CABEI benefits more than 22,000 people in Nicaragua through the MIPYME Support Facility
To date, the multilateral through financial institutions has granted 407 sub-loans to 247 companies, benefiting 22,829 people and generating 7,682 direct jobs.
Managua, 9 March 9th, 2021.- The Central American Bank for Economic Integration (CABEI) continues to support the financial sustainability of Nicaraguan MIPYMEs affected by COVID-19. Since the implementation of the Financial Sector Support Facility for financing MIPYMEs to date, the Bank has placed a total of US$48.5 million in intermediary financial institutions.
In 2020, intermediary financial institutions made disbursements in the amount of US$37.9 million, to which US$10.6 million disbursed in the first two months of 2021 must be added. Recently for this year, CABEI's Board of Directors approved US$300.0 million more for the Financial Sector Support Facility for the region's countries, which represents an additional US$50.0 million for each country, including Nicaragua.
CABEI Executive President, Dr. Dante Mossi, said: "Thanks to the efforts made, we have supported 223 companies in the general commerce sector, 23 in construction, 21 in hotels and tourism, 50 in the agri-food production chain, 34 in service provision companies, 16 in new enterprises, 3 in creative industries, 3 in the media and 34 in other sectors affected by the pandemic with sub-loans".
The Financial Sector Support Facility for MIPYME Financing is part of CABEI's Emergency Support and Preparedness Program for COVID-19 and its economic reactivation, with the purpose of contributing to the adaptation, solvency and transformation of companies for their economic reactivation in the face of the pandemic's effects in Central America.
In addition, CABEI provides resources in Central America for supporting the Financial Sector Support Facility for financing MIPYMEs affected by COVID, German Financial Cooperation through KfW, the European Union, and the Government of the Republic of China (Taiwan) through the International Cooperation and Development Fund (TaiwanICDF).