US$100 million approved for Ecuador

(Caracas, March 17, 2009).- The Andean Development Corporation approved a US$100 million rotating line of credit for the Republic of Ecuador to be executed by the National Financial Corporation (CFN).

"In financial situations such as the current one, development finance organizations, like CAF, have to make facilities available to their shareholders to mitigate the possible negative effects of the crisis," CAF president & CEO Enrique García said.

The CAF chief said the funds would be used for the national productive sector. "They will be channeled by CFN as executing agency directly and/or through the Ecuadorian banking system." "This financing is important because it is part of the Ecuadorian government’s National Development Plan. Its objective is to generate employment and reactivate the productive base of the country."

The National Financial Corporation is an autonomous public financial institution, with legal personality and indefinite duration, according to its constitution. As executing agency of the national government, its objective is to become the main source of financing for the productive and service sectors by stimulating investment and promoting their economic development and competitiveness.