OPIC & CrediQ Signing Ceremony
Ambassador Jean Manes
Monday, October 1, 2018, 9:00 A.M., Club Campestre
Remarks by Ambassador Jean Manes at the OPIC and CrediQ Signing Ceremony
1 de octubre de 2018
* This is a courtesy translation. Only the original Spanish version should be considered authoritative.
The past few weeks have been important in the relationship between our countries, and I am pleased that the first event after returning from Washington is that of an initiative that will invest in El Salvador’s economic development. Actions like these demonstrate that the United States continues to support Salvadorans.
This is why it is a real pleasure for me to be part of this signing of an agreement between the Corporation for Private Investments Abroad, known as OPIC, and CrediQ, and to support an initiative that directly benefits small and Salvadoran medium-sized companies.
In El Salvador, SMEs are the engine of the economy and make up 99% of all businesses. However, 32% of these companies face great difficulties in finding the financing they need to start and grow their companies. This gap in credit accessibility amounts to 2.5 million dollars, and represents one of the great brakes for the creation of new businesses and economic growth.
This agreement that is being signed today will help reduce this gap by expanding access to credit to Salvadoran SMEs, allowing CrediQ to grant more auto loans and leases for longer terms. This project is the third installation with OPIC and CrediQ, and is a component of the Northern Triangle Initiative, an operation designed by OPIC to promote economic growth and job creation in El Salvador, Guatemala and Honduras.
It is initiatives like these that seek to benefit the country in the long term, by determining immediate needs, and finding true solutions to the problems of Salvadorans. This forward-looking approach and seeking meaningful partnerships with local counterparts is a staple of American investment, and one that we share from our Embassy.
We believe that the future must be built on the basis of good investments that promote transparency, equal treatment and with a clear goal to achieve, that of building a better country where all Salvadorans can make their life projects a reality.
Congratulations and thank you very much.