The Development Bank in El Salvador has received about three hundred projects which it could potentially fund, in the category of medium and small businesses, and will start analyzing them next month.
Oscar Lindo, chairman of the state agency, indicated that they have yet to define service guidelines between the Bandesal and private banks. Once they have been defined analysis of potential funding will start.
The start of 2012 will see the launch of the new Development Banking System, which has $200 million in credit to support micro, small and medium enterprises.
Bandesal has, to start off with, $200 million for small and medium enterprises."However, we are aiming later on to provide funding for large enterprises, preferably those that require large investments such as construction and agricultural industries, said the technical secretary of the Presidency, Alexander Segovia," in an article by from Daniel Gonzalez Choto a ElFinancierocr.com correspondent in Costa Rica.
From January 19th with the entry into force of the law to encourage development the Banco Multisectorial de Inversiones (Multisectoral Investment Bank) will operate as Banco de Desarrollo, (Development Bank or BDES).
The bank can then direct lending to small and medium enterprises (SMEs). At the moment it can only do so through lines opened by private banks.
The BCR, the Multisectoral Investment Bank and the Superintendency of the Financial System have signed an agreement of understanding for developing mobile banking in the country.
At the Salvadoran Stock Exchange, the Multi Sector Investment Bank (BMI) successfully placed CEMUNIs, certificates of municipal debt.
The issuance was for a total $43.965.000, in two trenches, both rated AAA by Pacific Credit Ratings and AA by Fitch Ratings.
Oscar Lindo, Management director at BMI, explained that the funds will be used to change the debt structure of a group of 37 municipalities which joined the trust known as FIDEMUNI, seeking to lower their debt service by extending terms and lowering interest rates.
With the support of the Banco Multisectorial de Inversiones, the Chamber of Construction expects to boost the sector through the Financial System for Development.
Emphasis will be given to micro and small enterprises so that they can access credit for their projects.
The Multi-sector Investment Bank announced the allocation of $ 50 million to finance the coffee sector.
The funding will be made through the BMI Hotline for Avio Café Financing: 2011-2012.
This funding is intended to continue contributing to the revival of the coffee sector and generate benefits for El Salvador, including employment in rural areas and a positive impact on the environment.
The new Development Bank aims to attend productive sectors which are not served by commercial banks and expects to receive capital for up to $ 1.200 million through bond issues in domestic and international markets and also financing from the Central American Bank for Economic Integration (BCIE) and other multilateral agencies.
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.
The legislative passed an Electronic Signature bill, which will ease international transactions.
This bill explains that technically, electronic signatures are “electronically integrated data, which form a message or are associated with other data”.
José Pallais, President of the Justice Committee, explained that “it will ease electronic commerce; there won’t be a need for physical invoices, just electronic ones.
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