The Government of El Salvador, in collaboration with the World Bank, is spearheading a pilot program with the textile industry to achieve clean and higher-quality production.
Underlining the significance of sustainable industry as a key government objective, Minister of Economy, María Luisa Hayem, highlighted the positive rapport established with the International Finance Corporation of the World Bank (IFC). This partnership has led to the inception of a project named Sustainable Industries, in which the textile industry actively participates.
“Environmental sustainability and its importance are not isolated concerns in our work but rather a cross-cutting issue in the government’s endeavors,” added Minister Hayem.
Within the framework of this project, companies sign agreements for clean production and work in coordination with government incentives to adopt new technologies and machinery that enable cleaner and higher-quality production.
“While we are currently focused on the textile sector, this initiative is open to all sectors of our economy,” explained the Minister of Economy.
Among the advancements highlighted by the minister during President Nayib Bukele’s leadership over the past four years in the field of sustainability, notable achievements include the promotion of electric vehicles through the Law for the Promotion and Incentives for the Importation and Use of Electric and Hybrid Means of Transportation. Furthermore, there has been diversification of the green energy matrix, which now accounts for over 80% of the country’s energy consumption.
“We have become the seventh-ranking country in the world for electricity generation from renewable sources, according to the Latin American Energy Organization. I am pleased to share that we have also become an exporter of environmentally-friendly energy,” detailed Minister Hayem.
The executive board of the World Bank Group (WBG) has reaffirmed its support for the alliance with El Salvador, emphasizing that this strategy aims to foster inclusive and sustainable growth by strengthening the country’s human capital and resilience against natural disasters and climate change.
“Through this new strategy, we reaffirm our commitment to El Salvador in continuing our support for sustainable and inclusive growth that promotes socioeconomic opportunities for the entire Salvadoran population while addressing the challenges of climate change,” emphasized Carine Clert, Country Manager for El Salvador and Costa Rica at the World Bank.
Furthermore, Clert explained that within this partnership, the WBG will guide its work program in El Salvador over the next four years through investments that strengthen priority sectors such as education and health. The WBG will also promote financing for small and medium enterprises, youth employment, sustainable water resource management, as well as investments aimed at establishing quality infrastructure at local and national levels.
This collaborative effort between the government and the World Bank not only showcases El Salvador’s commitment to sustainability but also signifies a step forward in achieving environmentally friendly and economically prosperous development. By embracing sustainable practices and partnering with international organizations, El Salvador is well-positioned to make significant strides towards a cleaner and more resilient future.