- Supporting MSMEs in El Salvador
Supporting MSMEs in El Salvador
The OPEC Fund has approved a public sector loan of US$35 million to support COVID-19 response efforts in El Salvador. The loan was approved via the OPEC Fund’s fast-track process, adopted to ensure finance reaches those who need it most, quickly and effectively.
The loan will benefit approximately 6,000 micro-, small-, and medium-sized enterprises (MSMEs) in El Salvador. This strengthens the El Salvadoran government’s special trust fund, channeled through the National Development Bank of El Salvador (BANDESAL), to provide support that includes subsidy programs for employees of MSMEs, loans to small- and medium-sized enterprises (SMEs) and a financing program for entrepreneurs as well as micro- and small-sized traders in the informal sector.
The Inter American Development Bank, the World Bank and the Central American Bank for Economic are also cofinancing the program.