In a recent announcement, the Central American Bank for Economic Integration (CABEI) revealed its decision to boost financing for El Salvador by $150 million. This extension comes through an expansion of the credit line for the Road Conservation Fund (FOVIAL), aimed at supporting the institution in its crucial task of conserving and enhancing the country’s road infrastructure.
President Nayib Bukele took to social media to highlight the significance of this development, emphasizing that it refutes claims made by media outlets and political figures regarding a supposed cut in funding for the nation.
«A few weeks ago, several media outlets and some of the usual ‘experts’ claimed that the CABEI would cut financing to El Salvador. But not only did they not cut it, they increased it,» stated the president.
According to the bank’s statement, this extension brings the total credit for FOVIAL to $250 million. The funds are designated to address the working capital needs of the autonomous institution.
Furthermore, CABEI underscored its ongoing support for various initiatives, including the Infrastructure Connectivity Program for Development, the La Libertad Port Road Extension Project Phases II and III, the construction of bridges over the Anguiatú and Paz rivers, and the Viaduct Construction and CA01W Road Expansion Project (Los Chorros section).
«This intervention will have a positive impact on the country, both economically and socially, due to job creation and the execution and maintenance of road infrastructure projects,» concluded the statement.
The increase in financing signifies a continued commitment to bolstering El Salvador’s infrastructure and economic development, countering speculation and affirming the CABEI’s dedication to supporting the nation’s growth.