Investment Opportunities in El Salvador

Private investors have had their interest aroused by opportunities offered by the second agreement with the Millennium Challenge Corporation for development of the coastal and maritime zone.

Thursday, March 22, 2012

The government of El Salvador expects to sign a second agreement with the Millennium Challenge Corporation (MCC) of the United States to promote projects in the coastal area of the country, called Fomilenio II.

Among the objectives of Fomilenio II is the promotion and support of private investment, said Alexander Segovia, Technical Secretary of the Presidency. The official said that there have been some business meetings for consultation on proposals for projects "in the area of tourism, agro-industry, non-traditional agriculture, livestock, fisheries and aviation."

The MCC asked the U.S. Congress for $277 million for the second agreement with the country. The first Fomilenio is being carried out in the northern part of El Salvador and cost $461 million.

Next week the first formal meeting will be held regarding the consultation to which the conceptual proposal will be submitted. The conceptual proposal was presented by the Government to the MCC on 15th March. The Corporation is expected to respond to this proposal within 15 days.



More on this topic

Millennium Challenge Corporation Approves Fomilenio II

July 2013

The Investment Committee of the Millennium Challenge Corporation has given approval for the implementation of Fomelino II in the marine coastal area of El Salvador.

This "is a momentous step for the realization of this strategic commitment which will bring significant benefits to the population of the coastal area and the country in general," said Alexander Segovia, Technical Secretary of the Presidency.

El Salvador: Grant Agreement Signed for Fomilenio II

March 2013

The government and the Millennium Challenge Corporation yesterday signed an agreement to start the process of installing an office for the Millennium Fund II, whose amount is $2.94 million.

From a press release issued by the Government of El Salvador:

On March 20 an agreement was signed between the Millennium Challenge Corporation (MCC) and the government of El Salvador to start the installation process for the Fomilenio 2 offices. The document was signed by the Technical Secretary of the Presidency, Alexander Segovia, in the presence of Foreign Minister Hugo Martinez.

$413 million in Projects for FOMILENIO

March 2013

47 companies replied to the call by the Government of El Salvador to present investment projects supported by grant funds from FOMILENIO II.

Elmundo.com.sv reports that the Salvadoran government "already has 47 expressions of interest to run future investment projects in the coastal zone of the country, as part of the second Fomilenio, which together amount to $413 million."

El Salvador: Consultations Underway for FOMILENIO II

April 2012

The second FOMILENIO program will prioritize private enterprises and emphasize the development of the coastal zone.

Initial consultations with employers from different fields for the purpose of choosing the projects within the FOMILENIO II program, sponsored by the United States Millennium Challenge Corporation (MCC) government began this week.

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