The Government of El Salvador has shared the outcomes of the project “Development of Dynamic Micro and Small Enterprises for the Economic Reactivation of El Salvador,” carried out from April 2023 to August 2024. The initiative, supported by the Korea International Cooperation Agency (KOICA) and the United Nations Development Programme (UNDP), aimed to strengthen local capacities in selected communities, with a special focus on women.
Vice Minister of Foreign Affairs Adriana Mira highlighted the impact of the project, stating, “Since the beginning of this initiative, local capacities in selected intervention areas have been significantly strengthened, particularly among women. Participants have developed the skills to launch business ideas and received seed capital, which has been crucial in kickstarting their ventures. I want to emphasize how this project also fosters innovation through the adoption and use of technology, which is now essential to showcase our work to the world.”
Mira also expressed gratitude for the strong relationship between El Salvador and South Korea. “We especially appreciate the support provided by the Government of Korea, channeled through KOICA,” she added.
Sohui Cho, KOICA’s Country Director, noted, “This project has been supported by KOICA, with a total investment of $6.6 million.”
Paul Steiner, President of the National Commission for Micro and Small Enterprises (CONAMYPE), reported, “We have trained 294 entrepreneurs, resulting in 201 business plans. In December, we provided $484,000 to 54 entrepreneurs, and within the first six months of this year, they generated $1.3 million in revenue.”
The Acceleration Program also hosted its first grant competition, where 21 women entrepreneurs and five men received $425,417 in non-refundable funds. Within just two months, these businesses reported sales totaling $375,872.24.
“The participants have developed the capacity to bring business ideas to life and received seed capital, which has been invaluable in launching their enterprises,” reiterated Vice Minister Mira.
This project marks a significant step towards economic reactivation in El Salvador, empowering local communities and fostering entrepreneurship across the country.