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CONFIDENTIAL CONFIDENTIAL//NOFORN SECRET SECRET//NOFORN UNCLASSIFIED UNCLASSIFIED//FOR OFFICIAL USE ONLY

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Viewing cable 05QUITO2907, OPIC FINANCE INQUIRY RESPONSE ON MICROFINANCE

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Reference ID Created Released Classification Origin
05QUITO2907 2005-12-21 13:49 2011-05-02 00:00 UNCLASSIFIED Embassy Quito 
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