NewsWhore
03-23-2009, 04:30 PM
The Inter-American Development Bank (IDB) has approved a US$300 million loan to support business in the DR, the bank announced last week. The loan will come from the IDB's Liquidity Program for Growth Sustainability set up to help Latin American and Caribbean countries restore credit flows for companies amidst a global crisis that has disrupted financial markets.
The Central Bank will manage the funds and use them to provide working capital and trade financing in US dollars through the domestic banking system for companies facing difficulties in accessing world credit markets due to the crisis. The funds will support production, allowing companies to preserve employment.
The DR is the 4th country to receive funds from the IDB's US$6 billion Liquidity Program since its creation in October. The IDB has already approved a combined US$1.2 billion in loans from the program to support productive sectors in Costa Rica, El Salvador and Jamaica. The loan is for a five-year term, with a three-year grace period.
The Board of the IDB, the biggest long-term lender for the region, has also approved today a US$60 million loan that will support measures to improve the country's competitiveness as it opens more for trade.
The financing, the first of three proposed operations totaling US$180 million, will help improve the competitiveness of businesses in new export markets and at home, with a particular focus on small and medium-sized enterprises. The plan also supports measures to improve public administration, reform the legal system, foster investment in technology and innovation, and other actions that will enhance the Dominican Republic's business environment.
The $60 million loan, which will mature in 20 years, has a grace period of five years with an interest rate based on LIBOR.
More... (http://www.dr1.com/index.html#9)
The Central Bank will manage the funds and use them to provide working capital and trade financing in US dollars through the domestic banking system for companies facing difficulties in accessing world credit markets due to the crisis. The funds will support production, allowing companies to preserve employment.
The DR is the 4th country to receive funds from the IDB's US$6 billion Liquidity Program since its creation in October. The IDB has already approved a combined US$1.2 billion in loans from the program to support productive sectors in Costa Rica, El Salvador and Jamaica. The loan is for a five-year term, with a three-year grace period.
The Board of the IDB, the biggest long-term lender for the region, has also approved today a US$60 million loan that will support measures to improve the country's competitiveness as it opens more for trade.
The financing, the first of three proposed operations totaling US$180 million, will help improve the competitiveness of businesses in new export markets and at home, with a particular focus on small and medium-sized enterprises. The plan also supports measures to improve public administration, reform the legal system, foster investment in technology and innovation, and other actions that will enhance the Dominican Republic's business environment.
The $60 million loan, which will mature in 20 years, has a grace period of five years with an interest rate based on LIBOR.
More... (http://www.dr1.com/index.html#9)