The municipal markets of El Salvador will modernize and improve operations and facilities with a loan of U.S. $ 10 million from the Opportunities for Majorities of the Inter-American Development Bank. The initiative includes other loans of up to similar amount syndicated to international lenders.
The funds will facilitate construction and renovation of infrastructure, technological as well as functional and administrative management, allowing increasing competitiveness and incomes of micro-entrepreneurs and contributing to the development of local economies.
Most beneficiaries are women head of small home based businesses dedicated to selling food, fruits and vegetables, clothing and crafts.
The Opportunities for Majorities Initiative promotes a sustainable business model based on the market, involving private companies, governments and local communities to provide quality products and services improving the quality of life for low-income sectors.
The Bank's loan is for seven-years with a grace period of one year, and an interest rate based on Libor.
The consortium Cleop, S.A-Mejores Acabados S.A., has been awarded the construction and equipping of the new David public market in Panama.
This infrastructure, which forms an integral part of the Cadena de Frío (Cold Chain) project will allow butchers, vegetable vendors and hawkers to conduct their business safely and with allow more space for users to buy safely, and in hygienic conditions.
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