The EU-CENPROMYPE ADESEP Regional Programme had the overarching objective of promoting entrepreneurship and improving the competitiveness of the private sector (particularly MSMEs) in Central America within the framework of regional and international trade. To this end, its specific objectives included contributing to the improvement of the business climate in Central America and stimulating MSMEs' ability to take advantage of the benefits and opportunities arising from the implementation of the Association Agreement (AA) between the European Union and Central America.

In this context, the purpose of this technical assistance was to analyse the current state of legal frameworks governing the development of dynamic entrepreneurship and angel investment in the SICA region. The diagnostic assessment was carried out alongside other complementary activities, with the aim of making contributions to improve the regulatory framework for this instrument and this type of financing, along with the necessary legal safeguards. The study was developed with the support of those responsible for the Regional MSME Promotion Centre (CENPROMYPE) and the EU's ADESEP Programme, in coordination with other actions aimed at implementing the Regional Strategy for the Promotion of Entrepreneurship in Central America and the Dominican Republic.

In accordance with the established terms of reference and the approved work plan, a series of contacts and meetings were held with CENPROMYPE counterparts across the SICA region, as well as with the key actors of entrepreneurship ecosystems and the most relevant public and private institutions. Through nearly one hundred meetings across the eight jurisdictions covered (Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and the Dominican Republic), the review of an extensive body of both legal and institutional documentation relating to each of the entities and initiatives consulted, and active participation in relevant events and gatherings, it was possible to gain a thorough understanding of the state of entrepreneurship and angel investment at both the national and regional levels. In addition, close collaboration was maintained with consultants from other projects running in parallel, most notably with Mr. Pablo Ignacio García — Executive Director of Enlaces — as well as with Ms. Margarita Zaldaña — from CENPROMYPE's Entrepreneurship Promotion area — and Mr. Gabriel Fernández — Head of International Assistance for the European Union Programme for Support to Private Sector Development in Central America (ADESEP) — all of whom provided highly valuable inputs for both the diagnostic assessment and the proposals set out herein. From a legal standpoint, the contributions of lawyers and experts with extensive experience and knowledge in the development of regional-scope legal instruments proved especially valuable.

The mission's work focused primarily on executing the planning agreed upon with those responsible for the consultancy. Considerable additional work was required, both due to the significant increase in the number of contacts and meetings held, and as a result of certain complementary activities requested by the beneficiaries (the Santiago de los Caballeros workshop, the ROM evaluation, meetings with legal advisors and SICA experts, etc.), as well as the study of the large and varied body of documentation provided.