Loan granted to Corporación Financiera Nacional of Ecuador

(Caracas, September 14, 1992).- A US$25 million loan for the Ecuadorian government was granted today to partially finance a multisectoral global credit program. The borrowing organization is Corporación Financiera Nacional (CFN).

The total cost of the program is US$225 million; in addition to CAF, the Inter-American Development Bank and the World Bank are participating in the financing.

CFN will channel the funds to the final borrowers for use in projects of Ecuadorian private companies.

The agreement was signed in CAF headquarters in Caracas by CAF President & CEO Enrique García, and CFN general manager Leonardo Stagg Descalzi.

The CAF president said the loan would support development of private sector activities “which are compatible with the policy of the country’s competitive participation in international markets."

He added the project would help modernize the Ecuadorian financial system through efficient allocation of resources, and improve the balance of payments because it will be used especially to stimulate production of exportable goods."