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Cablegate: Opic Finance Inquiry Response On Microfinance

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS QUITO 002907

SIPDIS

PASS TO OPIC RICHARD GREENBERG

E.O. 12958: N/A
TAGS: EINV EFIN ECON EC
SUBJECT: OPIC FINANCE INQUIRY RESPONSE ON MICROFINANCE
INTERNATIONAL CORP.

REF: STATE 221238

In response to reftel request, Post provides the following
information. According to USAID sources in the USA,
Microfinance International Corporation (MFIC) is a reputable
company. ProCredit is a reputable microfinance institution
doing business in Ecuador. The microfinance sector in
Ecuador is among the more developed and successful
microfinance sectors in Latin America. Remittances represent
the second highest source (after oil) of foreign revenue
entering the country. While the investment climate in
Ecuador leaves much to desire, particularly with respect to
contract enforcement and the judicial system, most commercial
problems involve businesses that deal with the Government of
Ecuador. We have no information on Japanese citizen Atsumasa
Tochisako.
JEWELL

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