CABEI grants US$20 million to boost El Salvador's business sector

Tegucigalpa, February 24, 2021.- The Central American Bank for Economic Integration (CABEI) has approved a Global Line of Credit to Banco Atlántida El Salvador, S.A. of the Republic of El Salvador for up to US$20 million.

The availability of these resources will make it possible to finance operations within the framework of CABEI's different financial intermediation programs, with emphasis on programs to support Micro, Small and Medium-Sized Enterprises (MIPYMEs), Energy Efficiency and Renewable Energy. These resources have been identified to benefit 228 MIPYME enterprises, of which 135 are microenterprises, 73 are small enterprises and 20 are medium-size enterprises.

It is expected that 80.0% of the funds will be used through the Financial Sector Support Facility for the financing of MIPYMEs affected by COVID-19, 10.0% to the MIPYME Support Program focused on Energy Efficiency and the remaining 10.0% to the MIPYME Support Program focused on Renewable Energy, the latter as part of the Green MIPYMEs Initiative.

CABEI Executive President, Dr. Dante Mossi, said that this type of action promotes development at multiple levels, generates employment and well-being, and companies contribute to boosting the country's and the region's economy. Supporting financial institutions such as Banco Atlántida allows us to reach the country's enterprising citizens.

CABEI has implemented several support products and programs focused on MIPYME. In order to promote business development and contribute to employment generation, CABEI has disbursed $556,230,198.94 million to MIPYMEs in El Salvador between 2000 and 2020.  

CABEI initiatives of this type are in line with its Institutional Strategy 2020-2024, within the sustainable competitiveness axis, contributing to the strategic objective of contributing to inclusive economic growth.