The Inter-American Development Bank will lend USD50 million over six years to Ecuador’s leading commercial bank. The funding will be used to broaden Banco Pichincha’s financing services for the housing, small business and micro-enterprise sectors. “We’re pleased to be the first Ecuadorean financial institution to take advantage of the IDB’s new financing scheme for the private sector,” Banco Pichincha General Manager Fernando Pozo said. “This operation will help us pursue one of our strategic goals, to bring new and better products to lower income groups who have traditionally had less access to formal financial services.” (Press release: IDB approves USD50 million for Ecuador?s Banco Pichincha/Inter-American Development Bank)
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