![US$100-million loan for Ecuadorian economic program US$100-million loan for Ecuadorian economic program](/media/29727/mfirmaprestamoeconomicoecuadormayo.jpg)
US$100-million loan for Ecuadorian economic program
The Andean Development Corporation (CAF) and the Republic of Ecuador today signed an agreement for a US$100-million loan to finance the Economic Adjustment Program which the government is putting through in the country. The loan is for ten yeas with two years of grace.
The agreement was signed by CAF Executive President Enrique García and the Ecuadorian Ambassador in Caracas Paulina García Donoso de Larrea, representing Economy and Finance Minister Mauricio Pozo, in a ceremony in the Corporation´s Caracas headquarters.
García said that with the loan operation, the CAF was contributing to the efforts of the new Ecuadorian administration to cover funding requirements and strengthen public finances with a view to consolidating the dollarization process, at the same time as using funds to address social needs.
The Economic Adjustment Program defines three major fronts for action: fiscal strengthening, structural reforms and social compensation measures. These actions are taken in the framework of the fight against corruption, poverty reduction, promotion of competitiveness and productivity, and improving internal security. Along with the CAF, the program is backed by the International Monetary Fund and other multilateral organizations.
The operation is linked to the agenda for reforms in key areas which the CAF is implementing through technical cooperation programs, the Andean Competitiveness Program and the Governance Program, among others, as well as aspects linked to the local financial sector.
The multilateral lender maintains excellent relations with Ecuador as evidenced by the increase in the portfolio to US$1.21 billion, which represents 18% of the total portfolio managed and administered by the Corporation.
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)