CFN has $ 150 million for credits

Ecuadornews:

The benefit is intended for exporters of cocoa, flowers, tuna, shrimp and palm. The entrepreneurs of Manabí and Esmeraldas will have three years of grace.

The industrial sectors of the tuna, cocoa, shrimp, flower and palm sectors will be able to access lines of credit through the Corporación Financiera Nacional (CFN).

To this end, the Government allocated $ 150 million, informed the Minister of Foreign Trade and Investment, Pablo Campana, as part of the launch of the inter-institutional agenda for the Sustainability of Exports, this Tuesday, May 15 in Manta.

The Secretary of State indicated that the benefit is directed to the traditional export sector.

Juan Carlos Jácome, head of the CFN, explained that the $ 150 million are for the year 2018. This financial institution will provide detailed information so that entrepreneurs know how to access these new lines of credit.

The entrepreneurs of Manabí and Esmeraldas, provinces affected by the earthquake of April 16, 2016, will receive additional benefits. They will access credits of up to 15 years with three years of grace.

That is to say, during 36 months they will not pay neither capital nor interests, affirmed Jácome. The fishing industry said that accessing these credits means a “breathing space” for their activity.

Mónica Maldonado, executive director of the Chamber of Industrialists and Tuna Processors (Ceipa), said that these resources will help a lot to sustain jobs and strengthen working capital. In some cases, companies require between $ 2 million and $ 5 million just to buy the raw material, she said.

The fishing entrepreneur Lucía Fernández said that, after four years of having been in trouble, the industrialists with the new resources will be able to activate. “We had been in poor condition,” said Fernandez.

In the next few days, Minister Campana will announce a visit to other provinces of the country, in order to publicize the benefits that can be accessed through fresh resources.

Four consortia are interested in the Manabí Refinery

For this May 24 it was expected that the Government will present news about the adjudication of the Manabí Refinery petrochemical complex, but this date was postponed until June.

Campana said that four consortiums are interested: one from China, one from Russia, Japan and Korea; a third from the United Kingdom and the USA, and another from Saudi Arabia. (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/cfn-creditos-exportadores