Ecuadorian government applies for loan
This project for the transport sector is important for facilitating Ecuadorian access to the Andean free trade area, which Bolivia, Colombia, Ecuador and Venezuela are working rapidly to implement.
On October 1, Ecuador opened its borders to trade with Colombia and Bolivia by creating bilateral free trade zones, and began dismantling tariff and customs barriers with both countries in order to achieve zero tariff and eliminate borders for free circulation of products.
The commercial opening process is also taking place in Venezuela - although more gradually - and is expected to conclude in January next year.
Official figures indicate that 60% of Ecuadorian trade in the Andean subregion is with Colombia and projections show this trade could quintuple after the tariff cuts.
The executing body of the loan is Corporación Financiera Nacional which will act as wholesale bank to transfer the funds to final users through the private financial system.
As a result of the steps taken by Minister Mauricio Pinto, CAF agreed to speed up the process of formal approval of the loan.
CAF's more recent content
![CAF, JICA and Sicredi join forces to support women and rural producer CAF, JICA and Sicredi join forces to support women and rural producer](/media/4669796/foto_sicredi_divulgação_310724.jpg)
CAF, JICA and Sicredi join forces to support women and rural producer
The amount represents the largest international facility ever undertaken by Sicredi, with the involvement of four internationally renowned entities: Banco Finantia, BNP Paribas, Eco.business Fund, and Sumitomo Mitsui Banking Corporation (SMBC). The funds raised can also be used in regions with a Human Development Index below the national average.![CAF-FAO: Digitization project for agribusiness with repository launch CAF-FAO: Digitization project for agribusiness with repository launch](/media/4669830/caf-fao.png)
CAF-FAO: Digitization project for agribusiness with repository launch
The Food and Agriculture Organization of the United Nations (FAO), CAF -development bank of Latin America and the Caribbean-, the Ministry of Agriculture, Land and Fisheries and the Tobago House of Assembly celebrated the successful completion of the “Digitization and Innovation for the Competitiveness and Sustainability of the Agribusiness Sector in Trinidad and Tobago” project. The closing ceremony, that took place on the 29th of July, marked a significant milestone in the country's efforts to modernize and enhance the agricultural sector.![CAF recognizes Panama's water potential in the face of climate change CAF recognizes Panama's water potential in the face of climate change](/media/4669780/2_cuencas_hidro_caf_.jpg)