The Multilateral Investment Fund today announced the approval of two grants totaling $1,945,000 to improve training and raise standards in Nicaragua two different sectors: the construction industry and professional accountants and auditors.
A $1,022,000 grant will assist the establishment of a training and accreditation program for construction workers and promote the modernization of the national training system.
In a separate program, a grant of $923,000 will help strengthen the technical and professional skills of public accountants and private independent auditing firms in Nicaragua.
CONSTRUCTION INDUSTRY
The MIF resources will enable the Construction Industry Association (CNC)* to develop an innovative, industrywide system that will meet the needs of increasing the supply of skilled workmen in an industry where there are now skill shortages.
A pilot program for training and accreditation will be carried out, training 2,450 laborers, 700 middle-level technicians, and 280 managers and senior technicians. Training will also be provided to 105 instructors and professionals.
The project will serve as a model for developing a program of ongoing training in the construction industry with a view to promoting greater private sector investment in training services and equipping the private sector with sufficient capacity to respond effectively to market demands.
The experience will also serve as a contribution to develop a strong private training system for other sectors of the economy. The project will draw on experience and capacities in various Central American countries, thereby promoting a greater regional market in training for the construction industry.
The total cost of the project is $1,677,500. The CNC will provide $665,000 in local counterpart resources.
ACCOUNTING AND AUDITING
The program, to be carried out by the Colegio de Contadores Públicos de Nicaragua (CCPN), corresponds to the MIF’s initiative in the area of improving the legal framework of the accounting and auditing profession and the application of international accounting and auditing standards.
The project has the following components:
• Revising and modernizing the legal framework governing public accountancy, including the preparation of draft amendments to be made to the Commercial Code.
• Evaluation and upgrading of university curriculum, developing a graduate-level program of auditing skills, and establishing a financially sustainable continuous training and education program for auditors and accounting professionals.
• Appraisal and updating of the procedures and methods currently used by the Comptroller General of the Republic in the selection and hiring of independent auditing firms, and review of the methods for overseeing and evaluating the internal auditing units of public agencies in Nicaragua.
• Strengthening the operating and administrative structure of the CCPN.
The total cost of the project is $1,398,000. Local counterpart resources of $475,000 will be provided by the CCPN and the Cámara de Firmas Nicaragüenses de Contadores Públicos y Consultores.
The Multilateral Investment Fund, an autonomous fund managed by the Inter-American Development Bank, provides grants and investments to promote private sector growth, labor force training and small enterprise modernization in Latin America and the Caribbean.