Inter-American Development Bank President Enrique V. Iglesias and the general director of the Export-Import Bank of Japan’s Loan Department III, Kunio Sanuki, on Sunday signed a co-financing agreement to support the second phase of Peru’s Multisector Credit Program, which fosters the development of private sector enterprises.
Prior to the signing ceremony, Peru’s finance minister and president of the Council of Ministers, Víctor Joy Way, and Sanuki signed the contract for a loan for the equivalent in yen of $200 million to support the Peruvian program.
The Japanese loan follows a $200 million loan the IDB granted Peru in November 1998 for the second phase of the Multisector Credit Program. The IDB and JEximbank co-financed the first phase of the program by providing loans of $100 million each.
The program’s resources will be used by Peru’s Corporación Financiera de Desarrollo S. A. to onlend to intermediary financial institutions, which in turn will offer loans to private sector firms of all sizes.