Promoting Exports

Asunción, April 3, 2017. - The Central American Bank for Economic Integration (CABEI) and the Korea’s Export-Import Bank (Korea Eximbank) signed an extension for an additional US$200 million to an Export Credit Facility Framework Agreement, which now totals US$300 million. The agreement’s main objective is to finance international trade operations and projects between the Republic of Korea and the CABEI Member Countries.

In March 2015, both organizations signed the original Framework Agreement for up to US$100 million. In January of last year, an action plan was implemented to promote large projects that facilitate Korean investment in region.

With this agreement signing, CABEI and Korea Eximbank demonstrate their commitment to establish cooperation mechanisms for the structuring of export and investment operations of products and services from Korean companies in the Central American region. The agreement includes 4 modalities, which will grant flexibility to attend the diversity of projects requiring financing in Central America.

CABEI Executive President Dr. Nick Rischbieth stated that, “The extension to the Framework Agreement, which was signed at the 58th annual meeting of the Board of Governors of the Inter-American Development Bank, will enable CABEI to continue to be a strategic partner in the channeling of resources and foreign investment to the region, as well as to provide support for greater trade integration between the two organizations in such sectors as technology, capital goods, equipment and parts and services.”

CABEI and Korea Eximbank have maintained an extensive strategic alliance since 1992, when the first agreement between the two institutions was signed; this demonstrates their mutual interest in fostering trade relations between the Republic of Korea and the Central American region.