The Peruvian Government will promote a "credit revolution" and thus allow small businesses to access formal credit, President Pedro Pablo Kuczynski stated.
Said revolution will contribute to gross domestic product (GDP) growth.
Currently, formal loans granted by savings banks and banks reach 35% of small businesses.
However, the rate could climb to 60% if some reforms are implemented. Thus, annual GDP would increase by at least 1 percentage point.
"We are going to encourage a credit revolution in Peru, which will allow many small businesses […] to gain access to credits," the Head of State affirmed.
The initiative will also serve to formalize small enterprises, he added.
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Published: 8/29/2016