A Business Development Center and ten Salvadoran MSMEs will strengthen their business capabilities with the support of the DINAMICA II Initiative
Through the signing of two agreements, it is expected to strengthen 183 direct and indirect beneficiaries, increasing their capabilities in the circular economy, as well as accelerating their businesses.
With the aim of improving business services and strengthening the technical capabilities of micro, small, and medium-sized enterprises (MSMEs), the Association for Local Economic Development of the Department of La Unión, ADEL La Unión, and the Central American Bank for Economic Integration (BCIE), through the DINAMICA II Initiative, with the support of the European Union and the Government of Germany, via the development bank KfW, have signed two Non-Reimbursable Technical Assistance agreements totaling US$194,900.
With these funds, it is expected to enhance the skills and abilities of business advisors in the management of Circular Economy at ADEL La Unión so that they can provide innovative and specialized services to raise awareness among local companies on this subject, thereby contributing to improving their competitiveness. Additionally, part of the non-reimbursable funds will enable ADEL La Unión to strengthen 10 MSMEs with specialized technical assistance to improve their business skills in administrative, production, and technological areas, allowing them to accelerate the growth of their businesses.
The DINAMICA II Initiative is a tripartite effort involving the BCIE, the Government of Germany through KfW, and the European Union. It is implemented in Central America with the goal of promoting and strengthening the development of the business ecosystem and the private sector, especially for new, young, and innovative MSMEs.
To date, this Initiative has supported Salvadoran MSMEs with more than US$12 million in loans, strengthened over 79 micro and small businesses with non-reimbursable Small Grants, and has more than US$6 million allocated for technical assistance to strengthen Business Development Centers and MSMEs, as well as seed capital for innovative startups and MSMEs, through the ‘Special Window’ in El Salvador.