The Minister of Finance, Ricardo Bonilla, put on the table a proposal to allow development banks (Finagro, Bancóldex, Findeter and Financiera de Desarrollo Nacional) to carry out direct credit operations, in addition to the rediscount that they do with commercial banks.
(See: JP Morgan buys the First Republic Bank: keys to the banking business).
During the 2023 Infrastructure Meeting, the official also said that Bancóldex can go down to finance small companies, and Finagro can consolidate infrastructure financing in the agricultural sector.
Likewise, the head of the Treasury portfolio assured that those entities that have the vocation of providing technical assistance can develop it, for which they are allowed to hire micro-enterprises, an action that today cannot be done
(See: In the first quarter, the BBVA Group’s loan portfolio grew 9.8%).
But the idea, according to what was stated by the head of the Treasury portfolio, is to comply with the parameters of the Procurement Law (Law 80) with conditions such as standard specifications, plurality of bidders and financial sustainability).
Ricardo Bonilla, Minister of Finance.
Sergio Acero Yate / Time
“We want to strengthen the synergies between these banks and the trust companies. This means that banks carry out common projects, leverage larger associated investment projects, not that they compete through associative loans to have investment in roads, railways, fluvial and larger infrastructure in transport systems”said the Minister of Finance during the event.
(See: Bancamía reduces interest rates for loans to women).
He assured that the provisions of the Bicentennial Group – within which these development banking entities are a part – have been perfecting in recent days.
Additionally, the Minister of Finance, Ricardo Bonilla proposed, through the Plan, that financial entities work together on infrastructure projects through associative credits.
“What we want is for cooperative banks, as well as mutual funds, to be able to access the advantages of rediscount credit,” assured.
Bonilla said that in the Development Plan “We want the direct credit relationship to be strengthened so that the Ministry of Finance can give them specific resources. Today there is no line for rediscount credit with a compensated rate or direct credit. The idea is how to strengthen that capacity and to whom to give them efficiently”.
(See: Credit Suisse reported that it lost 68.3 billion euros in deposits).
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