The objective of the project is to strengthen the institutional capacity of Fundacion CHISPA in the stage of preparation for the transformation into a regulated financial institution specialized in providing financial services to the small and microenterprise sectors in Nicaragua. The improved institutional capacity will allow CHISPA to improve the efficiency of and consolidate its credit technology, decentralize and streamline its administrative and operational structure to implement its growth strategy, reach a larger number of small and microenterprises, and offer a wider variety of financial services to meet their needs. This will create the necessary conditions for CHISPA's transformation into a regulated financial institution serving the small and microenterprise sector. The project includes the following activities: (i) purchase, install, begin operations with, and train staff in the complete banking software; (ii) obtain technical assistance in refining and perfecting credit technologies, adapting procedures and organizational structures to improve efficiency; (iii) acquire necessary equipment to support the banking software (computers) and modernize the electronic telecommunications between the network of branch offices (network); (iv) provide training opportunities and technical exchanges for key management and operational staff in order to improve technical capacity and skills; and (v) obtain technical assistance in the preparation of the application for commercial bank status to the Superintendency.
Project Detail
Country
Nicaragua
Project Number
TC9809338
Approval Date
January 4, 1999
Project Status
Closed
Project Type
Technical Cooperation
Sector
PRIVATE FIRMS AND SME DEVELOPMENT
Subsector
PRIVATE FIRMS AND SME DEVELOPMENT
Lending Instrument
Multilateral Investment Fund Instrument
Lending Instrument Code
MIF
Modality
-
Facility Type
-
Environmental and Social Impact Category (ESIC)
-
Total Cost
USD 710,000.00
Country Counterpart Financing
USD 460,000.00
Original Amount Approved
USD 250,000.00