The framework of this agreement is the Environmental Credit Programme for Small and Medium-sized Enterprises, which will be run through the BCIE, and aims, as reported by the bank, "to create efficient and sustainable access to financial products for environmental investments to suit the needs of small and medium-sized enterprises through efficient financial intermediaries serving this sector".
This loan is the first to be formalised with KfW as part of a financial cooperation agreement for $94 million (€70 million) signed by the BCIE and the German government, which focuses on supporting small and medium-sized businesses in Central America.
Representatives of the BCIE and KfW also signed two Memorandums of Understanding, one to establish a cooperative mechanism for the marketing of Carbon Emission Reduction Certificates, and another to exchange experiences between the BCIE and KfW of using a measurement tool – designed by KfW – to assess the impact of its operations in achieving the Millennium Development Goals (MDGs).
The agreements were signed on behalf of the BCIE by its Chief Executive, Nick Rischbieth, while KfW was represented by its Director for Latin America and the Caribbean, Rüdiger Hartmann, and the head of its Financial Sector and Economic Infrastructure Division, Christoph Sigrist .
The KfW has been supporting various initiatives of the BCIE related with the development of small and medium-sized enterprises, and renewable energy and energy efficiency activities in the region.
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