CABEI and El Salvador sign US$250 million loan to support development policies in El Salvador to support development policies in the country
Resources will be used for economic reactivation, attention to vulnerable groups and to safeguard employment in the country.
Tegucigalpa, January 22, 2021 - The Central American Bank for Economic Integration (CABEI) and the Republic of El Salvador signed a US$250 million loan agreement to support public policy actions and development results. The objective is to join efforts to provide health care to vulnerable groups, as well as to stabilize and reactivate the Salvadoran economy as a result of COVID-19.
The intervention, approved by the Bank's Board of Directors on August 26, 2020, is framed within CABEI's Development Policy Operations Program for founding and non-founding regional countries. The program provides financing to governments to promote balanced economic growth, poverty reduction, sustainable development and the fight against climate change, through policy actions and development results that are a priority for the countries and that strengthen the maintenance of macroeconomic stability.
In relation to this operation, CABEI Executive President, Dr. Dante Mossi, indicated that "the stimulus packages in the face of the COVID-19 pandemic address the need to boost economies to accelerate investments dedicated to overcoming the social and economic challenges of our member countries".
Mr. José Alejandro Zelaya, Minister of Finance of the Republic of El Salvador, expressed his gratitude to CABEI authorities for the important support provided to the country through its different cooperation mechanisms, saying that with this operation of $250 million approved by the Bank, once again confirming the good relations of the Government of the Republic of El Salvador with CABEI, as part of the International Organizations, which is providing its support in favor of policies that benefit Salvadorans.
CABEI reiterates its strong support to the country, which has been a founding member since 1960, especially in these times of crisis in which the support of multilateral banks through timely loans is of crucial importance for the region.