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

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.

Additional details

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 Project 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.

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