Two office towers in El Salvador, a corporate center in Honduras and a shopping center in Panama are part of the investments announced in Central America for the coming months.
The interactive system "Construction in Central America", of the Trade Intelligence Unit of CentralAmericaData, includes an updated list of public and private construction projects to be developed in the coming months.
In its first issuance of investment certificates, Banco Azul in El Salvador sold $21 million, with a five year term and a fixed rate of 5.98%.
The banking institution began operating in mid-2015, with an initial capital of $60 million, contributed in full by Salvadoran investors.
Eleconomista.net reports that "...It is the first placement in the BVES after the pension reform. According to Carlos Araujo, president of the aforementioned banking institution, the parameters were defined before the pension agreement and it was decided to maintain the rate."
Having obtained authorization to operate from the Superintendence of the Financial System, the new bank has announced that it will start operations on July 20.
The bank will start with nine agencies in different parts of El Salvador, credit card services, online banking and 26 of its own ATMs. This will be the first proposal from a bank founded on fully Salvadoran capital, after sales of local banks in previous years.
A proposal has been made to eliminate the tax on financial operations and lower from 20% to 5% income tax paid by foreign investors in the stock market.
The reform which was carried out in September 2014 on the taxes charged on transactions in the financial market has affected market activity, say industry representatives. Carlos Araujo, president of Banco Azul, said that "the tax has had a direct impact on the decline in bank deposits; However, the main reason could be the country's economic situation.'"
With amounts from $5 to over $50,000, people bought 1412 shares in Banco Azul which will begin operations in 2014.
This amount makes up the $60 million needed for the start of operations by the entity which was formed last September with a capital of $20 million. Of the 1,412 shareholders 97% are natural persons and 3% are companies.
"... When we announced the creation of Banco Azul El Salvador, on September 23rd, I said that one of our market differentiators, would be to convert ourselves into an attractive investment instrument for Salvadorans through the possibility of becoming shareholders," said Carlos Araujo, president of the institution.
The new bank, with a capital of $20 million, will begin operations in the second quarter of 2014 in the Salvadoran plaza.
On Monday September 23, a group of Salvadoran businessmen signed an act of constitution for Banco Azul de El Salvador, which is chaired by Carlos Enrique Araujo and consists of 100% of shareholders from that country.
During its first year of operations, Banco Azul intends to open 10 branches, 7 in San Salvador and another 3 in the interior of the country.
Banco Azul, which is to join the 10 other privately owned banks, is characterized by having Salvadorans shareholders.
The Superintendency of the Financial System is considering the application of a Salvadoran entity which, if there are no objections, will proceed to incorporate the company Banco Azul de El Salvador S.A. in August.
Eleconomista.net reports: "Among the founders of Banco Azul are: Carlos Enrique Araujo, Fernando Alfredo de la Cruz Pacas, Manuel Rodríguez Harrison, Raúl Navarrete Belismelis, Luis Álvarez Prunera and Óscar Armando Rodríguez, who make up 87.95% of the shareholding. "