CABEI increases credit line for Banco Ficohsa to US$130.0 million to promote productive sectors, foreign trade and Honduran MSMEs
It is estimated that the increase will benefit more than 83,000 people through the different CABEI programs.
Tegucigalpa, June 24, 2020.- The Central American Bank for Economic Integration (CABEI) authorized a US$30.0 million increase to the Global Credit Line (GCL) in favor of Banco Financiera Comercial Hondureña, S.A. (Banco Ficohsa) of the Republic of Honduras to reach a total amount of up to US$130.0 million to finance projects in the framework of any of the CABEI financial intermediation programs focused on the productive sectors, foreign trade, and Micro, Small and Medium-sized Enterprises (MSMEs).
CABEI Executive President, Dr. Dante Mossi highlighted that, "Through strategic allies such as Ficohsa, the Bank promotes the growth and competitiveness of MSMEs, which are the main source of employment in the Central American region."
The MSME sector is one of the pillars of the Honduran economy and plays a leading role in the country's social and economic development, generating seven out of every 10 jobs and contributing approximately 60.0% of the country's Gross Domestic Product (GDP).
The GCL increase will lead to the following impacts:
- Benefit 1,099 legal entities with an average employment of 37 people per enterprise.
- Benefit more than 83,000 people.
- Contribute to maintaining 2,072 current permanent jobs and 291 temporary jobs, of which 59.0% are held by women.
The GCL will have indicative rates for the financial institution ranging between 4.5% and 5.8% and depending on the applicable program. The operation falls under the framework of the CABEI 2020-2024 Institutional Strategy's Axis of Sustainable Competitiveness and contributes to the strategic objective of contributing to inclusive economic growth and supporting countries in their economic policies by promoting MSMEs and their incorporation into value chains.