CABEI opens US$100 million credit line for El Salvador
The funds will strengthen the country's financial system, increasing its institutions’ ability to meet liquidity needs, thereby contributing to competitiveness.
Today the Central American Bank for Economic Integration (CABEI) signed a US$100 million Credit Line for Liquidity Contingencies contract with the Salvadoran Central Reserve Bank.
The credit line will make it possible to cover any liquidity needs of the Deposit Guarantee Institute (IGD1) in the event that the use of its resources is required. The credit line falls under the framework of the Credit Program for Liquidity Contingencies of the Central Banks of CABEI’s founding countries.
CABEI Director for El Salvador, Mr. Guillermo Funes Cartagena, and the President of the Central Reserve Bank, Dr. Carlos Acevedo, signed the contract.
The Credit Line for Liquidity Contingencies contributes to strengthening the country's financial system, increasing its stability and the credibility of it institutions’ ability to cope with their liquidity needs.
It also reinforces the confidence of more than 2.6 million depositors by ensuring the security of their deposits.
This initiative is in line with the strategic axis of competitiveness in CABEI's 2010-2014 Institutional Strategy, "Competitiveness with Social Integration and Development," and also contributes to the fulfillment of the Millennium Development Goals.