The BMI and the Ministry of Economy presented the Export Guarantee Fund (FIDEXPORT).
According to the president of BMI, the FIDEXPORT aims to provide guarantees for short-term financing for export of goods and services required by companies exporting to Financial System institutions in El Salvador.
Exporters are concerned that the government's $175 million investment in the sector will not make up for the loss of incentives.
El Salvador's Corporation of Exporting Companies, known as COEXPORT, believes the impact on the export sector of the $175 million government investment plan will be minimal.
The government presented its "National Export Strategy" in which it plans to invest $175 million during its five year mandate.
The funds come from the national budget in addition to a $40 million loan from the Inter-American Development Bank (IDB), commented the Secretariat to the Presidency.
In January 2010 the Salvadoran Government will present its new policies for fostering exports and investment.
The plan includes the creation of a development banking system, in which the Multi-sector Investment Bank would be used to make public credit available to the productive sectors.
"As for the policies fostering exports and investment, ... he said that the current draft includes administrative and credit measures, as well as tax incentives and support for modernizing and innovating", reported Elsalvador.com.
Exporting companies from El Salvador are demanding an integral exports policy from the Government.
According to the Corporation of Exporting Companies, known as COEXPORT, the most important items of such policy should be a financial guarantee fund and credit insurance.
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