Articles
Business intelligence and analysis on Ecuador
Banco Central Revises 2026 Growth Projection to 2.5% — Up 0.7 Points From September Forecast
The Banco Central del Ecuador raised its 2026 GDP growth projection to 2.5%, a 0.7-point upward revision from its September 2025 estimate. The BCE expects 2.8% average growth through 2027-2029, 1.8% inflation, 10% private credit growth, and a $6.42B external surplus. 2025 closed at 3.7% — implying material deceleration.
CFN Disburses $243.5M in 2025, Posts $280.25M Profit — Delinquency Falls to 20.79%
Ecuador's development bank CFN reported $243.5 million in total 2025 disbursements — $159.83M in productive credit and $83.67M in partial guarantees — alongside $280.25M profit and $1.65B in equity. Delinquency fell from 22.55% to 20.79% year-over-year. Women-led projects received 58% of productive credit.
Minutocorp Lists $4.5M Collective Investment Fund on BVG — Construye Patrimonio 01, Targeting 38% Three-Year Returns
Minutocorp launched its first $4.5 million collective investment fund, Construye Patrimonio 01, issued by associated entity Formaper S.A. The 10-year closed-end fund targets returns of up to 38% every three years and liquidates in 2036. The listing marked the Bolsa de Valores de Guayaquil's 107th bell ring.
Ecuador Wins "Social Loan of the Year" at Environmental Finance Sustainable Debt Awards 2026 for $500M IDB Housing Loan
Environmental Finance awarded Ecuador the "Social Loan of the Year" prize at the Sustainable Debt Awards 2026 for a $500 million IDB-backed loan received in December 2025 to finance the state social housing program. The deal was structured with technical support from the Global Green Growth Institute, financed by Luxembourg. Minister Sariha Moya represents the recognition as a reputational win for Ecuador's sustainable-debt issuance pipeline.
Formaper Places $4.5M "Construye Patrimonio 01" Collective Investment Fund on Bolsa de Valores de Guayaquil
Formaper S.A., an affiliate of real estate and construction firm Minutocorp, listed its first collective investment fund — "Construye Patrimonio 01" — on the Bolsa de Valores de Guayaquil for $4.5 million, targeting returns of up to 38% every three years over a 10-year term. The BVG recorded the 107th bell-ringing of 2026 to mark the listing. The exchange reports 2025 trading volume of $182 million, a 40.41% increase over 2024.
Banco Guayaquil Hosts "Banco Guayaquil Day" in New York to Attract Foreign Capital to Ecuadorian Projects
Banco Guayaquil is hosting "Banco Guayaquil Day" in New York on April 15, 2026, presented by its executive president Guillermo Lasso Alcívar. The event targets international investors and global financial market participants with the stated goal of linking Ecuador's investment potential to international capital through sustainable investment opportunities.
Banco del Pacífico Leads Q1 2026 Private Bank Profitability — ROE 21.51%, ROA 2.36%
Banco del Pacífico posted Q1 2026 net income of $60.05 million and led Ecuador's private banking system in profitability ratios — ROE 21.51% and ROA 2.36% — both ranking first ahead of Banco Pichincha, Banco Guayaquil, and Produbanco. System-wide ROE stands at 13.42% on $53.3B in total credit and $62.6B in deposits.
IMF Upgrades Ecuador 2026 GDP Forecast to 2.5% — Above South American Average of 2.3%
The IMF's April 2026 World Economic Outlook upgraded Ecuador's GDP growth projection from 2.0% to 2.5%, placing the country above the 2.3% South American average. The upgrade comes within the Fund's $5B Extended Fund Facility framework and reflects continued reform implementation. Ecuador's 2025 closed at 3.7%, so 2026 still represents a deceleration.
IMF April WEO: World GDP Cut to 3.1%, Worst-Case 2.0%, LatAm Revised Up to 2.3% on Oil Revenue Tailwind
The IMF's April 2026 World Economic Outlook revised global GDP growth down 0.2 points to 3.1% (base case) and projected a 2% worst-case scenario tied to extended Iran conflict disruptions. Latin America and the Caribbean were revised UP 0.1 points to 2.3% — the IMF cites oil-revenue tailwinds as 'good news in terms of export income' for the region's commodity exporters.
IMF Reaches Staff-Level Agreement on Fifth EFF Review — $394M Disbursement Pending
The IMF announced a staff-level agreement on the fifth review of Ecuador's $5 billion Extended Fund Facility, clearing the path for a $394 million disbursement pending Executive Board approval. With $3.33 billion already disbursed, Ecuador has drawn approximately two-thirds of the total program. The agreement signals that fiscal consolidation benchmarks — including subsidy reform and revenue mobilization — have been met for the review period.
Ecuador Launches Latin America's Largest Biodiversity Bond — $120M
Banco Bolivariano issued Latin America's largest biodiversity bond at $120 million, with anchor investments from IDB Invest ($50M), IFC ($50M), and the Netherlands' FMO ($20M). The proceeds will fund sustainable agriculture, responsible forestry, and conservation-linked lending in Ecuador. The issuance is the first of its kind in the Andean region and positions Ecuador as a pioneer in biodiversity-linked capital markets.
Banco Bolivariano Launches $120M Biodiversity Bond — Largest in Latin America
Banco Bolivariano has launched Latin America's largest biodiversity bond, raising up to $120 million over a five-year tenor with anchor subscriptions from IDB Invest ($50M), IFC ($50M), and FMO ($20M). The bond — Ecuador's first dedicated biodiversity instrument — will finance eligible projects across five pillars: productive land use, sustainable freshwater and marine production, waste management, forestry, and ecotourism. All funded projects must demonstrate verifiable environmental benefits under the bank's sustainable finance framework.