Economy 09-11-2018

El Salvador will receive $ 150 million non-refundable from China

China will donate 150 million dollars to El Salvador for health, education, technology, water supply, and disaster prevention and mitigation, the Salvadoran government reported.

"The president, in a message to the nation, said that another of the great results of the nascent relationship with China is the non-reimbursable cooperation of 150 million dollars (one billion yuan) destined for El Salvador for the next three years" , says a statement posted on the Presidency page.

China and El Salvador signed 13 social and economic development agreements in recent days, during the visit of Salvadoran President Salvador Sánchez Cerén to Beijing.

The agreements were presented by the president during a meeting of the Council of Ministers.

"The visit had aspects related to the cultural field, the economy, education and cooperation, we had the opportunity to know the experience of the Chinese people, the changes that have been made from the reform and opening (...) that has made China the second world economy, and have a vision more in line with the economic development worldwide, "the president added, according to the Presidency.

Among the benefits that El Salvador will obtain is the arrival of 3,000 tons of rice that China donated to assist families affected by drought and floods.

In addition, China declared El Salvador as a tourist destination.

"China has become the world's largest issuer of tourists and, in terms of spending, the Chinese have been leading the world ranking for the travelers who spend the most when they travel abroad," the president said.

On the other hand, agreements on understandings analyzed other issues related to education, health and disaster prevention; A scholarship program was also established that will allow Salvadoran students to travel to China to prepare in different areas of knowledge.

On August 20, El Salvador opened diplomatic relations with China after it distanced itself from Taiwan.

Trade relations between both countries have experienced strong growth during the first five months of this year: between January and May of 2018 El Salvador sold 81.4 million dollars to China, an increase of 2.334% in exports with respect to the same period of 2017, local portal El Salvador reported, based on official figures.


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