U.S. Postpones Signing Fomilenio II

The disbursement of $277 million for development of the coastal zone will be delayed at least until after the next elections in El Salvador.

Thursday, December 5, 2013

The decision to postpone Fomilenio II until 2014 was publicised by the Millennium Challenge Corporation (MCC).

According to the Salvadoran president, Mauricio Funes and the technical secretary of the presidency, Alexander Segovia, the project could be signed after presidential elections next year. However, they insisted that the outstanding issue for approval are the amendments to the Law on Public Private Partnerships (PPP) and the Anti-Money Laundering Act.

"The donation will be given, but not this year, though there are implications for the postponement of the signing," said Segovia to Elsavador.com.

For his part, the Minister of Public Affairs at the U.S. Embassy in El Salvador, Mari Toliver said that in the next few days the government will receive official notification of the postponement.

More on this topic

El Salvador: Urgent Plan for Approval of Fomilenio II

November 2013

A short-term plan is being prepared to improve the investment climate and lift objections from U.S. Congress to fund the delivery of the Millennium Challenge Corporation

The information was confirmed by the U.S. ambassador to El Salvador, Mari Carmen Aponte. Both governments are working on concrete actions in the short term to allow for these improvements.

Fomilenio II Approved for El Salvador

September 2013

The Millennium Challenge Corporation has approved a second disbursement of funds for $277 million, aimed at developing the country's coastal area.

Now the decision rests with the U.S. Congress who will have to give an answer in 15 days. "... The MCC confirmed that its board has approved a pact for $277 million over five years.

Conditions in El Salvador for Approval of Fomilenio II

August 2013

In deciding whether to approve Fomilenio II the Millennium Challenge Corporation verifies respect for institutions, good governance, transparency and ethics.

These are, according to Mari Carmen Aponte, the U.S. ambassador in El Salvador, some of the requirements which the country must take into account so that a second Millennium Fund is approved.

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.

 close (x)

Receive more news about Business and Investment

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones

Looking for Importers and distributors of furniture

Mexican manufacturer of office furniture seeks importers and distributors interested in dealing their products in Central America.
PM Steele is a 100% Mexican company, with more than 67...

Stock Indexes

(Apr 6)
Dow Jones
S&P 500


(May 26)
Brent Crude Oil
Coffee "C"