Mexico City, Apr 28: The Central American Bank for Economic Integration has granted El Salvador a $600 million loan – the largest in the institution’s history – to restore the economy from the COVID-19 pandemic.
“The international organization will support the Republic of El Salvador in its economic recovery from the crisis caused by the COVID-19 pandemic with $600 million in funding, the largest ever approved by the Central American Bank for Economic Integration,” the bank said on its website.
Support in the form of subsidies ($140 million), loans ($360 million) and production financing ($100 million) will target the micro, small and medium-sized enterprise sector and should help maintain existing employment. A total of 4 million people are expected to benefit from the program.
The loan was approved for up to 20 years, including a five-year grace period and an indicative annual interest rate of 2.5 percent.
(AGENCIES)
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