Banpais to Lend Money to San Pedro Sula Municipality

The municipal corporation of San Pedro Sula voted this morning to proceed with a loan from the banking institution of Banpais.

The loan is for the amount of 400 million lempiras, at a 10 per cent interest rate, for a period of six years. This loan to the city will be used to pay a series of embargoes that have frozen San Pedro Sula’s municipal accounts.

The city normally receives money from tolls and other revenues to pay their bills, but they have been seized due to demands of former employees of the Honduran Institute of Social Security (IHSS) and the Holding Electric (formerly Sulambiente) company.


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