EU, CABEI and Government of Germany to boost entrepreneurship in Guatemala
The funds will be destined for the implementation of the project, "Financial and Entrepreneurial Education for Microenterprises in Western Guatemala." The project seeks to develop financial education training campaigns for microentrepreneurs; the training will cover such subjects as budget, savings, debt management, banking services and financial negotiations, among others.
Guatemala, October 9, 2017. - Financial institutions have a significant role in the Guatemalan entrepreneurial ecosystem by providing efficient advice to clients on financial tools appropriate to their needs that will enable them to prepare and follow a path to progress regarding their economic activity, focusing on cross-cutting axes, such as savings and good financial practices in their companies.
To support this sector as the executing entity of the DINAMICA Initiative, the Central American Bank for Economic Integration (CABEI) signed a non-reimbursable technical cooperation agreement for up to US$50 thousand with the Guatemalan Foundation for the Integral Development of Socioeconomic Programs (FUNDAP).
The program proposes to prioritize an Integral Training Plan, whose main objective is to inform, sensitize and train female and male entrepreneurs in order for them to be capable of generating elementary changes including conditions that are essential for consistent growth. The goal is to convince owners of companies to make better decisions regarding their financial activity, and through those efforts, establish the foundations or develop the minimum conditions to access financial services.
FUNDAP is a Financial Institution with the objective of contributing to the development of the Western part of the country through the promotion of entrepreneurship in small producers. FUNDAP’s experience in the area of microfinance has allowed it to join an entrepreneurial vision of promoting access to financing, knowledge and technology transfer.
The signing ceremony was attended by CABEI Country Manager for Guatemala, Brial Estrada; CABEI Director for Guatemala, José Carlos Castañeda; FUNDAP Representative, Roberto Gutiérrez; Deputy Chief of Mission and Head of Cooperation of the German Embassy, Thomas Cieslik; Deputy Head of Cooperation of the European Union Delegation, Beatrice Bussi; Program Officer of the European Union Delegation in Guatemala, Alejandro Martínez Rosales; and Project Manager, María Gabriela García.
The Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA) is a tripartite initiative implemented by the CABEI with support from German Cooperation through KfW and development cooperation funds from the European Union as part of its Latin American Investment Facility (LAIF). The DINAMICA Initiative seeks to strengthen the business ecosystem for MSMEs.
