CABEI - Central American Bank for Economic Integration

DINAMICA initiative finalizes entrepreneurship project in FOSOFAMILIA

05.04.2019 00:00    By: CABEI    News    Age: 324 days

The DINAMICA Initiative seeks to accelerate the development of enterprises in the Central American region.
The DINAMICA Initiative seeks to accelerate the development of enterprises in the Central American region.

The project objective was to support entrepreneurs and provide them with financial instruments to boost their businesses.

San Salvador, April 5, 2019. With the support from the Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA), the project denominated, "Establishment of an Entrepreneurship Program in FOSOFAMILIA," was developed.

The purpose of the project was to strengthen the Family Microenterprise Solidarity Fund (FOSOFAMILIA) to promote entrepreneurship and identify sustainable businesses within its client portfolio in order to foster dynamic enterprises.

The project is composed of three components:
1) Component: execute a market study to identify destinations for dynamic enterprises and develop a financial product for entrepreneurs,
2) Component: training for officials and employees of FOSOFAMILIA in enterprise-related topics,
3) Component: training to FOSOFAMILIA clients to foster the transformation of their businesses into dynamic enterprises.

In this regard, CABEI Country Manager for El Salvador, Mr. Raúl Castaneda, explained that the DINAMICA Initiative contributes to the promotion of innovation and entrepreneurship, as well as to the strengthening of the financial sector that attends Micro, Small and Medium Enterprises (MSMEs) with the purpose of promoting socioeconomic development and the reduction of poverty in the region.

The closing of the project was attended by entrepreneurs and microentrepreneurs who are clients of FOSOFAMILIA and benefited from the project through the different trainings carried out by the consulting firm C.A. Amaya & Asociados on issues related to boosting their businesses.

The participants were very grateful to the DINAMICA Initiative for the training they received and for giving FOSOFAMILIA the opportunity to create a special financial product for the MSME sector.

At the end of the event, a tour was made of the different stands prepared by the entrepreneurs and microentrepreneurs, where they were able to demonstrate the products and services that they offer to the Salvadoran people.

DINAMICA is a tripartite initiative of the European Union as part of its Latin America Investment Facility (LAIF), the Government of Germany through KfW and CABEI as executing unit.