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The Cuenta del Mar was born in october 2023, in alliance with the Fundación Domenech, with the objective of contributing to the preservation of the mangrove ecosystems of the Estero Jaltepeque. Now, Mastercard joins this initiative.
“From our purpose of promoting sustainable development to achieve the welfare of all, we opened The Cuenta del Mar, to contribute to care for and preserve our oceans, which are a fundamental part of what they represent for the environment. With this project, in addition to having intervened 6.7km of mangroves in the first stage, exceeding our expectations, we also brought an economic benefit to the families that live from fishing, empowering women in the community and generating environmental awareness in all members of the community. We are confident that, with Mastercard’s support, we will be able to continue generating more positive impact”, said Rafael Barraza, CEO of Bancoagrícola.
The direct beneficiaries of this project have been the inhabitants of Tasajera Island. The population of the San Rafael Tasajera canton is composed of more than 850 people: 422 women and 430 men. The livelihoods of the 197 families living in the canton come from natural resources extracted from the sea and the Jaltepeque Estuary.
Achievements in phase 1:
1.6.7 kilometers were intervened in the estuarine channels Mamasoca and El Desierto through the application of the Ecological Mangrove Restoration technique, surpassing the initial goal of 5 kilometers. Improving the landscape, the ecosystem, the waterway and increasing the survival of resident species, occasional visitors and migratory species.
2.A closed channel that prohibits fishing of all types within the channel permanently under the official Ministerial Resolution: R-03-24, Official Gazette No. 8 Volume 443, with the objective of protecting the space as a natural nursery.
3.Construction of a shell corral that will benefit a women’s cooperative “Estrellitas de Mar” and allow the shells to fulfill their function of filtering mangrove water.
4.Increased recognition and respect for the work of shell extraction, reducing the stigma associated with it and promoting the appreciation of the skills needed to perform this activity.
5.Creation of new job opportunities for women on the island, diversifying their income options beyond household chores.
6.Increased financial independence and economic empowerment of women through payment for restoration.
7.Development of technical skills in coastal communities by learning to use digital tools such as Kobocollect, chainsaw operation and boat driving.
8.Increased monthly income for micro-entrepreneurs who provide ecological tourism and water transportation services in the Jaltepeque estuary.
9.Contribution to the maintenance of the state of aquatic biodiversity in the Jaltepeque Estuary.
10.Planting of 1,000 mangrove seedlings in degraded areas.
11.Hiring of more than 1,600 day laborers working under the restoration work model.
“As Bancoagrícola, our strategy is sustainability and together with Mastercard we have a commitment with El Salvador beyond our business, and we are sure that in this second phase of La Cuenta del Mar, together with the Fundación Doménech, we will generate more positive environmental, social and economic results; and on this occasion also generate awareness by sharing with salvadorans the importance of caring for our marine treasures in the mangroves of Estero de Jaltepeque for a sustainable future”, concluded Rafael Barraza, executive president of Bancoagrícola.
“Our priority is to continuously improve the environmental impact of our operations. We are committed to ensuring that our products and solutions are built on a network of energy efficiency and are powered by renewable resources. We are also strongly committed to combating climate change, with the goal of reducing our absolute greenhouse gas emissions by 38% by 2025. To achieve this, it is essential to collaborate with our partners on initiatives that educate, inspire and encourage cardholders to fight climate change. For this reason, we joined the La Cuenta del Mar project, together with Bancoagrícola and Fundación Doménech”, said Francisco Milian, Country Manager for Guatemala, Honduras, El Salvador and Belize at Mastercard.
A healthy mangrove promotes a more balanced ecosystem, both for the environment and for the communities, creating a cleaner, more prosperous community with more opportunities to sustainably use the marine resource.
Likewise, a conserved mangrove is vital for the capture of blue carbon, a great ally against climate change. Thus, these “carbon sinks” are capable of sequestering CO2 faster than traditional forests, even if they are smaller in size.
“Jaltepeque has been for more than 16 years, the main area of impact of Fundación Domenech, and this initiative has allowed us to immediately feel the results, the community has learned about the sustainable use of its resources improving their quality of life, the sighting of sea turtles that inhabit the estuary and are in danger of extinction has increased, the nursery that promotes the closed channel has already generated impacts in increased fish and crustacean extractions of adequate size, and above all, the mangrove has improved its health, benefiting not only the coastal communities, but the entire country as one of the main buffer zones against natural disasters”, commented Margarita Ayala de Alemán, Director of Fundación Domenech.
With this initiative, the bank complements the actions already being developed to support projects that have an environmental impact, such as clean energy initiatives, electromobility and sustainable agricultural practices.
Bancoagrícola reaffirms its commitment to sustainability by caring for the sea from the heart, and comprehensively supporting initiatives that generate environmental, social and economic impact on the coastal-marine ecosystem.
