Monday, 12 July 2021 14:11

CABEI grants US$99,750 in non-reimbursable technical cooperation to support the implementation of the Bitcoin Law

Written by Alondra Gutiérrez

During the mission, the financing of the PRODEPORTE program was formalized and the approval of cooperation for the implementation of the Bitcoin Law was made official.

The Executive President of the Central American Bank for Economic Integration (CABEI), Dr. Dante Mossi, met this week in El Salvador with the President of the Republic, Nayib Bukele, the minister of Finance, Alejandro Zelaya, and the CABEI Director for El Salvador, Luis Rodríguez, to analyze the level of progress of the investments made in the country and identify new opportunities for the integral development of the nation.

During his visit, CABEI also celebrated the signing of the loan to finance the Infrastructure Construction and Construcción de Infraestructura y Rescate de Escenarios Deportivos a Nivel Nacional (PRODEPORTE), for up to US$115.2 million; and announced the approval of a non-reimbursable technical cooperation for US$99,750 to carry out studies on "Support for the Implementation of the Bitcoin Law in the Republic of El Salvador".

Regarding the technical cooperation, CABEI President Dante Mossi explained that, among its scopes, it is expected to support the Government in making decisions to implement the new regulations, approved on June 9 of this year, through the development of a market diagnosis from an international and local perspective, the development of regulatory and legal frameworks to increase the penetration, adoption and use of this cryptocurrency, as well as establishing general parameters for national regulation, ensuring adequate and transparent controls in compliance with the best practices at a global level.

CABEI's President highlighted that CABEI's active portfolio in El Salvador has project initiatives focused on human development, improvement of public infrastructure and economic reactivation, among others; through which it is expected to positively impact more than 1.5 million families and generate more than 28,000 new jobs and preserve more than 90,000 jobs in different sectors of the economy, of which 15% correspond to women.

"CABEI confirms its commitment to achieving major regional objectives, providing solutions that improve the competitiveness of Central American economies. This cooperation will strengthen El Salvador's technological and productive capacity linked to the adoption of this new payment and merchandise system, while the PRODEPORTE program will strengthen the country's sports infrastructure, benefiting hundreds of athletes", said Dante Mossi.

The portfolio of development initiatives in the country currently totals US$1,861.4 million and disbursements of US$773.7 million, indicating active management in favor of the country's development and the final beneficiaries of each project.