surpassed $2 billion, according to a study presented by the Multi-sector Investment Bank.
The Social Housing Fund (FSV) mortgage portfolio, valued at $878.1 million in July of this year and which corresponds to 121,075 credits for new and used houses, should also be added to the total figure.
Corporación Interamericana de Inversiones (CII) has approved a first loan of 10 million dollars to the Banco Multisectorial de Inversiones (BMI).
BMI is a "second floor" banking institution that operates between the main providers of long-term funds for the nation's financial institutions.
CII, the financial arm of the Inter-American Development Bank (IADB), revealed that this project complements the financing of the multilateral organization approved last April 1, which consists of an A/B loan of 80 million dollars.