CABEI, the German Government, through KfW, and the European Union will strengthen El Salvador's business sector in El Salvador's northern region
Article originally published on CABEI's website on 6/11/2024. LACIF contributes to the DINAMICA II Initiative through an investment grant and technical assistance.
The Central American Bank for Economic Integration (CABEI), as part of the DINAMICA II Initiative, which is being executed with financing from the German Government, through KfW, and the European Union, subscribed a non-reimbursable technical assistance agreement with the Association of Cayaguanca Municipalities for US$114,259.00.
The technical assistance will benefit 10 micro and small enterprises in Chalatenango, 40% of which are headed by women. These enterprises will receive personalized counseling to strengthen their skills to address specific administrative, quality, diversification, control, and technological issues.
With this support, the beneficiary enterprises seek to dynamize the economy and promote local commerce in the northern part of the country. In addition, more than 100 jobs will be strengthened through the implementation of better decision-making techniques, customer service, efficient management of resources, and the development of technological tools to increase the competitiveness of the enterprises.
The subscription of this agreement reaffirms the commitment to promote the development of entrepreneurship, innovation and the MSME sector in the country, with non-reimbursable funds from the Special Window of El Salvador, and resources from the European Union within the framework of the DINAMICA II Initiative.
At the regional level, the Initiative has protected more than 21,000 jobs in Central America, providing approximately US$58 million in credit to more than 2,000 enterprises. In El Salvador, MSMEs have received more than US$12 million in credit; more than 103 micro- and small enterprises have been strengthened with non-reimbursable resources from Small Grants, and more than US$2 million in technical assistance has been committed to strengthen business development centers, entrepreneurship, and MSMEs.
