New government measures to generate additional US$ 3.6 billion dollars in credit

SANTIAGO.- Minister of Finance Andrés Velasco announced this morning that a package of government measures designed to stimulate bank and non-bank credit could generate an extra US$ 3.6 billion dollars for private credit in the nation.

Yesterday, the minister announced alongside President Michelle Bachelet that measures will be taken to boost access to credit for small and medium businesses, as well as individuals, as part of a US$ 4 billion-dollar fiscal plan launched at the beginning of this year to stimulate the economy amidst the current global crisis.

"We predict that the joint implementation of these 20 measures could generate close to US$ 3.6 billion dollars in additional private credit", stated Velasco.

The minister, who recently assumed the nation's vice-presidency, also stated that, with the previously announced capitalization of the state-owned financial entity BancoEstado, the institution may issue credit for another US$ 2.4 million dollars.

"With the various pro-credit mechanisms that we have implemented since January 1st, there is the potential for US$ 6 billion dollars", added the Minister of Finance.