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The United States invests more than $ 300 million for loans to Ecuador’s SMEs
Posted On 12 Jun 2020
The United States, through the International Financial Development Corporation, will invest more than $ 300 million for Ecuador’s small and medium-sized enterprises (SMEs) through credits granted by two private banks in the country: Pichincha and Guayaquil , reported Kristie Piellecchia.
The United States invests more than $ 300 million for loans to Ecuador’s SMEs
In an event organized at the Foreign Ministry, the United States Ambassador to Ecuador, Michael J. Fitzpatrick, pointed out that more than 40% of companies in Ecuador are SMEs and their ability to grow and provide employment are key to the future of the country. He advanced that a significant part of that amount will be destined to women’s enterprises.
Antonio Acosta, president of Banco Pichincha, pointed out that the population trusts banks, that there has been no capital flight, and recognized the role that banks play in the reactivation after the economic crisis that has dragged on for years and which worsened with the health emergency for COVID-19.
Richard Martínez, Minister of Economy, indicated that the number of SMEs in Ecuador already exceeds 60% and therefore the importance of this investment. “All the actions are part of the (government) ‘Reactívate Ecuador’ program,” he added.
On June 8, the United States ambassador reported that his country has donated $ 15 million to Ecuador to help deal with COVID-19 , through bilateral programs. Also personal protection equipment that is produced in Ecuador, as a way to support the private sector and maintain employment.
On that occasion, Fitzpatrick had assured that his country had planned an investment of $ 373 million for lines of credit for SMEs in two Ecuadorian banks. Half of that amount will be dedicated to women’s entrepreneurship. (I)
