LatinNews Daily - 26 April 2022

In brief: Ecuador’s Lasso unveils new state development bank

*Ecuador’s President Guillermo Lasso has signed an executive decree (406) which formalises the merger of two state-owned banks Banco de Desarrollo (BanEcuador) and Corporación Financiera Nacional (CFN) to create a new development bank, Banco Económico de Fomento. President Lasso said that this merger, which has the objective of promoting credit for recovery following the coronavirus (Covid-19) pandemic, in particular for small- and medium-sized enterprises (SMEs), would signify savings of US$25m annually for the state. He said that the new bank would begin operations with assets of US$5bn.

End of preview - This article contains approximately 89 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

Intelligence Research Ltd.
167-169 Great Portland Street,
5th floor,
London, W1W 5PF - UK
Phone : +44 (0) 203 695 2790
You may contact us via our online contact form
Copyright © 2022 Intelligence Research Ltd. All rights reserved.