Under the activity known as El Salvador Investment Challenge (ESIC, or API in Spanish), FOMILENIO II signed an agreement with Aeroman, which will benefit more than 800 young technicians and engineers in the area of civil aeronautics.
Aeroman has already invested $24.8 million of $32.2 million planned. FOMILENIO II meanwhile will provide, via API, up to $3.37 million to train these young people, who will be incorporated into the company staff as demand grows.
This program is a non-refundable funding line from FOMILENIO II that provides public goods and services that will facilitate investment conditions in places where the private projects to be developed are proposed. Public goods or services not only enhance the profitability of these investments, but are also beneficial to the communities surrounding the project.
This is the first of several agreements FOMILENIO II hopes to sign with private investors. On April 4, the second request for proposals for API funds closed. Twenty-two domestic and foreign investors requested $47 million in public services, promising in return to invest $196.4 million in their projects. The strongest investment projects are in the following sectors: Agribusiness, with a proposed investment of $88.9 million, Energy with $54.8 million, Chemistry and Pharmaceuticals with $20.1 million and Tourism with $15.1 million. Companies have requested public services such as potable water, treatment plant for water, sewage, access to roads and lighting, research centers and training centers, among others.
Aeroman applied to the project during the first call for proposals to expand operations by opening up to eight new production lines of aircraft maintenance.
The Millennium Challenge Corporation (MCC) Resident Country Director, Martha Keays, highlighted the good reception the API has had among investors, both domestic and foreign, considering that this is a new mechanism.
The Technical and Planning Secretary of the Presidency, Roberto Lorenzana, said that this partnership between the public and private sectors reflects the capacity of the Salvadoran youth to achieve high goals.
“In FOMILENIO II we believe in projects like this one, which will allow El Salvador to gradually become a production and logistics center capable of providing decent work for its entire population,” said the Executive Director of FOMILENIO II, William Pleites.
The Chairman of the Board of Aeroman, Roberto Kriete, said that with this important and innovative program for training human resources necessary for the expansion of its services, the company is participating in helping many young Salvadorans achieve their dreams.”