The Development Bank of Latin America (CAF) approved granting a $137 million loan to Ecuador’s largest banking institution, Banco Pichincha.

According to the regional organization, the funds will be used to “promote inclusive and sustainable growth in the Ecuadorian productive sector.”

The bank issued a statement on Friday, February 21, detailing that the loan is of type A/B, aimed primarily at “micro, small and medium-sized enterprises (SMEs) led by women and also at environmental sustainability projects.”

The funds authorized by CAF are expected to be used to finance companies that help promote productive activities for efficient energy management and the development of green businesses.

Antonio Silveira, CAF’s vice president of the private sector, said that “the operation is an example that it is possible to join forces to support the development of a sector that is strategic for the Ecuadorian economy, such as micro, small and medium-sized enterprises.”

The general manager of Banco Pichincha, Santiago Bayas, also spoke about the granting of the funds, indicating that “these financings reinforce the confidence of regional and global banks in Banco Pichincha, reaffirming our commitment to our clients and sensitive segments of society.”

M.Pino

Source: swissinfo

(Reference image source: Christina @ wocintechchat.com on Unsplash)

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