June 3, 2019 |
Banco Bolivariano has received a five-year, $50m loan from IFC to fund loans to small businesses in Ecuador.
Small and medium-sized enterprises (SMEs) provide one in three jobs and account for 25% of GDP in Ecuador. The financing gap, however, stands at $15.7bn, or 16% of GDP, according to IFC.
IFC granted a $30m loan for Bolivariano to fund SME loans in December 2014. The Guayaquil-based lender also borrowed $30m from IDB Invest for SME loans in January this year.
IFC supplied $50m in March
Ecuadorean lender gets $50m to support SME loans