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Recino’s Imports Accesses One Million Dollars from the IDB

Recino’s Imports has been approved for a one-million-dollar loan from the Inter-American Development Bank. This investment by the IDB is the first of its kind as part of the bank’s project geared at supporting developing business in the country. Recino’s is a local distributor of select internationally branded goods, based in the Cayo District. It is the belief of the bank that the loan will support Recino’s expansion plan by increasing its storage capacity, maintaining competitiveness, supporting its supply chain resiliency and continuous supply of goods to small and medium enterprises around the country at cost-effective rates. The loan is being granted with a 10-year repayment plan including one-year grace period and a possible refinancing of up to five million dollars. The IDB Invest Project will also provide advisory services to aid in efficiency of Recino’s operations and consultancy services to develop the environment and social policies and procedures. According to the IDB, the investment is also contributing to three of the united Nations Sustainable Development Goals (SDGs).