To achieve the project¿s objectives, the Sector of Opportunities for the Majority (OMJ / OMJ) and the Division of Financial Markets (SCF / FMK) will jointly structure a senior unsecured loan for Banco Pichincha (BP) in the amount of USD $ 40 million for a period of up to six (6) years, with three (3) years grace period. The loan proceeds will be used (i) by CREDIFE¿s Desarrollo Microempresarial of Banco Pichincha in order to expand its credit portfolio, especially for acquisition of fixed assets, associated working capital, and improvements to retail space; and (ii) to finance the investments required by those entrepreneurs who qualify to become banking correspondents (CNB) in order to extend the geographical coverage as well as the range of financial products and services available domestically.
|Subsector||FINANCIAL MARKETS-BANKING MARKET DEVELOPMENT|
|Project Type||Loan Operation|
|Approval Date||JUL 16, 2014|
|Contract Signature Date||FEB 25, 2015|
|Completion Date||MAR 17, 2015|
|IDB Financing *||10.00|
|Total Cost H||USD 80,000,000|
|Country Counterpart Financing||USD 70,000,000|
|Financing Type||Private Sector Loan|
|Reporting currency||USD - United States Dollar|
|Reporting Date||NOV 30, 2017|
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