JPRF-G-2024-0113 — Approves the Budget of the Development Bank of Ecuador B.P. for the 2024 Economic Year

Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Government Financial Management Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador | Resolution No. JPRF-G-2024-0113 THE FINANCIAL POLICY AND REGULATION BOARD WHEREAS: That, Article 226 of the Constitution of the Republic of Ecuador establishes that “State institutions, their agencies, dependencies, public servants, and persons acting by virtue of state authority shall exercise only the competencies and powers attributed to them in the Constitution and the law. They shall have the duty to coordinate actions to fulfill their purposes and ensure the enjoyment and exercise of rights recognized in the Constitution.”; That, Article 309 of the Fundamental Norm stipulates that entities of the national financial system shall be responsible for preserving their “security, stability, transparency, and solidity”; That, Article 310 of the Magna Carta orders that: “The public financial sector shall aim to provide sustainable, efficient, accessible, and equitable financial services. The credit it grants shall be oriented preferentially to increase the productivity and competitiveness of productive sectors that enable achieving the objectives of the Development Plan and of less favored groups, in order to promote their active inclusion in the economy.”; That, Article 13 of the Organic Monetary and Financial Code, Book I, created the Financial Policy and Regulation Board as part of the Executive Branch, responsible for formulating credit, financial, securities, insurance, and prepaid comprehensive health care service policy and regulation; That, Article 14.1, number 14, letter a of the Organic Monetary and Financial Code, Book I, states that it is a faculty of the Financial Policy and Regulation Board: “a. Annually approve the budget of public financial sector entities, their amendments, as well as regulate their execution”; That, through Resolution No. JPRF-G-2022-055 of December 29, 2022, the Financial Policy and Regulation Board approved the budget for the 2023 economic year of the Development Bank of Ecuador B.P.; That, through Resolution No. JPRF-F-2024-099 of February 29, 2024, the Financial Policy and Regulation Board amended the budget approval norm for public financial entities contained in Subsection I “Budget Management Norms for Public Financial Sector Entities”, Section III “Public Financial Sector Capital Budget”, Chapter XXXIII “Government and Administration of the Public Financial Sector”, Title II “National Financial System”, Book I “Monetary and Financial System” of the Compilation of Monetary, Financial, Securities, and Insurance Resolutions; That, the Sole Transitional Provision of Resolution No. JPRF-F-2024-099 establishes that, for the approval of budget proformas corresponding to the year 2024, public financial sector entities must submit to the Financial Policy and Regulation Board, on this single occasion, by April 30, 2024, the budgets approved by the corresponding government and administration bodies; That, through Letter No. BDE-BDE-2024-0246-OF of April 30, 2024, the General Manager of the Development Bank of Ecuador B.P. submits to the Financial Policy and Regulation Board “the 2024 Budget Proforma with a Certification regarding the resolution adopted in the Ordinary Board of Directors Session, legalized by the Bank's Secretary.”;

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Government Financial Management Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador | That, the Acting Technical Secretary of the Financial Policy and Regulation Board, through Memorandum No. JPRF-ST-2024-0070-M of June 21, 2024, submits to the President of the Board the Technical Report No. JPRF-CTIFSP-2024-0011 of June 19, 2024 and the Legal Report No. JPRF-CJF-2024-028 of June 20, 2024, as well as the respective draft resolution; That, the Financial Policy and Regulation Board, in an ordinary session held via technological means, convened on June 21, 2024 and carried out through video conference on June 24, 2024, reviewed the Memorandum No. JPRF-ST-2024-0070-M of June 21, 2024, issued by the Acting Technical Secretary of the Board; as well as the Technical Report No. JPRF-CTIFSP-2024-0011 of June 19, 2024 and the Legal Report No. JPRF-CJF-2024-028 of June 20, 2024, issued by the Technical Coordination of Financial Inclusion and Prepaid Health Policy and Regulation and by the Legal Coordination of Financial Policy and Norms, and the corresponding draft resolution; That, the Financial Policy and Regulation Board, in an ordinary session held via technological means, convened on June 21, 2024 and carried out through video conference on June 24, 2024, reviewed and approved the following Resolution; and, In exercise of its functions, RESOLVES: SINGLE ARTICLE.- Approve the budget of the Development Bank of Ecuador B.P. for the 2024 economic year, which spans from January 1, 2024 to December 31, 2024, under the terms indicated by the General Manager in Letter No. BDE-BDE-2024-0246-OF of April 30, 2024, as derived from the Annex that forms part of this Resolution. GENERAL PROVISIONS FIRST.- The Development Bank of Ecuador B.P. shall comply with what is established in Article 13 of the “Budget Management Norm for Public Financial Sector Entities”, of Section III “Public Financial Sector Capital Budget”, of Chapter XXXIII “Government and Administration of the Public Financial Sector”, of Title II “National Financial System”, of Book I “Monetary and Financial System” of the Compilation of Monetary, Financial, Securities, and Insurance Resolutions, regarding budget execution control, highlighting the need to monitor funding sources, placement and portfolio recovery targets, funds under administration, and public sector resource mobilization during the year 2024. SECOND.- It is ordered that the Development Bank of Ecuador B.P. submit the approved budget for the 2024 economic year to the Ministry of Economy and Finance and to the National Assembly within a period of 30 days, counted from the issuance of this Resolution, in compliance with what is established in Articles 112 of the Organic Code of Public Planning and Finance and 94 of its General Regulations. FINAL PROVISION.- This Resolution shall enter into force as of the present date, without prejudice to its publication in the Official Register, and shall be published on the institutional website of the Financial Policy and Regulation Board within a maximum period of two days from its issuance. COMMUNICATE.- Given in the Metropolitan District of Quito, on June 24, 2024.

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Government Financial Management Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador | THE PRESIDENT, MSc. María Paulina Vela Zambrano The preceding Resolution was processed and signed by Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, in the Metropolitan District of Quito, on June 24, 2024.- I CERTIFY. ACTING TECHNICAL SECRETARY MSc. Luis Alfredo Olivares Murillo

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas, Government Financial Management Platform. Red Block, 8th floor | Postal Code: 170507 | Quito - Ecuador | ANNEX Institutional Budget of the Development Bank of Ecuador B.P. for the 2024 economic year In dollars Source: BDE