Wednesday, 25 January 2023 01:15

CABEI, the European Union and KfW will support UTEC students to create Startups

Written by Evelyn Alas

With the objective of strengthening the Innovation Support Office G'nius of Universidad Tecnológica de El Salvador (UTEC), which seeks to create technology-based enterprises, this tuesday, the Central American Bank for Economic Integration (CABEI), the European Union (EU) and the Government of Germany through KfW, through the DINAMICA Initiative, and the educational center signed a Technical Assistance Agreement for US$53,000.00.

This cooperation will provide a comprehensive and solid approach to the projects developed by G'nius through the three strategic networks that cover the business ecosystem, such as entrepreneurs, mentors and companies, attracting more than 60 participants for the creation of more than 6 startups and/or 4 spin-offs.

"The resources of the DINAMICA Initiative have made it possible to support young, innovative companies to access financial products suitable for their businesses and the strengthening of their technical capacities, while improving their offerings and generating more jobs", indicated CABEI Executive President Dr. Dante Mossi.

"The "G'nius" Innovation Support Office was created with funds from the European Union through Erasmus Plus in 2019, however, it has been part of the network of attention to entrepreneurs affected after the pandemic and the economic crisis. In this way, we reaffirm our commitment to support job creation through technology-based entrepreneurship", said François Roudié, Ambassador of the European Union to El Salvador and the Central American Integration System.

The signing of the agreement was attended by the Ambassador of the European Union in El Salvador, François Roudié, KfW's Local Representative in El Salvador, Liliana Monteiro de Sousa, CABEI's Senior Country Executive for El Salvador, Fernando Larín, and the Rector of the Universidad Tecnológica de El Salvador, Nelson Zarate Sánchez.

During the second phase of the DYNAMICA Initiative, Salvadoran MSMEs have been supported with more than US$12 million in loans through the non-reimbursable resources of Small Grants, the businesses of 31 micro and small enterprises have been strengthened and the first Technical Assistance agreement for El Salvador will be signed today, with the resources available under the Special Window for El Salvador, which is expected to continue strengthening the salvadoran entrepreneurial ecosystem.

The DYNAMICA Initiative is a tripartite initiative of the Central American Bank for Economic Integration (CABEI) as executing agency, the Government of Germany through KfW and the European Union as part of its Latin American Investment Facility (LAIF). Its main objective is to promote and strengthen the development of the entrepreneurial ecosystem and the private sector, especially for MSMEs, particularly new, young and/or innovative ones, thereby contributing to the generation of jobs and income and, therefore, favoring economic development and poverty reduction in Central America.


Translated by: A.M