CABEI Executive President meets with El Salvador President Nayib Bukele

09/07/2021

During the mission, the financing of the PRODEPORTE program was formalized and the approval of cooperation for the implementation of the Bitcoin Law was made official.

San Salvador, July 9th, 2021. – The Executive President of the Central American Bank for Economic Integration (CABEI), Dr. Dante Mossi, met this week in El Salvador with the President of the Republic, Nayib Bukele, and the Minister of Finance, Alejandro Zelaya, to analyze the level of progress of investments made in the country and identify new opportunities for the nation's integral development.

Mossi highlighted that CABEI's active portfolio in El Salvador totals US$1,861.4 million and disbursements of US$773.7 million, which includes financing for human development projects, public infrastructure improvement and economic reactivation, among others. These projects are expected to have a positive impact on more than 1.5 million families and generate more than 28 thousand new jobs and preserve more than 90 thousand jobs in different sectors of the economy, 15% of which correspond to women.

On the occasion of his visit, a loan was signed to finance the Infrastructure Construction and Rescue of National Sports Venues Program (PRODEPORTE), for up to US$115.2 million; and the approval of a non-reimbursable technical cooperation grant of US$99,750 was announced for studies on "Support for the Implementation of the Bitcoin Law in the Republic of El Salvador.

"CABEI confirms its commitment to achieving major regional objectives, providing solutions that improve Central American economies' competitiveness. This cooperation will strengthen El Salvador's technological and productive capacity linked to the adoption of this new payment and merchandise system, while the PRODEPORTE program will strengthen the country's sports infrastructure, benefiting hundreds of athletes," added Dr. Mossi.

With respect to the technical cooperation, Dr. Mossi explained that, among its scopes, it is expected to support the Government in making decisions to implement the new regulations, approved on June 9 of this year, by developing a market diagnosis from the international and local perspective, developing regulatory and legal frameworks to increase the introduction, adoption and use of this cryptocurrency, as well as establishing general parameters for national regulation, ensuring adequate and transparent controls in compliance with the best practices at a global level.

CABEI's active portfolio in El Salvador currently totals US$1,861.4 million and disbursements of US$773.7 million, which includes financing for human development projects, public infrastructure improvement and economic reactivation, among others. These projects are expected to have a positive impact on more than 1.5 million families and generate more than 28 thousand new jobs and preserve more than 90 thousand jobs in different sectors of the economy, 15% of which correspond to women.

 

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