IDB moves US$19mn from capital markets to town markets

- Tuesday, September 6, 2011

IDB moves US$19mn from capital markets to town markets

The Inter-American Development Bank (IDB) has agreed to provide a US$19mn syndicated loan to El Salvador's local authorities to revamp town markets.

The loan will be distributed Salvadorian credit union association Fedecrédito.

IDB will contribute US$10mn, with the remaining US$9mn split equally among its three European partners - Belgian bank VDK Spaarbank, Dutch microfinance investor Oikocredit and Bank Im Bistum Essen, a German specialist bank financing Catholic institutions.

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"Most of the beneficiaries will be women heads of low-income households who sell food, fruits and vegetables, clothing and crafts in the municipal markets," IDB said in a statement.