CABEI participates in Panama and EU workshop: “Committed to Cooperate”
CABEI presented the DINAMICA Initiative, which is composed by CABEI, the European Union and the Government of Germany, through its KfW Development Bank in Panama.
Panama, July 21, 2017-.The Central American Bank for Economic Integration (CABEI), which is the executing agency of the Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA Initiative), presented the characteristics of the program in the Panama and EU Workshop denominated “Committed to cooperate," held in Panama city.
The event organized by the European Union (EU) and Panama’s Ministry of Foreign Affairs served as a space for the different local and international cooperation organizations in the country to present all the projects that are being carried out through support provided by the Latin American Investment Facility (LAIF), which is a EU Facility.
CABEI, which is the main source of funds for the microfinance sector and the Micro, Small and Medium Enterprises (MSMEs) of the Central American region, is currently executing the DINAMICA Initiative in order to strengthen MSMEs in the Central American region in their approaches to entrepreneurship and innovation, making it one of the main exhibitors at the workshop.
The DINAMICA Initiative seeks to strengthen the business ecosystem for MSMEs, especially for new, young and / or innovative MSMEs. This approach also includes strengthening the financial sector at a regional level to promote adequate access to financial services for these MSMEs.
In order to achieve these objectives, the DINAMICA Initiative has (1) a EUR50 million in reimbursable resources from Germany through its KfW Development Bank and CABEI, which are channeled as loans to regional MSMEs through CABEI’s network of intermediary financial institutions. In addition, it has (2) a EUR3.8 million donation from the European Union for technical assistance and training of the Dynamic Business Development Centers, MSMEs affiliated to these centers and CABEI’s network of intermediary financial institutions.
The Initiative is executed in the following Central American countries: Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
