CABEI signs agreement to strengthen entrepreneurial capacities
The project seeks product innovation and access to new markets for Salvadoran entrepreneurs.
San Salvador, February 17, 2017. The Central American Bank for Economic Integration (CABEI), which is the executing organization of the initiative denominated "Development of Business Ideas and Acceleration of Central American MSMEs" (DINAMICA), signed a non-reimbursable technical cooperation agreement with Banco Hipotecario de El Salvador.
The technical assistance denominated "Financial Program for Entrepreneurs Promoting Innovation in El Salvador" aims to strengthen the capacities of Banco Hipotecario officials in order to attend, monitor and develop entrepreneurs under mechanisms that support innovative and sustainable projects that foster the creation of new companies with better financing conditions in the area where the enterprise operates.
The agreement was signed by CABEI Director for El Salvador, Mr. Guillermo Funes and President of Banco Hipotecario, Mrs. Nora Mercedes Miranda de López. A representative from the National Commision for Micro and Small Enterprises in El Salvador, Ms. Lleana Rogel; representatives from the German KfW Development Bank; and a delegation from the European Union served as witnesses at the agreement signing ceremony.
DINAMICA, an initiative to strengthen MSMEs in the region
The initiative "Development of Business Ideas and Acceleration of Central American MSMEs" (DINAMICA) is a tripartite project implemented by CABEI with support from the German KfW Development Bank, and development cooperation funds from the European Union through its Latin American Investment Facility (LAIF). It seeks to reinforce the MSME business ecosystem, especially for new, young and/or innovative MSMEs, in addition to strengthening the financial sector at a regional level in order to promote improved access to financial services for beneficiary MSMEs.
DINAMICA beneficiaries include the Dynamic Business Development Centers and MSMEs assigned to these centers in the countries of Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama.
DINAMICA has EUR50 million in funding from Germany and CABEI, which will be channeled regionally as loans through the Bank’s network of intermediary financial institutions. It also has EUR3.8 million in non-reimbursable resources from the European Union through its Latin American Investment Facility for technical assistance and training.
