Thursday 29 July 2021

Costa Rica Announces US$93 Million in Soft Loans

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Four thousand U.S. dollars are counted out by a banker counting(QCOSTARICA) – Six financial institutions have been authorized to provide loans under the conditions imposed by the Development Bank, with interest rates of 3% in dollars and in line with the passive base rate in colones.

Welmer Ramos, chairman of the Governing Board of the Development Banking System commented that “… ‘These programs involve interest rates that are half the rates that currently exist for the same activities.'”

The accredited financial operators are: The state banks, Banco Nacional de Costa Rica (BNCR) and the Banco de Costa Rica (BCR);the private banks,  BAC San José and Banco Improsa; and cooperatives (credit unions), the Coopenae R.L. and Coopeservidores R.L.

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“… The 38 programs authorized which correspond to the different products for MSMEs that this time will be offered by the accredited entities, encompss an upcoming channeling of loans estimated at more than ¢ 50,000 million colones, which are directed towards productive activities in industry , commerce, agriculture, livestock and services. ”

The Economy Ministry (Ministerio de Economia, Industria y Comercio de Costa Rica – MEIC )statement said that “… The Governing Council recognizes the willingness of financial institutions to achieve standardization in financial conditions for the benefit of citizens, achieving a deal on interest rates, which will even provide the Passive Base Rate in colones, which is at 6.80% and 3.00% in dollars. Formalization commissions, regardless of the financial operator, will be set at a maximum of 1.50%. ”

Article originally appeared on Centralamericandata.com, with editing by the Q

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