LatinNews Daily - 25 August 2020

* The Central American bank for economic integration (BCIE) has approved a US$50m loan for Nicaragua, to help small and medium-sized enterprises (SMEs) affected by the impact of the coronavirus (Covid-19) pandemic. According to a BCIE press release, over 700 SMEs will benefit from the loan, which is expected to contribute to various sectors including agri-food production chains, renewable energy, energy efficiency, hotels & tourism, construction, the creative industry, and trade, among others. Unlike other countries in the region, the government led by President Daniel Ortega did not order a shutdown of non-essential businesses to stop the spread of the virus, amid fears of the impact on the country’s economy. Despite this, the United Nations Economic Commission for Latin America and the Caribbean (Eclac) forecasts that Nicaragua’s economy will register the largest contraction in Central America in 2020 (-8.3%).

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