Biess will stop financing homes at 100%

Ecuadornews:

Since April 24 this year, the Banco del Instituto Ecuatoriano de Seguridad Social (Biess) stopped financing 100% of the cost of social housing, now the maximum amount it will cover will be 85%. The resolution came into effect after the state bank reformed its credit manual, to put new conditions on the delivery of loans.

According to the new norm, the “Casa Biess” product, which pays for homes between $ 10,000 and $ 100,000, will now have financing of up to 85%; the “Pluss Biess house” (between $ 100,000 and $ 150,000), 80% and the “Casa Mega Biess” (from $ 150,000 to $ 200,000), of 75%.

The resolution is valid, but the Biess establishes a period of 6 months to finalize its implementation. The rule, as clarified, will not affect the procedures that have already obtained the final credit rating.

However, the reform is questioned by representatives of the Association of Real Estate Developers of Housing of Ecuador (Apive), because it would void more than 10,000 promises of purchase and sale that, until last week, the sector managed to close, in base to a prequalification of the Biess that, in previous months, came to be calculated under the previous conditions.

The measure, the union maintains, would not only be affecting a significant amount in sales, but discouraging investment within a sector that is still in recovery.

Petroecuador awarded the company Trafigura the import 2’750,000 barrels + 4% of premium diesel, reported Monday May 13, 2019 the state oil company, through a statement. The proposals were received and evaluated on Thursday, May 9, 2019.

This import will supply the demand of the country approximately until September 2019. Thus, the offered volume of this derivative will arrive in 11 shipments of 250,000 barrels + 4% each; the first will arrive between May 27 and 29, 2019.

The winning company offered a Difference of + 4.98 USD / BL (plus four United States dollars with ninety-eight cents per barrel). Of the 41 companies invited to the international contest, five excuses and six valid offers were received from the companies: B.B. Energy (Asia) Pte. Ltd., Glencore Ltd., Gunvor S.A., PMI Trading Designated Activity Company (DAC), Trafigura Pte. Ltd. and Vitol Inc.

The bid opening commission for this tender was chaired by the manager of International Trade, representatives of the Commercial, Legal and Head of Prevention and Money Laundering areas of the Company. In addition, the representative of the Public Company Fleet Petrolera Ecuatoriana (Flopec) and the bidding companies. (I)

Source:  https://www.expreso.ec/economia/financiamiento-biess-casa-creditos-FB2829205