CABEI and Banco CUSCATLÁN formalize a US$60 million financing to support more than 450 Salvadoran SMEs
The initiative has a focus on energy efficiency credits to which more than 70 companies are expected to apply.
San Salvador, March 18th, 2022.- The Central American Bank for Economic Integration (CABEI) and Banco CUSCATLAN of El Salvador formalized this Friday a global credit line for up to US$60.0 million to be made available to Salvadoran small and medium-sized enterprises (SMEs) affected by the COVID-19 pandemic.
The financing under competitive credit conditions is expected to benefit more than 450 SMEs and preserve approximately 16,900 jobs, in addition to 160 SMEs that employ 2,956 people, 56% of whom are women.
CABEI Executive President, Dr. Dante Mossi, emphasized: "With this new private sector loan, we are directly supporting one of the most important productive sectors at the regional level by providing them with resources to cover their financing needs. We are very pleased with this important alliance that we are sealing today with Banco CUSCATLÁN."
Thanks to this financing, Banco CUSCATLAN, in addition to offering more credit options for SMEs affected by COVID-19, will invest in loans focused on energy efficiency, as part of its commitment to sustainability. It is estimated that at least 70 companies will apply for these funds to carry out projects that have a positive impact on the environment.
The resources will also be used to finance activities related to foreign trade, SMEs affected by COVID-19, as well as those led by women, and to promote energy efficiency investments, among other activities.
The formalization event was attended by CABEI Executive President, Dr. Dante Mossi, and the Executive Director of Banco CUSCATLÁN, Mr. Eduardo Luna.
This initiative is framed within CABEI's 2020-2024 Institutional Strategy, within the Sustainable Competitiveness Axis, supporting the strategic objective of contributing to inclusive economic growth.