IFC Signs Nicaragua Housing Deal

The IFC has signed an agreement to help Banco de Finanzas in Nicaragua develop a housing finance line of credit for low and middle-income families. The multilateral will provide a $15m long-term financing for the program. In addition, Banco de Finanzas became the first issuing bank in the country to join IFC’s global trade finance program. IFC will also provide advisory services to help Banco de Finanzas expand its products for micro, small and medium enterprises. “This project is consistent with IFC’s strategy in Central America, which aims to help accelerate private sector development,” says Jyrki Koskelo, IFC director for global financial markets. In fiscal 2007, IFC invested $76m in CentAm private sector projects.