LatinNews Daily - 16 February 2022

In brief: International SME finance scheme to launch in Ecuador

* The France-headquartered International Chamber of Commerce (ICC) and UK-headquartered financial technology company Finastra have announced that Ecuador will be the first recipient of their ICC TRADECOMM finance scheme for small- and medium-sized enterprises (SMEs). The initiative, which aims to tackle shortfalls in SME funding, will make available US$3.4bn in finance for Ecuadorean SMEs between 2022 and 2026. Carlos Zaldumbide, the secretary general of ICC Ecuador, said that Ecuador was chosen as the scheme’s pilot country because of its “growing economy supported by a solid base of SMEs.” ICC Secretary General John Denton said that ICC TRADECOMM will aim to provide loans to 50,000 SMEs in Ecuador.

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