Financial Inclusion model for the developing world
Tegucigalpa.- Recently, the national Law Center for Inter-American Free Trade published in its memoirs “A Twenty Year Retrospective”, and in its annual report, two articles relating the success in Honduras of the approval of the Personal Property Guarantees Law, and the creation of the Lien Registry, both initiatives were led by the Millennium Challenge Account-Honduras.
The articles relate the chronology of the work done by the National law Center, which was hired by the Millennium Challenge Account-Honduras, with funds from the Millennium Challenge Corporation of the United States of America, and concluded with the Law’s approval. This Law will allow credit access to the economy’s formal sector, by converting accounts receivable, inventory, contracts, and equipments, among others, to collaterals.
Opening reception of the Lien Registry.
Lien Registry offices, in the Chamber of Commerce and Industry of Tegucigalpa.
After the Law was approved, the Lien Registry was created under the administration of the Chamber of Commerce and Industry of Tegucigalpa (CCIT). Regarding the Law and the Lien Registry in Honduras, the Secretary of State of the United States of America, Hillary Rodham Clinton, presented the Honduras case as a financial inclusion model for the developing world: “…the United States is committed to work with our partners from Roads to Prosperity to modernize laws that govern loans, and allow small and medium-sized businesses to use other assets, in addition to real estate, as collaterals. I have visited the experience in Honduras, and they showed me the type of equipments that can now be used as collateral, now that Honduras has changed its law: sewing machines, agricultural tools, machinery”, said Mrs. Clinton.
Doctor Boris Kozolchyk, founder and director of the National Law Center, expresses in the Center’s annual report his gratitude for the support and work done by Marco Bográn, current Executive Director, and by Martin Ochoa, former Executive Director of the Millennium Challenge Account-Honduras. He also thanks officials from the CCIT, the Honduran Association of Banking Institutions, and officials from the Government of Honduras, for their efficient and decided support.
The Lien Registry began operations on January 28, 2011, and continues to operate efficiently in the CCIT offices.
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