CABEI grants US$2.5 million to Honduran MSMEs through Fundación Covelo

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During the current health pandemic, these CABEI resources amounting to more than L62.5 million will mainly contribute to financing the MSME and Social Housing sectors.

Tegucigalpa, Jun 6, 2020.- Today, the Central American Bank for Economic Integration (CABEI) approved a Global Credit Line (GCL) in favor of Fundación Covelo of the Republic of Honduras for an amount of up to US$2.5 million to finance projects in the framework of any of the CABEI financial intermediation programs focused on providing support for the reactivation of Micro, Small and Medium-sized Enterprises (MSMEs) and financing to social housing.

CABEI Executive President, Dr. Dante Mossi highlighted that, "The goal is to promote the growth and competitiveness of MSMEs, which represent the main source of employment in the Central American region."

The President of Fundación Covelo, Mr. Juan Jose Lagos, stated that, "These resources, which represent more than 62.5 million lempiras, will contribute to strengthening financing programs at Fundación Covelo and will be channeled through its 42 financial intermediaries.”

CABEI will channel these resources through a 2nd Tier Program of Fundación Covelo aimed at cooperative microfinance institutions and other financial intermediaries throughout the country and at a regional level, since Fundación Covelo also has operations in Guatemala, Nicaragua and El Salvador.