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.

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