At least $ 100 million this year would be delivered through BanEcuador in 1% credits

Tomorrow at 11:00 in Latacunga the official launch of the 1% credits and up to 30-year terms will take place.

It isWednesday, January 5, at 11:00, at the Cantonal Agricultural Center of Latacunga, the President of the Republic, Guillermo Lasso, will launch theAgricultural Investment Promotion Projectin order to grant targeted productive credits,at 1% annual interest for up to 30 years.

The idea is to “place in the hands of the Ecuadorians who need it most a total of$100 million over twelve months, benefiting at least 43,000 micro-producers, until 2025,"the Ministry of Communication said in a statement.

In the morning, President Lasso had reported that the microcredits to be delivered will beamounts between $500 and $5,000.

According to Secom, "many of these will be directed to strengthening the economy of Ecuadorians, since during the first phase at least 40,000 families will have the opportunity to invest in their ventures, among which are those led by women."

Other benefits of implementing this productive strategy will bethe generation of new jobs and the revitalization of the economy as a whole around the clusters established for the provision of goodsand services used in agricultural and livestock processes.

On the subject, representatives of microfinance financial entities and cooperatives consider that this type of government measuresIf they are not well defined, they can generate unfair competition for their sectors.