CABEI approves US$200 million for the My New School Program in El Salvador

San Salvador, October 28, 2020 - The Central American Bank for Economic Integration (CABEI), approved a financing of US$200 million to the Republic of El Salvador with the objective of strengthening the coverage and quality of educational services in the country.

The amount approved will be used for the reconstruction, remodeling of infrastructure and technological equipment of at least 186 schools located in the departments with high Multidimensional Poverty Index, at the kindergarten, primary, secondary and high school levels; and thus improve the quality of education and reduce the dropout rate in these areas.

The funding is part of the CABEI's Program for the Reduction of Poverty and Economic and Social Exclusion (PRPEES), which aims to improve the quality of life of the people of Central America by financing operations to meet the investment needs of the poorest and most excluded communities in their countries in order to contribute to balanced development in the region.

With the My New School Program, the student population benefited amounts to 55,401 per year, of which 7,666 belong to nursery schools; 29,147 attend elementary school, 14,642 belong to secondary schools and 3,946 attend high school. In addition, this project has a special emphasis on developing skills in young people to increase their employability in better paid sectors and help narrow the wage gap.

In relation to this operation, CABEI's Executive President, Dr. Dante Mossi, indicated that "the investment in education plays a fundamental role in the generation of social capacities, and favors the equality of opportunities, economic and social conditions of the Salvadoran population. Likewise, the Bank seeks to support efforts to reduce poverty and inequality between boys and girls in the country”.

On the other hand, Mr. José Alejandro Zelaya, Minister of Finance of the Republic of El Salvador, expressed his gratitude to CABEI authorities for the important support given to the country through this $200 million operation, which is part of the early childhood policy Crecer Juntos (Growing Together) led by the First Lady of the Republic of El Salvador, Gabriela de Bukele, thus giving a greater impetus to the efforts and actions planned by the Government to improve the infrastructure of schools and at the same time equip them with new technologies, thus achieving a positive impact on learning, thus cementing the aspirations of an education of the future first level for our children and youth.