Reformed Art. 66 Of The Promotion For Financial System Development Law.

Original Language Title: Refórmase el Art. 66 de la LEY DEL SISTEMA FINANCIERO PARA FOMENTO AL DESARROLLO.

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LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR

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DECREE NO 18

THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF EL SALVADOR,

CONSIDERING:

I.-That in accordance with Article 101 (second) of the Constitution, the State

will promote economic and social development by increasing production, productivity and the rational use of resources. For the same purpose it will promote the various sectors of production.

II.-That by Legislative Decree No. 847, dated September 22, 2011, published in Official Journal No. 197, Volume N ° 393, of October 21 of the same

year, The Law of the Financial System for Development Promotion was issued; in that Law the Development Bank of El Salvador, BANDESAL, will be created, which will have as its main objective to promote, with financial and technical support, the development

viable and profitable investment projects in the productive sectors of the country.

III. The possibility for Cooperative Associations to access credits; however, it is necessary to grant greater facilities to these with

the purpose of promoting their development. So it is necessary to reform the Law of the Financial System for Development Promotion, in order to provide better options in obtaining credit.

BY TANTO,

in use of its Constitutional powers and at the initiative of the Deputy Francisco Jose Zablah Safie,

DECCRETA, the following reform to the

FINANCIAL SYSTEM LAW FOR DEVELOPMENT PROMOTION

Art. 1.-Intercalase a second point to Art. 66, as follows:

" In the case of Cooperative Associations, with resources from the Fund, credits may be granted up to 95% of the amount of the project, when they have a value of up to one hundred thousand dollars of the

United States of America; and up to 90% of the amount of the project, when it is higher than the amount mentioned above. "

Art. 2.-This Decree will enter into force eight days after its publication in the Official Journal.

GIVEN IN THE BLUE HALL OF THE LEGISLATIVE PALACE: San Salvador, at the eleven days of the month of June of the year two thousand fifteen.

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LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR

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LORENA GUADALUPE PEÑA MENDOZA, PRESIDENT.

GUILLERMO ANTONIO GALLEGOS NAVARRETE, ANA VILMA ALMASEZ DE ESCOBAR, FIRST VICE PRESIDENT. SECOND VICE-PRESIDENT.

JOSÉ SERAFIN ORANTES RODRÍGUEZ, NORMAN NOEL QUIJANO GONZÁLEZ, THIRD VICE-PRESIDENT. FOURTH VICE-PRESIDENT.

SANTIAGO FLORES ALFARO, FIFTH VICE PRESIDENT.

GUILLERMO FRANCISCO MATA BENNETT, DAVID ERNESTO REYES MOLINA, FIRST SECRETARY. SECOND SECRETARY.

MARIO ALBERTO TENORIO GUERRERO, REYNALDO ANTONIO LÓPEZ CARDOZA, THIRD SECRETARY. FOURTH SECRETARY.

JACKELINE NOEMI RIVERA AVALOS, JORGE ALBERTO ESCOBAR BERNAL, FIFTH SECRETARY. SIXTH SECRETARY.

ABILIO ORESTES RODRÍGUEZ MENJÍVAR, JOSÉ FRANCISCO MERINO LÓPEZ, SEVENTH SECRETARY. EIGHTH SECRETARY.

CASA PRESIDENTIAL: San Salvador, thirty days of the month of June of the year two thousand fifteen.

PUBESLOSE, Salvador Sánchez Cerén,

President of the Republic.

Juan Ramón Carlos Enrique Cáceres Chávez, Minister of Hacienda.

D. O. N ° 117 Took N ° 407

Date: June 30, 2015

SV/adar 23-07-2015

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