Chile signs credit line with IDB for up to $1 billion to boost SMEs

The Washington-based agency had approved the plan in early December to "increase productivity and promote sustainable development." Chilean Finance Minister Mario Marcel signed the agreement for the establishment of a conditional credit line for investment projects (CCLIP) during an annual IDB meeting in Panama.

Chile signed a 15-year credit line for $1 billion with the Inter-American Development Bank (IDB) to promote the development of small and medium-sized companies, the Ministry of Finance reported on Sunday. The Washington-based agency had approved the plan in early December to "increase productivity and promote sustainable development."

Chilean Finance Minister Mario Marcel signed the agreement for the establishment of a conditional credit line for investment projects (CCLIP) during an annual IDB meeting in Panama. "This operation will basically provide loans to (state development office) Corfo as a second-tier bank to channel to SMEs through non-banking institutions," the official was quoted as saying in a statement.

The initiative seeks to promote sustainable development in the finance and climate action sectors, he said.