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CABEI approves US$136.0 million to El Salvador

05.09.2019 18:00    By: CABEI    News, Desarrollo Humano y Social, El Salvador, Financiamiento    Age: 48 days

The strategic ally of the region.
The strategic ally of the region.

The financing targets the country's social and productive sectors.

Mexico, September 5, 2019.- The Board of Directors of the Central American Bank for Economic Integration (CABEI) approved financing for two important initiatives in El Salvador.

The first for a loan for an amount of US$91.0 million for the “Territorial Control Plan Financing Program (Phase 2)” which involves the construction of social infrastructure that will improve the quality of life of the Salvadoran population, especially young people. The Program will provide spaces and environments that favor peaceful citizen coexistence and prevent social violence as measures to recover the territory of the communities most affected by violence and crime.

Program infrastructure interventions include: opening and pavement of access roads to different communities; construction of parks designed for sports and/or recreational activities; improvement and equipment of culture houses, sports fields and infrastructure; a Children's Park,  National Zoo, Symphony and Dance School; provision and installation of piping and well drilling for access to potable water; improvement and paving of existing roads; and provision of basic equipment necessary for the main hospitals of the country and buildings of cubic volume, whose multi-use spaces aim to bolster the cultural development of the targeted communities. These elements include libraries, social toy libraries and spaces for artistic expression.

CABEI’s financing will have a direct impact on increasing access to hospital care, potable water and community-level passability by improving neighborhood roads and generating integrating spaces for culture, education and recreation.

The second approval involves the opening of a US$45.0 million Global Credit Line for Banco Cuscatlán de El Salvador, S.A; it is expected that the GCL resources will be channeled through programs to promote the productive sectors and provide support to MSMEs focused on energy efficiency and renewable energy.

In the framework of the Board of Director's meeting held in Mexico City, CABEI Executive President, Dr. Dante Mossi, stated that this type of Bank-supported initiatives enable the financing of projects that are in line with the Sustainable Development Goals (SDGs).