Biess will invest $ 750 million in government securities

Within its budget for this year, the Bank of the Ecuadorian Institute of Social Security (Biess), envisages the investment of $ 750 million in bonds to the public sector, issued by the Ministry of Finance, a figure that would exceed by $ 250 million the investment in 2014.

Fausto Herrera, Finance Minister, said Monday that the State requires $ 8,000 million this year to implement its agenda. According to Patricio Chanabá, general manager of the Biess, last year, the bank invested $ 1,366 million in equity and fixed- interest securities in the public and private sectors. This year the figure is $ 885 million.

“Investments in government bonds will be properly evaluated and these may vary according to the interests of the bank and the profitability this creates for the administration of pension funds,” Chanabá said.

Investment in mortgage loans this year will amount to $ 1,340 million, a 6.25% more than last year, while unsecured and secured loans will remain the same.