New milestone for development cooperation: CDP in Ecuador

New milestone for development cooperation: CDP in Ecuador

Due to aid credit underwritten with the Ecuadorian Ministry of Finance, the rural population will have easier access to financial support

Rome, November 14, 2016

CDP together with the Ministry of Finance of the Republic of Ecuador has underwritten a 3 million-euro aid credit for Corporacion de Finanzas Populares (Conafips), the Ecuadorian institution that works to strengthen the entrepreneurial skills of rural populations. The operation will facilitate access to credit for the most disadvantaged groups in the provinces of Loja, Sucumbios, El Oro and Carchi.

The project falls within the activities carried out by CDP as part of its role as a financial institution for development cooperation. Specifically, the operation aims at achieving a number of objectives. Among these, the extension of credit lines for the rural sector workers by the local entities of popular finance; the strengthening of Conafips in terms of technical and institutional capacity; and the spread of financial literacy campaigns to increase the demand for credit by the men and women of the areas in difficulty.

As of January 1, 2016,  CDP is the primary actor, supporting Italy’s international cooperation arm of the Foreign Ministery, Maeci,  and Italy’s Agency for Cooperation, to build strong relationships in developing countries and combat social emergencies such as world poverty, malnutrition and mortality childish. In this regard, the operations in Ecuador, similar to those in the Palestinian territories, are among the objectives of sustainable growth pursued by development cooperation. Although Ecuador is not among the priority areas of Italian cooperation, the Italian presence in the country is still significant in areas such as finance inclusive development, conservation of the environment, natural disaster prevention,  and human rights support.