Development of El Salvador's North

Fomilenio's investments intend to provide basic infrastructure for the region's development.

Wednesday, August 5, 2009

In addition to the construction of a highway, Fomilenio (Millenium Fund), has $87 million to be executed before September 2012, aimed to fostering human development and production in the northern region of El Salvador.

"... from the assigned funds, $57 million will be headed to production services and businesses, technical assistance, donations, irrigation systems and training", said Ricardo Orellana, projects manager at Fomilenio. "21 additional millions will be used in financial services, like the creation of Fidenorte, the Northern Zone Development Trust".

More on this topic

IDB Provides Technical Assistance to El Salvador

November 2010

The assistance will help identify possible investment patterns in public-private partnerships.

As a way to revive the economy the Government is promoting investment in public-private partnerships. The president has asked the private sector to join him on this project.

La Prensa Gráfica states on its website, "On this issue, the multilateral agency is providing technical assistance to the Government in order to identify structures of this type of investment, informed the IDB representative in El Salvador. At this moment we are providing assistance for the identification of possible mechanisms for public-private partnerships," said Carmenza McLean, IDB representative in the country.

Fomilenio Invests $2 Million in El Salvador

September 2010

Fomilenio, the country's Millenium Fund, has signed contracts relating to energy and drinking water infrastructure in the north of the country.

These projects, valued at $2 million, will be financed with part of a $461 million donation from the US Millennium Challenge Corporation (MCC).

Crisis in Costa Rican Hotel Sector

August 2010

Some 40 companies in the north of the country have requested government financial assistance as a result of the drop in tourism.

The request includes, among other suggestions, a financial plan and a program to provide technical assistance.

"The third suggestion is to create a marketing plan for the sector.

IMF to Open New Regional Technical Assistance Center

March 2009

The IMF will open in May 2009 in Guatemala City, its new Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR).

“CAPTAC-DR is an important component of the IMF’s far-reaching reforms that will enable the Fund to respond more effectively to the emerging challenges of the global economy,” said Murilo Portugal, Deputy Managing Director of the IMF.

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