The Inter-American Development Bank approved a line of credit that the Panamanian government will use to finance the second Program to Support Reforms in the Energy and Water and Sanitation Sectors.
The program aims to contribute to the sustainability of the energy sector, as well as to the increase in coverage and improvement in the management of drinking water and sanitation services, through a series of policy reforms aimed at strengthening and complementing the regulatory and institutional framework of both sectors, the international organization reported.
The Central American Bank for Economic Integration approved a line of credit for the country to finance the Project for the Expansion of the Drinking Water Supply System in the City of Gracias, department of Lempira.
The project consists of developing the hydraulic infrastructure necessary to increase the quality and quantity of water supplied by the supply system of the city of Gracias, Lempira, which currently has average interruption periods of 168 hours, reported the Central American Bank for Economic Integration (CABEI).
Through a credit line from CABEI, the Costa Rican Institute of Aqueducts and Sewerage will finance the supply project for the Fifth Stage Metropolitan Aqueduct.
The megaproject, declared of public interest by the Government authorities, consists of the construction of 44.3 kilometers of pipelines, of which 8.6 kilometers are tunnels, a new water treatment plant and six storage tanks with a total capacity of 50,000 cubic meters.
In this scenario of economic crisis, the Nicaraguan market reported a 25% decrease in the balance of the vehicle loan portfolio between December 2019 and September 2020.
Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that at the end of last year the balance of the loan portfolio requested to buy a vehicle amounted to $199 million, but in this context of falling productive activity generated by the outbreak of covid-19, the balance recorded as of September 2020 fell to $149 million.
CABEI and the Costa Rican authorities have signed a contract to extend the "Strategic Road Infrastructure Works Program" for a further $91 million, which finances, among other works, the construction of the Northern Beltway.
The Central American Bank for Economic Integration (BCIE) informed that the $91 million addendum, in addition to the $340 million of the Program, will allow the construction of the Northern Beltway Functional Unit V which maintains a cost of $70.5 million, as well as the reinforcement and modernization of the bridge over the Virilla River on National Route 32.
In the context of the economic crisis generated by the covid-19 outbreak, the CABEI approved a line of credit that the Panamanian government will use to finance the general state budget and programs for health protection, education and food security.
The Central American Bank for Economic Integration (CABEI) approved $250 million as part of the Development Policy Operations Program (DPO) to the Republic of Panama to financially support the country's economic recovery, the financial agency reported.
With a line of credit from CABEI, the Nicaraguan government will finance projects focused on the transformation of extensive cattle raising, agriculture and wood exploitation.
The Board of Directors approved the financing proposal for the Bio-CLIMA Project: integrated climate action to reduce deforestation and strengthen resilience in BOSAWÁS and the Rio San Juan biosphere in Nicaragua, for a total amount of $115.7 million, reported the Central American Bank for Economic Integration (CABEI).
The Central American Bank for Economic Integration approved a credit line for the Salvadoran government to reconstruct, remodel and technologically equip 186 schools nationwide.
The schools that will be remodeled are located in the departments with high Multidimensional Poverty Index, at the preschool, primary, secondary and high school levels, highlights a statement from the Central American Bank for Economic Integration (CABEI).
After the UCCAEP in Costa Rica began to negotiate the lifting of the blockades with the self-proclaimed group Rescate Nacional, promoter of the protests, several business chambers distanced themselves from that decision and others have expressed their support.
Given the wave of protests and blockades that have been reported in the country, which arose after it was reported that to access a loan from the International Monetary Fund for $1.75 billion, the government planned to tax financial transactions, raise the tax on the profits of companies and persons, and increase the tax on real estate. The Costa Rican Union of Chambers and Associations of the Private Business Sector (UCCAEP) decided to negotiate the lifting of the blockades.
Faced with increasing chaos in Costa Rica due to demonstrations and blockades, a part of the business sector decided, unilaterally, to negotiate with representatives of the movement that incites to protest, and to reject the official call by the President of the Republic.
The National Assembly of Panama approved in third debate a bill that regulates the service of information on the credit history of consumers.
The legislative plenary approved in third debate initiative 424, which modifies Law 24 of 2002 related to this registration system in the Panamanian Credit Association (APC), in order to create a data model or credit information that is fair and balanced between financial agents and credit clients, the Assembly informed.
The Inter-American Development Bank approved a $40 million credit line that will help the country invest in the digital transformation of the tax administration.
The financial organization reported that the project is part of the efforts that the General Directorate of Revenues (DGI) has been taking since late 2019 to modernize its management in an integral manner, in coordination with the Inter-American Development Bank (IDB) and the International Monetary Fund.
Although the Alvarado administration reversed the initial proposal to ask the IMF for $1.75 billion in financing and called for an inter-sectoral dialogue, Costa Rica is semi-paralyzed by the blockades that are taking place on various roads in the country.
Between May and June of this year, the average lending rate of commercial banks has fallen from 11.52% to 10.28%, a drop that is explained by the high level of liquidity of the banks and the low placement of credits.
The pandemic that caused the outbreak of covid-19 has hit the financial system, since due to the current market conditions, the active rates have come down between the months of May and July.
The Inter-American Development Bank approved two lines of credit for El Salvador, whose funds will be used for programs to improve the quality and coverage of education, and to promote productive activity through business and housing loans.
The first line of credit, amounting to $300 million, will support the expansion and improvement of the quality of education in the country, with a special focus on early childhood and vulnerable populations, sustainability, and the economic recovery of SMEs affected by the Covid-19.