$700 million for public investment in El Salvador
Despite the electoral year and the economic crisis, public investment projects will continue, indicated Eduardo Ayala Grimaldi, technical secretary of the presidency.
Monday, February 2, 2009
According to Elsalvador.com: "About $700 million is budgeted for investment. Part of the monies had been set aside in the last budget and passed on to the one for 2009, not because the works did not start, but because they were tendered at the end of the year," Ayala Grimaldi said as a justification for the public construction projects that were outstanding from last year."
The government of El Salvador has executed only 25% of the public investment it had planned for 2011.
State owned banks will now be able to loan up to 20% of their equity to state entities.
The drop in state construction this year has worsened the sector's situation, already troubled since the beginning of the financial crisis in 2008.
The government aims to implement 70% of the $1.1 billion budgeted for public investment.
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