BLP has advised World Business Capital (WBC) on granting a loan to MULTI INVERSIONES BANCO COOPERATIVO DE LOS TRABAJADORES, S.C. DE R.L. DE C.V. (Mi Banco) for $10,000,000, backed by the U.S. Development Finance Corporation (DFC). Mi Banco will use the funds to expand its microenterprise financing activities to provide financial solutions that help and…
Category Archives: El Salvador
At BLP, Blog, Business Law, Costa Rica, El Salvador, Guatemala, Honduras
Avianca is LatinFinance’s Deal of the Year recipient for whom BLP advised restructuring more than $1 billion in debt
06
Feb
Feb
LatinFinance announced the winners of its annual Deal of the Year awards, for which our client Avianca’s transaction was recognized with the Corporate Restructuring award, restructuring more than $1 billion in debt. Through its offices in Guatemala, El Salvador, Honduras, and Costa Rica, BLP advised Latin American airline Avianca during its restructuring process. Colombian airline,…
Blog, Costa Rica, El Salvador, Guatemala, Honduras, Labor & Employment, Lawyers, News
Regional Holidays Calendar 2023
17
Jan
Jan
Our Labor & Employment team gathers the list of mandatory and non-mandatory paid holidays applicable to all Central American countries, ideal for Human Resources teams with operations in the region. Download
06
Oct
Oct
On October 4, 2022, the Legislative Assembly approved a new Fire Department Law for El Salvador. The purpose of the law is to modernize the fire department, giving it more institutional independence to enable a faster response to an emergency. This law implements an Ad-Valorem tax of 5% on the contracting, extension, renewal, or modification…
Blog, El Salvador, Labor & Employment, News
Reform to the Labor Code increase fines for labor infractions by employers in El Salvador
06
Oct
Oct
Legislative Assembly reforms the Labor Code to increase fines for labor infractions by employers On October 4, 2022, the Legislative Assembly of El Salvador reformed Art. 627 of the Labor Code to increase the fines for labor infractions against books I, II, and III of the Labor Code and those infractions that do not have…
Anti-money Laundering Compliance, Blog, El Salvador, News
New technical rules for the AML prevention in El Salvador
05
Oct
Oct
The Standards Committee of the Central Reserve Bank has issued new Technical Rules for the Management of Money Laundering and Asset Laundering Risks, Financing of Terrorism and Financing of Weapons of Mass Destruction Proliferation (NRP-36). As approved by the Central Reserve Bank on September 23, 2022, the Rules will enter into effect on October 10,…
Blog, El Salvador, Labor & Employment, News
New law for the protection of breastfeeding is issued in El Salvador
28
Sep
Sep
On September 27, 2022, the Legislative Assembly of El Salvador issued the law, “Love Converted into Food for the Promotion, Protection and Support of Breastfeeding.” This law has labor implications for companies regarding the establishment of lactation rooms and the granting of paid breaks to recent mothers to breastfeed or collect their milk during working…
At BLP, Banking & Finance, Blog, El Salvador
BLP advises on the repurchase of bonds of the Republic of El Salvador
26
Sep
Sep
BLP acted as legal counsel to Deutsche Bank Securities Inc. as dealer manager, in respect of certain tender offers made by the Republic of El Salvador to repurchase in cash certain sovereign bonds due in 2023 and 2025, accordingly; for an aggregate of up to US$360 million in the first round, and up to $74 million in…
15
Sep
Sep
On September 14, 2022, the Legislative Assembly of El Salvador decreed paid leave for workers from the public and private sector for September 16, 2022. If an employee works on this date, the employer must pay a surcharge of 100% on his/her salary. BLP has ample experience advising national and international companies on labor matters…
Blog, El Salvador, Labor & Employment, News
Legislative changes to employers’ obligation to provide daycare services to their employees in El Salvador
19
Jul
Jul
On June 24, 2022, the “Growing Together for the Integral Protection of First Infancy, Childhood and Adolescence Law” was published in the Official Gazette, repealing the “Special Law for the Regulation and Installation of Daycare Rooms for Employees’ Children.” It is worth mentioning that the repealed law was issued on May 2018, but, after multiple…