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The Inter-American Development Bank (IDB) approved two loans totaling $190 million to support micro, small, and medium-sized enterprises (MSMEs) in El Salvador. The resources will finance programs aimed at technological and digital transformation, as well as improving energy efficiency and the use of renewable energy in these companies.
The first program, “Support for the Technological and Digital Transformation of MSMEs” will receive US$130 million and will benefit some 700 MSMEs by providing them with loans to adopt advanced and digital technologies. This project seeks to enhance the competitiveness and capacity of MSMEs to operate in global markets.
The second program, “Financing for Energy Efficiency and Renewable Energy in Salvadoran MSMEs”, will allocate US$60 million to some 450 companies. This plan will provide medium- and long-term financing, as well as technical advice on measuring energy savings and reducing greenhouse gas emissions.
MSMEs account for 66% of employment and 43% of GDP in El Salvador, but face difficulties such as limited access to financing, which affects their modernization and adaptation to climate change. IDB programs, channeled through BANDESAL and commercial banks, seek to overcome these challenges and promote business sustainability.
One of the priorities will be to promote access to financing for companies led by women, who face greater barriers to obtaining resources in the areas of innovation and technology. This approach seeks to reduce inequalities in access to financial and development opportunities.
According to Olga Gómez, IDB representative in El Salvador, these projects will strengthen the competitiveness and resilience of Salvadoran MSMEs while promoting economic and environmental sustainability in the country.
Both loans have an amortization term of 23.5 years, a 7-year grace period, and an interest rate based on SOFR, which guarantees favorable conditions for business development.
