New Bank to Provide Credit to Farmers

MANAGUA – The new Banco del Éxito (Banex) will open here Oct. 15 with 30 branches across the country, mostly in rural areas to help provide financing to small agricultural producers. The bank, which belongs to the Nicaraguan Financial Development institute (Findesa), will have $152.9 million in credit and hopes to have between 60,000 and 200,000 clients.

Banex, which will offer credit at a 21 percent annual interest rate, will become the eighth bank to operate in Nicaragua.