Costa Rican entrepreneurs will have an artificial intelligence platform

Tegucigalpa, May 26, 2017- . The Central American Bank for Economic Integration (CABEI) as executing entity of the Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA) signed a non-reimbursable technical cooperation agreement for up to US$50,000.00 with Parque La Libertad Foundation.

The agreement seeks to promote the implementation of the project, "Development of Artificial Intelligence Channels to Support MSME Growth in Costa Rica’s Dynamic and Creative Ecosystem."

The platform will automatically respond to the most common queries made by Costa Rican entrepreneurs. In addition, the system will offer both live and stock webinars (online seminars) in order to promote virtual training activities within the MSME axis at Park La Libertad Foundation, which currently holds open talks and regular training programs that positively impact more than 2 thousand people per year.

The project will have resources from the European Union, through its Latin American Investment Facility (LAIF), which has donated technical assistance resources to promote the development of financial products for new, young and/or innovative MSMEs and foster transparency and responsible financing in financial institutions at a regional level.

The document was signed by CABEI Director for Costa Rica, Alberto Cortés, and Parque La Libertad Foundation Executive Director, Dora María Sequeira. CABEI Country Manager for Costa Rica, Mauricio Chacón, and Administrative Deputy Minister at the Costa Rican Ministry of Culture and Youth, Dennis Portuguéz, served as honor witnesses at the signing ceremony.

DINAMICA Initiative; an initiative to strengthen MSMEs in the region

DINAMICA is a tripartite Initiative of CABEI as executing entity, the Government of Germany through its KfW Development Bank and the European Union as part of its Latin American Investment Facility (LAIF). Its main objective is to strengthen the MSME business ecosystem, especially for new, young and/or innovative MSMEs. The approach also includes strengthening the financial sector at a regional level in order to promote adequate access to financial services for these MSMEs.

In order to achieve these objectives, the DINAMICA Initiative has (1) reimbursable resources amounting to EUR50 million from Germany, through its KfW Development Bank, and CABEI, which are channeled as loans to MSMEs in the region, through CABEI’s network of intermediary financial institutions (IFIs). In addition, it has (2) a EUR3.8 million donation from the European Union to be used for technical assistance and training of Dynamic Business Development Centers, MSMEs affiliated to these centers and CABEI’s IFI network.

Currently, the DINAMICA Initiative is being implemented in the following Central American countries: Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.