The deputies of the Finance and Special Budget Committee of the Legislative Assembly approved the subscription of an $84 million loan with the Inter-American Development Bank (IDB) to finance the Trade Facilitation and Modernization Program of Port Operation in El Salvador.
The Legislative Assembly will approve the loan decree in the plenary session on Wednesday.
According to the financial manager of the Ministry of Finance, Marlon Herrera, the program seeks to simplify and automate foreign trade procedures and improvements in the efficiency of customs control. According to the application, the money would be paid within 25 years.
This is a loan contract that has already been signed with the Ministry of Finance and the Inter-American Development Bank for $84 million, thus financing different actions both through the Ministry of Economy and the Autonomous Port Executive Commission (CEPA)… The general objective is to contribute to the insertion of El Salvador in world trade Through improvements and efficiency in the port operation; as specific objectives, the aim is to reduce the operating times of the Port of Acajutla to simplify and automate the procedures of foreign trade and automate customs control, Herrera explained.
Components to finance the loan
According to the representative of Finance, the loan is aimed at optimizing the operational processes of the Port of Acajutla in its land interface, improving the infrastructure technological aspects as well as support in the process of corporate governance and institutional strategy to mention under this component it is planned to be carried out.
As part of the interventions, new accesses, complementary infrastructure and space rearrangement have been planned, including the relocation of technical areas such as electrical workshops, mechanics, equipment warehouse, fire station, Herrera said.
Also, it is estimated to modernize the unique Window of Foreign Trade and the functional improvement of customs computer systems and new video surveillance center.
This article has been translated after first appearing in Diario El Mundo