Original disclosure @ DFC website
Updated in EWS Jul 31, 2020
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The OPIC and Citibank, N.A. (“Citi”) term facility (the “Facility”) will: a) finance the expansion of the Borrowers’ vehicle finance onlending programs for small and medium enterprises (“SME”) in Costa Rica and El Salvador (79%), and b) refinance two existing Citi-OPIC risk sharing facilities and certain short-term debt (21%). Despite the importance of SMEs to the economies of these countries, access to finance is a major or severe barrier to business for 41% and 32% of the SMEs in Costa Rica and El Salvador, respectively. The facility will enable CrediQ to provide loans to these SMEs at longer tenors than it could otherwise, affording them additional liquidity to grow their businesses.
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