Through an international donation of 5 million dollars, the Guarantee Fund for Women (Fogamu), designed for the economic empowerment of women, begins to operate from today, Friday.
The Fund for International Cooperation and Development (Taiwan ICDF), in an agreement with Fogapy (Guarantee Fund of Paraguay) made a donation of five million dollars to start up the Fogamu Guarantee Fund for Women).
With this financial base, it is expected to grant loans to finance projects for women entrepreneurs who want to start their businesses or to strengthen any company led by a woman or that has at least one woman for every three employees.
“With Fogamu, through the guarantees we seek to mitigate possible risks perceived by financial institutions by supporting women entrepreneurs or companies led by women,” said the head of the AFD, Teresa de Velilla.
FOGAMU CHARACTERISTICS
Fogamu offers coverage of up to 90% of the value of the guaranteed loans, which can be used to finance working capital (current business expenses and raw materials and supplies) as well as investment (acquisition of capital goods, expansion of infrastructure and technology).
The maximum amount of credit subject to guarantee is up to G. 1,600 million and there is no minimum amount required. Additionally, the guarantee issued by Fogamu can accompany the credit for 10 years.
ENTITIES THAT OPERATE WITH THE WOMEN’S FUND
Banco Nacional de Fomento, Visión Banco SAECA, Banco Regional SAECA, Banco BASA SA, Interfisa Banco SAECA, Banco Atlas SA, Banco Rio SAECA, Bancop SA, Sudameris Bank SAECA, Banco Familiar SAECA, Financiera Ueno SAECA, Financiera Finexpar SAECA, Financiera Paraguayo Japanese SAECA, Cooperativa Mburicao Ltda., Cooperativa Mercado 4 Ltda., Cooperativa Coodeñe Ltda., Cooperativa Mborayhú Ltda. and Cooperativa Nazareth Ltda.
