Cabei holds back US$30mn in loans to microfinance sector on poor governance
Bnamericas Published: Thursday, September 29, 2011
The Central American Bank for Economic Integration ( Cabei) has frozen US$30mn in second floor loans to Nicaraguan microfinance institutions pending improvements in their governance. The funds represent 20% of the sector's credit portfolio, the president of Nicaraguan microfinance association Asomif told local newspaper El Nuevo Diario. Cabei country manager Edda Magaly Meléndez told the paper that the bank will wait for concrete signs of progress from Asomif members before reopening the credit lines. Nicaragua's microfinance sector has been hurt by the languid economy and massive loan defaults in 2008-2009.
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