The president of the company Alba de Nicaragua S.A., has announced that by the end of the year contracts will be signed for the construction of the first phase of the project.
The project in Nicaragua, which has been delayed for years, will provide capacity to process about 150,000 barrels a day, said Rafael Ramírez, Minister of Energy and Petroleum of Venezuela during the Petrocaribe VII Ministerial Council held in Managua, Nicaragua.
In El Salvador, any business or individual can act as a financial intermediary with the support of a financial institution.
The regulation, which will take effect on August 1, enables banks to make agreements with third parties who can receive deposits from the public or lend money, up to certain limits, backed by a financial institution.
The model, which is already operating in countries like Colombia, seeks to expand the scope of financial services beyond bank branches.
The regulation increases the size of the "aguinaldo" (extra salary at the end of the year), depending on the number of worked years.
Those who have been working in a company for between 1 and 3 years will receive 15 days worth of 'aguinaldo' (end of year salary payment), those with between 3 and 10 years will receive 19 days worth of aguinaldo, and those who have worked for more than 10 years, will receive 21 days worth of aguinaldo.