At the end of 2015, President Rafael Correa changed the name of two public banks, closed an agency and created a new one.
With the decree 867 issued yesterday, the State Bank will be called hereinafter Development Bank of Ecuador BP, and will promote pre-investment projects, investment, public utilities and social housing, giving priority to local governments.
While Decree 868, also issued yesterday, provides the modification of the name of the National Finance Corporation (CFN), by National Finance Corporation BP, whose objective will be to promote the financing of the productive sector of goods and services, and development projects. It will be a first and second tier bank, based in Guayaquil.
Instead, on December 28, with the decree 859, the National Preinvestment Institute (INP), an autonomous institution that was accountable to the National Secretariat of Planning and Development (Senplades), was closed. Its staff will be transferred to Senplades.
With Decree 860 the National System of Qualifications and Professional Training was created to develop the training of workers with or without a dependency relationship.
The highest authority will be a Technical Secretariat, attached to the Coordinating Ministry of Human Talent. This will replace the former Technical Secretariat of Professional Training and Education (Setec).