The Government of the United States and the Government of El Salvador celebrated the Entry into Force ceremony of the Second Millennium Challenge Corporation Compact, known as FOMILENIO II.
This September 9th marks the starting point for the five years in which FOMILENIO II must successfully implement its three components: Investment Climate, Human Capital and Logistics Infrastructure.
“We have to invest all our efforts to create hope for the country; we must promote the conviction that it is worth continuing to build the bright future of this great nation. If we set up a safe and secure framework for investment, there will be hope. If we build a prosperous and enabling business climate, there will be hope. If we educate young people and prepare them for real job opportunities, there will be hope and development,” said US Ambassador Mari Carmen Aponte at the ceremony held at the Don Bosco University. “Together we will create hope and as always the United States will say ”Count on us” she added.
President of the Republic of El Salvador, Salvador Sánchez Cerén, who led the official ceremony, expressed satisfaction that the government has completed the national requirements to being implementation of the program. “We are showing that our country is making strong strides. The entry into force of FOMILENIO II is a healthy sign of the work we have taken to reduce poverty, to encourage investment and boost economic growth of our country.”
FOMILENIO II has a budget of $365.2 million, from which $ 277 million is an investment by the Government of the United States, through MCC, and counterpart funds from the Salvadoran government for $88.2 million.
The business leader Roberto Murray Meza, who is a FOMILENIO II board member and participated in the act as a representative of the private sector, stressed the intention of the private sector to support the country’s progress with this project. “As a representative of the private sector, I’d like to express our willingness to answer the call of society to work together with all the sectors of the country for El Salvador so that FOMILENIO II serves as a real trigger for its development.”
FOMILENIO II projects include strengthening permanent regulatory reform in the country, as part of the Investment Climate component. Within the Human Capital component, it is expected to benefit approximately 175 thousand students from schools in the country’s coastal region, preparing them to obtain greater opportunities in the labor market. Finally, the Logistics Infrastructure component seeks to reduce time and costs of freight transportation in the country through the modernization of El Amatillo border crossing and the expansion of the coastal road between the International Airport and Zacatecoluca, among others.