With the new credit line to Banco AVANZ, CABEI adds US$176.8 million channeled through Nicaraguan banks in 2021
US$8.0 million approval will generate an estimated 239 jobs.
Tegucigalpa, May 25, 2021.- The Central American Bank for Economic Integration (CABEI) approved Banco Avanz S.A.'s first US$8.0 million Global Credit Line (GCL), adding to the US$168.8 million channeled through Nicaraguan banks during the first quarter of 2021.
This approval will benefit 200 individuals, 37.5% of whom are women, as well as ten new legal entities that generate an average of 20 jobs each, for a total of 239 jobs.
"Supporting entrepreneurs is part of our commitment as a development bank. With the resources made available to the Nicaraguan financial system in the first quarter of this year, 6,700 people have benefited, so this additional US$8.0 million complements that amount, which we know will benefit the country's labor force and the economy in general," said CABEI Executive President Dr. Dante Mossi.
The funds may be used for operations within CABEI's different financial intermediation programs, with emphasis on MIPYMES support programs, facilities to support MIPYMES affected by COVID-19 and productive sectors in general, promoting sustainable competitiveness, as well as innovative ventures such as the Regional Business Financing Program for Women (FEM).
It is estimated that these resources will be available at indicative rates between 3.50% and 5.80%.
At the regional level, during 2020, CABEI channeled US$979.6 million in financial intermediation programs, benefiting an estimated 42,314 people in the region.