LatinNews Daily - 13 June 2023

* The financing and budget commission in El Salvador’s national assembly has approved a new loan from the Latin American development bank (CAF) for up to US$75m to improve the country’s investment climate. Marlon Herrera, the finance ministry’s director of investment and public credit, told legislators that the programme would benefit some 18 public institutions. He said it would provide the government with resources to improve the business climate in order to boost trade, investment, and job creation. He also said that of the total US$75m, US$20.5m would go on simplifying and digitalising procedures. Another US$43.6m would go on improving infrastructure at the border crossings of La Hachadura and Chinamas in Ahuachapá department and San Cristóbal (Cuscatlán department) which border Guatemala, and the customs post at San Bartolo (Morazán) which would seek to reduce time and costs of logistics and transport to facilitate overland trade to Central America. He said that another US$8.7m would go on developing new technological tools and strengthening the country’s investment promotion office (INVEST). He said that this was the fourth loan that the government had undertaken with the CAF since March 2022.