A USD500,000 grant to support the preparation of a Development Bank of Latin America and the Caribbean (CAF) submarine cable project that will promote digital development in El Salvador and the region has been approved by the Multilateral Cooperation Center for Development Finance (MCDF) Governing Committee during its meeting in Budapest, Hungary on 14 December.

The MCDF grant will fund a review of the technical, legal, financial, and environmental safeguards of the submarine cable project, to originate in El Salvador and connect through Panama and other countries in the region.

The grant will also ensure that the project complies with technical and other standards required for CAF financing.

The submarine cable project will address El Salvador’s current lack of independent internet connectivity channels and build capacity to harness digitalization in the country and beyond.

“The project will ensure high-speed digital connectivity between El Salvador and the Central American region,” explained Gabriel Felpeto, CAF Chief Financial Officer and Vice President of Finance.

“High-speed internet not only accelerates the pace of economic growth, but also enables the development of new services, collaboration possibilities, and channels for the government to reach out to vulnerable populations,” he concluded.

Media Contact
David Hendrickson
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david.hendrickson@themcdf.org