Launch of the Iniciativa Dinamica II - Special Window of El Salvador
Dante Mossi, Presidente Ejecutivo del BCIE; Jolita Butkeviciene, Directora UE para LAC; Vania Vegas, Gerente de Programas de KfW; y Paul Stenier, Presidente de CONAMYPE.
The European Union (EU) together with the Central American Bank for Economic Integration (CABEI), the German Development Bank KFW and the National Commission for Micro and Small Enterprises (CONAMYPE) of El Salvador, announced on June 19 the launch of the Initiative Dinámica II - Special Window of El Salvador for 6 million euros, within the framework of the Financial Sector Support Facility for micro, small and medium-sized enterprises (MSMEs) affected by the COVID-19 crisis.
Jolita Butkeviciene, Director of the European Commission for Latin America and the Caribbean, expressed during the launch ceremony that "the European Union and its member states have formed the 'Team Europe' to attend to the economic emergency generated by COVID-19 . This initiative is designed to serve MSMEs affected by the pandemic, and to promote entrepreneurial and innovative projects, as originally conceived.”
DINAMICA II modernizes and extends the first initiative DINAMICA I adding a financing mechanism with “seed capital", a vital instrument for the creation and growth of micro-, small and medium-sized enterprises (MSMEs).
The Window of El Salvador will make available resources for seed capital and donations, loan guarantees, and technical assistance for entrepreneurs, and young micro and small companies. The Window will also provide technical support to business development centers, entrepreneurs, MSMEs, and financial institutions that wish to develop specific financial products to meet the needs of the entrepreneurial ecosystem and Salvadoran MSMEs.
Eligible MSMEs will be from the production sectors of the agri-food chain, renewable energy, energy efficiency, cleaner production, hospitality and tourism, construction, creative industry, media, commerce, and service provision companies.