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Overview

China Co-Financing Fund for LAC provides $20 million loan to Banco de América Central for 'Mujer Acelera' Program (Linked to Record ID#86526)

Commitments (Constant USD, 2023)$20,634,676
Commitment Year•2020Country of Activity•El SalvadorDirect Recipient Country of Incorporation•El SalvadorSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 25, 2020
Last repayment (originally scheduled)
Aug 24, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • People's Bank of China (PBC)

Cofinancing agencies

Intergovernmental Organizations

  • IDB Invest (formerly Inter-American Investment Corporation or IIC)

Receiving agencies

Private Sector

  • Banco de América Central, S.A., El Salvador

Implementing agencies

Intergovernmental Organizations

  • China Co-Financing Fund for Latin America and the Caribbean (CHC)
  • IDB Invest (formerly Inter-American Investment Corporation or IIC)

Private Sector

  • Banco de América Central, S.A., El Salvador

Loan description

China Co-Financing Fund for LAC provides $20 million loan to Banco de América Central for 'Mujer Acelera' Program

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On August 25, 2020, The China Co-Financing Fund for Latin America alongside IDB Invest, the private sector arm of the Inter-American Development Bank (IDB) Group, signed a $20 million ‘B’ loan agreement with Banco de América Central, S.A. (BAC El Salvador) — a privately-owned commercial bank that operates in El Salvador — to support the growth of BAC El Salvador’s ‘Mujer Acelera’ program. The ‘Mujer Acelera’ program provides financing to women-led/-owned small and medium-sized enterprises (SMEs) in El Salvador. The loan has a 5-year maturity. Its other borrowing terms are unknown. The loan from the China Co-Financing Fund for Latin America and the Caribbean was secured alongside a $40 million ‘A’ loan from the Inter-American Investment Corporation (IDB Invest) with a 5-year maturity.

Staff comments

1. The China Co-Financing Fund for Latin America and the Caribbean was established on January 14, 2013 with a contribution of $2 billion by the People's Bank of China. It is administered by the IDB. For more information, see umbrella Record ID#86526. 2. The IDB Invest project identification number is 12824-02 or IDBI-12824-02. 3. Banco de América Central S.A. (BAC) is one of El Salvador's largest commercial banks. It provides a full line of financial services to companies and individuals. It is ultimately owned by Colombian conglomerate Grupo Aval. 4. BAC El Salvador is part of the BAC Credomatic Group.