Trust approved to implement strengthening of microfinance institutions | News
The Ministry of Economy and Finance (MEF) approved the trust contract of the Patrimonial Strengthening Program of the Institutions Specialized in Microfinance for its implementation and continue loans to micro and small companies (mypes) affected by the covid-19 pandemic.
The measure was ordered by ministerial resolution (RM) 288-2021-EF / 52, published on Saturday, September 25, in the newspaper El Peruano.
The general director of the General Directorate of the Public Treasury and the general director of the General Directorate of Financial Markets and Private Pension, on behalf of the MEF, are hereby authorized to sign the trust agreement of the Patrimonial Strengthening Program of the Institutions Specialized in Microfinance , as well as to sign public and / or private, related or complementary documents that allow their execution.
The recitals of the rule indicate that in order to adopt provisions that allow minimizing the impact of covid-19 in the economy of natural and legal persons, whose daily activities had to be suspended due to the restrictions established in the framework of the State of Emergency National, emergency decree (DU) 037-2021 was issued.
The purpose of this DU is to establish complementary extraordinary measures in economic and financial matters aimed at strengthening the assets of specialized microfinance institutions, as well as facilitating their corporate reorganization, in order to protect public savings, preserve macroeconomic stability and maintain continuity of business. the chain of payments in the economy.
It is mentioned that such DU ordered the creation of the Patrimonial Strengthening Program of the Institutions Specialized in Microfinance (financial, municipal savings banks and rural savings banks) to be financed with resources from the internal issuance of bonds for up to 1,679 million soles.
It is indicated that Cofide, Banco de Desarrollo del Perú, is entrusted with the administration of the aforementioned program and the General Directorate of the Public Treasury and the General Directorate of Financial Markets and Private Pension Fund of the MEF are authorized to sign a trust contract with Cofide .
It should be noted that the head of the SBS, Socorro Heysen, announced, in mid-April, that through DU, the Government will promote that non-bank microfinance institutions continue to provide loans to micro and small companies (mypes) affected by the covid pandemic -19.
Through this preventive and temporary program, he pointed out, that time, that the Government will be able to buy preferred shares from the municipal banks and subordinated bonds from non-bank microfinance institutions (rural banks), strengthening them as well as capitalizing them.
The Executive Power made official DU 037-2021 in mid-April, which creates the aforementioned program, and in June, the MEF approved its operating regulations, which it modified in early July.
While in mid-September, the MEF authorized the internal issuance of bonds of up to 1,679 million soles to finance this program.
What is a trust?
A trust is a contract by which one or more persons (settlors or settlors) transfer assets, money, present or future rights of their property to another person.
The one who receives these resources (trustee) manages or invests the assets for his own benefit or that of a third party.
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