Cooperation agreement to benefit Guatemalan entrepreneurs signed

Guatemala, June 12, 2017. - In order to strengthen the promotion of dynamic enterprises and their gradual integration to its financing sources, the Central American Bank for Economic Integration (CABEI), which is the executing unit of the Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA), signed a US$60,203.00 non-reimbursable cooperation agreement with an entrepreneurship center that has created a platform that interconnects Guatemala's entrepreneurial ecosystem with potential investors; the platform is denominated Multiverse.

The funds will be used for the implementation of the project, "Empowering to structure a successful business model prior to an investment," which seeks to generate technical assistance for the consolidation of enterprises related to technological development, market research, digital communication and quality control, among others. The entrepreneurs will receive consultancies that will enable them to consolidate their business ideas and position their products and brands locally, nationally and internationally.

DINAMICA is a tripartite Initiative executed by CABEI, with support from Germany’s KfW Development Bank through loans and development cooperation funds from the European Union as part of its Latin American Investment Facility (LAIF). The Initiative seeks to strengthen the financial sector at a regional level in order to promote adequate access to financial services for new, young and/or innovative MSMEs.

DINAMICA has EUR50 million in financing from Germany and CABEI, which will be channeled as loans through the Bank’s regional network of intermediary financial institutions. It also has a EUR3.8 million non-reimbursable donation from the European Union Investment Bank’s Latin American Investment Facility (LAIF) to be used for technical assistance and training.