OFID IN ACTION
Financial: Strengthening trade finance and supporting growth in El Salvador
OFID’s loan will help support the bank’s trade activities in El Salvador, particularly in industry (eg. textile manufacture) and food/beverages.
Project title: Banco Promerica S.A. El Salvador Amount: $15m Mechanism: Trade Finance loan
OFID’s Trade Finance Facility has provided a term loan of $15m to Banco Promerica El Salvador to support the bank’s international trade activities with a particular focus on manufacturing, the food and beverage sectors, and industry.
OFID’s support is a boost to a country with one of the lowest economic growth rates in the Central American region. The availability of finance determines the
pace at which existing businesses can expand, and whether newer busi- nesses are able to become estab- lished. The $15m term loan also helps to improve liquidity in the banking sector.
This is OFID’s second trade transac- tion with the bank in El Salvador. The first for $8m was approved in 2014 and enabled 200 sub-loans to be made as a result.
OFID’s Trade Finance window facilitates import and export requirements and ultimately im- proves the cross-border trade prospects of partner countries.
provides direct financing or participa- tion in risk-sharing programs to support financial institutions and the growth of their international trade activities.
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