It has been announced that in the last quarter of the year the first short term investment fund will be open, which will require a minimum investment of $500, and will be aimed at conservative investors.
The "Profitable Open Short Term Investment Fund" will be managed by the SGB Funds, so far the only company legally authorized to operate such a fund.Two other fund management companies are waiting to receive approval from the Superintendent of the Financial System in order to start operating.
The construction of the refinery El Supremo Sueño de Bolívar in Miramar, remains paralyzed as the government seeks funds to finance the second phase, the refinement complex.
At the moment, only the storage and distribution complex has been finished, works which were funded by Venezuela, but according to the agreement signed "... When oil is at $50, only 40% of that price is given in financing to the beneficiary country." Because of this, the government is seeking foreign funding for a second phase, but international conditions are not the best for resources for a project that "... does not seem to be profitable."
With an initial capital of $5 million a company called Confianza-SA-FGR has started operating and will focus on the management of funds for the issuance of guarantees for loans.
Confianza-SA-FGR's main objective is the management of funds for the issuance of guarantees to back loans mainly for small and medium enterprises in agricultural, vocational technical education, and social housing projects.
Companies interested in the concession are not yet clear how the dredging of the access channel to the port will be financed and what impact will have the cost on the profitability of the project.
According to authorities at the Autonomous Executive Port Commission (CEPA), the cost of dredging must be assumed by the government of El Salvador, through them. However, the government has not included this project in its budget.
While waiting for the start of the repair works, the Honduran authorities are complaining about a lack of resources to cover operating expenses for November and December.
Authorities at the Cajon dam have request at least $94,000 from the Budget Committee of Congress to cover operating costs for the final months of 2014.
Juan Francisco Argeñal, the hydroelectric station's manager, told Laprensa.hn that "... The financial situation is that it is currently in deficit, as we lack the resources to, among other things, pay staff who work there. We met with chairman of the Budget Committee, Francisco Rivera, he is going to negotiated to see the possibility of this outstanding budget being assigned to us so that the dam can continue operating".
Grupo Invercasa has received authorization to create and manage funds in real estate and financial investment in the country and plans to raise $150 million over the next five years.
With the creation of the fund management company Invercasa the aim is to raise investment of $150 million in the first five years of operation, primarily through the model of real estate investment funds.
The Ministry of Labor has retained office goods and the quarry belonging to Petaquilla Gold mining as part of measures to ensure the payment of wages of workers in the mine.
Despite rumors of the stoppage of the extraction process due to lack of capital to continue operations, the mining company is not bankrupt, but owes its employees about $3.5 million. It is expected that by 29th to 31st of October, the company will pay the fees.
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