Completed Development AidData Chinese Aid

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

$20M USD

Funder	People's Bank of China (PBC)
Recipient Organization	Banco de América Central, S.A., El Salvador
Country	El Salvador
Start Date	Aug 25, 2020
End Date	May 21, 2033
Duration	4,652 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`85216`

Grant Description

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

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.
The IDB Invest project identification number is 12824-02 or IDBI-12824-02.
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.
BAC El Salvador is part of the BAC Credomatic Group.

📚 Sources & References

BAC Salvador – Support for the “Mujer Acelera” Program
Banco de América Central recibe préstamos por 160 millones de dólares de BID Invest
IDB Invest funds women-led SMEs in El Salvador
IDB Invest and BAC Credomatic El Salvador join forces to empower women-led small and medium-sized enterprises through Mujer Accelera
Firma convenio BID Invest y BAC El Salvador Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.