El Banco Mundial (BM) aprobó un crédito por USD 300 millones para ampliar un programa de apoyo financiero a pequeñas y medianas empresas (pymes) en el país.
Referential image. CFN building in Guayaquil, which will channel the credit granted by the World Bank.
Another World Bank (WB) loan is on its way to Ecuador. This is a financing for USD 300 million, aimed at projects of small and medium-sized companies or SMEs.
The new loan, which was signed on May 31, is part of a WB program executed with the National Finance Corporation (CFN) since 2021.
According to the WB directory, the credit will serve to expand the number of loans to SMEs, including those owned by women.
The new line of credit was approved with a variable interest rate, repayable in 20 years and with a grace period of 3.5 years.
“The approval of this additional credit from the World Bank is one more example of the confidence and international support that Ecuador receives,” said the Minister of Economy, Pablo Arosemena.
According to Arosemena, this new operation will also promote climate mitigation or adaptation projects for SMEs, such as the development of clean transportation and sustainable waste management.
On the other hand, after two years of the World Bank financing program with the CFN, more than 3,738 loans have been delivered and another 801 have been supported through partial guarantees.
Despite progress in this type of project, the gap in access to financing persists in Ecuador, the WB said.
Although credit to the private sector grew to 48.8% of gross domestic product (GDP) between 2017 and 2021, it remains below the Latin American average, which is 55%.
Access to credit in the country also presents a large gender gap, since only 15% of adult women obtain a loan.
