The Inter-American Development Bank announced the approval of two loans totaling $8,590,500 to El Salvador to strengthen and modernize the state’s audit system and the national Legislative Assembly.
A loan of $5,044,500 will provide resources to help transform the Court of Accounts* into the Office of the Comptroller General of the Republic with an improved management system, an integrated information system, and a stronger auditing system.
A second loan of $3,546,000 will help the Legislative Assembly** become more efficient, effective and transparent through changes in procedures, administration, and information technology.
Both IDB loans are for 25-year terms, with four-year grace periods, at the variable annual interest rate, now 6.84 percent. Local counterpart funds total $2,136,000.
Earlier this year, two additional projects were approved by the IDB for a total of 6.7 million to strengthen the technical capacity of the country’s supervisory agencies in the financial sector