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FMO finances affordable mortgages programs in El Salvador, Panama
Dutch development bank FMO has provided $60 million in funding, in collaboration with Banco La Hipotecaria in El Salvador and Panama, to provide affordable mortgages in the two Central American countries.
Nederlandse Financierings-Maatchappij Voor Ontwikkelingslanden (FMO) is a Dutch development bank structured as a bilateral private-sector international financial institution, and which is based in The Hague.
FMO manages funds for the Netherlands’ ministries of foreign affairs and economic affairs to maximize the development impact of private sector investments.
The financing program will allow for low-income and middle-income borrowers to access affordable mortgages in El Salvador and Panama, supporting economic growth in the two countries and reducing inequality.
FMO was advised by Central American law firm BLP on the financing program.
BLP’s role was to advise FMO in the review of the facility agreement under local law and execution thereof, as well as the preparation of all documentation, and the planning, negotiation, and formalization of local securities.
BLP’s team was led by partners Zygmunt Brett and Mariana Nochez in El Salvador.
In addition to offices in El Salvador, BLP also has offices in Guatemala, Honduras, Nicaragua and Madrid.
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