A new digital transformation and innovation center is launched in El Salvador with support from CABEI, the European Union and the Government of Germany

San Salvador, April 26, 2023.- To contribute to the creation and implementation of "Cajita Digital" (Digital Box), a project of the Gerardo Barrios University (UGB) that aims to support the digital transformation of micro and small enterprises (MSEs), this Wednesday, the Central American Bank for Economic Integration (CABEI) through the DINAMICA II Initiative, with the support of the European Union and the Government of Germany, through the development bank KfW, signed a non-refundable technical assistance agreement with the UGB for US$46,870.

With these funds, a web portal will be created to strengthen the productivity, financial sustainability, innovative capacity and competitiveness of small businesses in the department of Usulután, and at the same time, personnel from the Micro and Small Business Development Center (CDMYPE) will be trained to advise, initially, approximately 240 small and medium-sized enterprises in the department of Usulután during the first two years of the project.

"Through DINAMICA, we seek to promote business development in Central America so that micro, small and medium-sized entrepreneurs have the necessary support to maintain their businesses, generate jobs and contribute to economic development and poverty reduction in our countries, which is why we are very pleased with this alliance with the UGB of El Salvador, which will benefit so many entrepreneurial families," said CABEI's Executive President, Dr. Dante Mossi.

"We are taking the support of the European Union to different regions of El Salvador, and today we are launching the first technical assistance for micro and small enterprises in Usulután through the DINÁMICA Initiative," François Roudié, European Union Ambassador to El Salvador and to the Central American Integration System (SICA).

"This agreement contributes to our institutional mission to constantly innovate and respond to current needs through digital transformation. We hope to continue strengthening the alliance with the DINÁMICA Initiative for the benefit of the educational community and MSEs," said Dr. Raúl Rivas Quintanilla, President of the University's General Board.

The DINÁMICA Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA) is a tripartite initiative between CABEI, which is also leading the implementation, the Government of Germany, through KfW, and the European Union, and is being implemented in Central America with the objective of promoting and strengthening the development of the entrepreneurial ecosystem and the private sector, especially for young and/or innovative MSMEs.

To date, this Initiative has supported Salvadoran MSMEs with more than US$12 million in loans; it has strengthened more than 77 micro and small enterprises with non-reimbursable Small Grants resources; and it has more than US$6 million for allocations in technical assistance to strengthen Business Development Centers and MSMEs, as well as seed capital for innovative enterprises and MSMEs, through the Special Window of El Salvador.