Increase in line of credit for Banco ProCredit de Ecuador approved

(Quito, January 20, 2011) .- CAF - Latin American development bank - approved an increase in the line of credit for Banco ProCredit de Ecuador from US$8 million to US$12 million. The bank concentrates its operations on financing the activities of micro-, small- and medium-sized enterprises in Ecuador.

Krützfeldt Hermann, CAF representative director in Ecuador, said, "the multilateral financial organization has been supporting the private sector in Ecuador by implementing operations and channeling funds in favor of banks and companies, primarily for investments in fixed assets, plant expansions and permanent working capital."

"CAF’s actions are guided by its Integrated Development Agenda which promotes equitable and inclusive progress. Support for development of the MSME sector is precisely a means of achieving economic growth whose benefits are more equally distributed; in this respect one of our strategic objectives is to expand access to finance for previously marginalized sectors," Krützfeldt said.

The facility granted to ProCredit will promote the country's productive sector, especially enterprises whose size limits their access to financial services.