U.S. Government Provides Additional $2 million for El Salvador’s Economic Recovery
May 19, 2020
The U.S. Government, through the United States Agency for International Development (USAID), announced $2 million in additional funding to help El Salvador’s economy recover from the challenges created by the COVID-19 pandemic.
With the new assistance, USAID will support small and medium enterprises (SMEs) to overcome the challenges of the COVID-19 pandemic. For example, USAID will support SMEs in key industries to reactivate and strengthen their businesses by sourcing production materials from new and reliable suppliers in the region. USAID will also support SMEs to develop strategies and find new opportunities based on international market analysis and market trend changes in the context of COVID-19. Training will be provided to SMEs on new regulations and good practices in areas such as biosecurity, occupational safety, and labeling to meet international export standards. Virtual platforms will promote Salvadoran products.
USAID will also support the National Commission of Micro and Small Companies (CONAMYPE) to channel credit to micro, small and medium enterprises from the local banking system and to help those businesses use financial aid or credit to restart operations.
USAID support will also focus on macroeconomic planning and policy, in collaboration with the Ministry of Finance, to effectively manage public revenues and expenditures, which are and will continue to be greatly impacted by the COVID-19 crisis.