The project¿s objective is to increase access to credit for the construction and purchase of low-income housing (LIH) in Ecuador and thus help reduce the country¿s quantitative housing deficit. To achieve this objective, the IDB will provide a senior secured loan of up to US$18.0 million to the Asociación Mutualista de Ahorro y Crédito para la Vivienda ¿Pichincha¿ [¿Pichincha¿ Mutual Savings and Loan Association for Housing] (Mutualista Pichincha), consisting of an A loan for up to US$10 million to be financed by the IDB and a B loan for up to US$8.0 million to be financed through the sale of shares to commercial lenders. The loan proceeds will be channeled to expand: (i) Mutualista Pichincha¿s low-income housing loan portfolio through loans intended for the purchase of new LIH type homes; and (ii) Mutualista Pichincha¿s comercial loan portfolio through loans targeting builders focused on increasing the supply of LIH projects.
|Sector||URBAN DEVELOPMENT AND HOUSING|
|Subsector||URBAN DEVELOPMENT AND HOUSING-HOUSING|
|Project Type||Loan Operation|
|Approval Date||NOV 30, 2015|
|IDB Financing *||10.00|
|Total Cost H||USD 30,000,000|
|Country Counterpart Financing||USD 20,000,000|
|Financing Type||Private Sector Loan|
|Reporting currency||USD - United States Dollar|
|Reporting Date||SEP 30, 2017|
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