$ 32 Million from WB for MSMEs in Guatemala

The project will improve productivity of MSMEs in tourism and agribusiness.

Monday, March 7, 2011

For this, the World Bank will invest U.S. $ 32 million to strengthen their added value products, quality and integration to national and international markets.

"Micro, small and medium businesses generate most jobs in Guatemala, this project will help promote growth and increase their productivity," said Felipe Jaramillo, World Bank Director for Central America. "Promoting sustainable growth and productivity is one of the World Bank´s priorities for the Partnership Strategy with Guatemala," he added.

The project has three components:

1. Improving business climate and support services for MSMEs, addressing specific public policy issues as well as institutional and regulatory conditions which significantly affect micro, small and medium enterprises. Facilitate access of MSMEs to financial services and certification and supporting business developments.

2. Creating more efficient production lines: in tourism, the project will support micro, small and medium companies in developing attractive tourist packages and deal with physical, regulatory and marketing restrictions. Activities may include creation of safe areas for hiking paths, guide training, institutional strengthening for tourism entities and introduction of clean technologies in small hotels. In agribusiness, the project will help promote productive private investment and creation of jobs by developing new products, the use of relevant market information, creating niche markets and certification.

3. Monitoring and Project Management: This component will strengthen MINECO´s implementation, financial management and progress monitoring of the project by providing technical assistance, equipment and training.

The $ 32 million loan for this project includes a 25 year repayment term with a 10 year grace period.

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