The Inter-American Development Bank approved a line of credit, whose funds will be used to finance a program that seeks to increase the country's digital connectivity levels by strengthening institutional and operational capacity.
With a $70 million investment, of which $45 million will be financed by the ordinary capital of the Inter-American Development Bank (IDB) and $25 million by the Korean Fund for the Co-financing of Infrastructure Development in Latin America and the Caribbean (KIF), the program will increase the institutional and operational capacity that will allow the development of a digital agenda and improve connectivity, through investment and improvements in the conditions for the adoption of digital infrastructure solutions, according to an official statement.
Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.
CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
In the last few months, interest in credit cards has been increasing in the digital environment, a rise that is mainly explained by the behavior of consumers in Panama, Honduras, El Salvador and Costa Rica.
Through a system monitoring changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.
In the second quarter of the year, interest on vehicle loans fell considerably, but in recent weeks in the region's markets the outlook changed and the number of interactions associated with the issue increased among consumers.
Through a system that monitors changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long-term demand trends for the different products, sectors and markets that operate in the region.
The Monetary Board approved the changes to the Credit Risk Regulations, which were proposed by the Superintendence of Banks and seek to simplify the requirements for loans not exceeding $160,000.
In this scenario of economic crisis resulting from the outbreak of covid-19, the objective of the endorsed modifications is to favor SMEs and individuals to gain access to credit lines offered by commercial banks.
In the countries of the region, more than 8 million people are looking for credit on the Internet. Of this group of consumers, approximately 9% explore options for taking out a student loan.
The interactive information system developed by CentralAmericaData monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
CABEI granted a loan to Guatemala to finance the construction and equipping of buildings to be used by the Ministry of the Interior, National Police stations, prisons and other projects.
The $300 million will support the "Investment and Modernization Program for the Justice Sector", which will be implemented by the Guatemalan Ministry of Government, reported the Central American Bank for Economic Integration (CABEI).
The U.S. International Development Finance Corporation offered a $250 million quota for companies in the country to invest in health sector projects.
Directors of the International Development Finance Corporation (DFC) were the ones who reported last May 11 the existence of these financial resources. The exclusivity of these $250 million for companies in the health sector is due to the current health emergency situation, which derives from the outbreak of covid-19.
In Guatemala, banks will grant deferrals and will wait for loans whose debtors are directly or indirectly affected by the spread of the coronavirus, specifically those that are not more than one month late on February 29.
The Guatemalan Banking Association (ABG) reported on March 21 that these decisions were made with the objective of supporting clients and users of banking services, who will be affected by the spread of covid-19.
With a $50 million loan from the IDB, the CMI Alimentos business group will expand its operations in Guatemala, El Salvador and Honduras.
The loan was placed through IDB Invest, a member of the Inter-American Development Bank (IDB) Group, and the operation is intended to finance fixed investments that will help CMI Alimentos continue improving its productivity.
At the end of 2019 in Guatemala, the loan portfolio granted to the private sector grew by 5% compared to December 2020; however, this increase was far from the 8.5% predicted at the beginning of last year.
Official figures from the Bank of Guatemala (Banguat) indicate that between December 2018 and the same month in 2019, the private sector loan portfolio increased from $26,262 million to $27,640 million.
The $286 million credit granted by CABEI to renovate coffee plantations in Guatemala has not yet been approved by local authorities, so resources would only be available in the second half of 2020.
The Central American Bank for Economic Integration approved a loan, which will be used to finance a program to renovate the country's coffee farm.
The financing is destined to the renovation of the coffee park of the country, through the substitution of plants damaged by plagues and diseases or with greater age that allows to revert the losses of productivity by the aging of the plantations and the effects of the rust, estimating the renovation of approximately 19.9% of the coffee park of Guatemala, informed the financial entity.
One year after the suspension of taxpayers' access to bank information for tax purposes, the Guatemalan Constitutional Court ruled definitively and revoked the suspension.
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