Scotiabank asks for IDB Invest loan

Scotiabank asks for IDB Invest loan

Loans Debt El Salvador Central America Canada

Canada's Scotiabank has requested a $37.5m loan from IDB Invest to develop a digital platform for small and medium-sized enterprises (SMEs) in El Salvador.

The proposed financing involves $15m from IDB Invest itself plus $10m from the IDB and $12.5m through the China Co-financing Fund for Latin America and the Caribbean, according to IDB Invest.

IDB Lab could also advise Scotiabank on how to design and implement the new platform called "Let's SME." IDB Invest's board is scheduled to review the proposal on July 25.

Scotiabank said in February that it had agreed to sell its banking and insurance businesses in El Salvador to Imperia from Honduras. The sale in El Salvador, along with the sale of banking and insurance units in the Caribbean, resulted in a one-time gain of $250m for the Canadian lender.

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