Government of Spain approves loans to entities in Costa Rica, Panama and Peru

25 million euros will be transferred to the Development Promotion Fund, which will support small and medium-sized businesses

The Council of Ministers approved this Tuesday in Spain the granting of loans from the Fund for the Promotion of Development (FONPRODE) for entities in Costa Rica, Panama and Peru for a total amount of 24.9 million euros.

Thus, the Government has authorized the concession for a maximum amount of 20 million US dollars (16.8 million euros) to Banco Improsa S.A., of Costa Rica, to finance “the expansion of its portfolio.” The Executive has established a repayment term of 9 years, with an interest rate of 4.55 % fixed per year.

According to the Ministry of Foreign Affairs, the loan to Banco Improsa “seeks to contribute to better and greater access to financing for Costa Rican micro, small and medium-sized enterprises.” He pointed out that the V Master Plan of the Spanish Cooperation 2018-2021 indicates that FONPRODE will pay “special attention to interventions in microfinance, bankarization of remittances, small and medium-sized enterprises, social economy, venture capital, creation of infrastructures and Public-Private Alliances for Development (APPD) “.

It also includes Costa Rica among the countries of “advanced cooperation, for which it is prescribed that an advanced dialogue will be maintained with them on sectoral policies and technical and institutional cooperation schemes.”

The Council of Ministers has also approved the agreement that authorizes the granting of a loan for a maximum amount of 5.6 million euros to the Central Empresarial Solidaria, SA, of Panama, charged to the Fund for the Promotion of Development , to finance the expansion of your portfolio.

CFE Panama, incorporated in 2009, is a private equity commercial company, organized as a public limited company under Panamanian laws and operating in accordance with Law 42, of July 23, 2001, which regulates the operations of financial companies. Its objective is to facilitate access to credit for micro, small and medium-sized companies, accompanying them in their development with simple and fast financial services, adapted to the client’s needs.

Finally, the Executive has authorized the granting of a loan for a maximum amount of 3 million dollars (2.5 million euros) to Empresa de Desarrollo de la Pequena y Microempresa Alternativa S.A. (EDPYME Alternativa), from Peru.

Source: dpa

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