Mexico has been a non-regional CABEI member since 1992 with an authorized stake of USD306.25 million in the Bank's share capital and capital contributions of USD76.56 million, ranking as the third largest shareholder within the group of non-regional members with 5.03%.
The contribution that Mexico channels to the Central American region through CABEI is based on various financial cooperation instruments with Banco Nacional de Comercio Exterior S.N.C. (Bancomext) for a total amount of USD520.8 million. The relationship between the Bank and this country was solidified in 2008 with the launching of the Central American Social Housing Development Program. It falls under the framework of the Mesoamerican Integration and Development Project (formerly Plan Puebla Panamá). Since that date, the Mexican government has made resources available to develop a sustainable market for long-term housing finance in the Central American region that addresses the housing deficit and future needs in this area. Throughout the Program's existence, 59 disbursements have been made through 14 intermediary institutions. In total, 192.7% of the initial financing available has been channeled, benefiting a total of 8,032 low- income households, which can now enjoy a more dignified home.
Additional resources to boost credit solutions and financial education in Costa Rica
With support from the European Union, the Government of Germany (through KfW) and CABEI, a cooperation agreement was signed with COOPESERVIDORES.
San José, October 25, 2017-. In order to promote access to financing for Micro, Small and Medium Enterprises (MSMEs), the Central American Bank for Economic Integration (CABEI), which is the executing entity of the Initiative for the Development of Business Ideas and Acceleration of Central American MIPYMEs (DINAMICA Initiative), signed a non-reimbursable technical cooperation agreement for up to US$60,000.00 with Cooperativa de Ahorro y Crédito de los Servidores Públicos R.L. (COOPESERVIDORES)
The funds will allow the implementation of a Project denominated, "Financial and Educational Instrument targeted at technology-based dynamic MSMEs." Project execution involves improvement of technological tools for financial advisors at the cooperative to integrally attend the needs of MSMEs with high growth potential.
While presiding over the signing ceremony, CABEI Country Manager for Costa Rica, Mr. Mauricio Chacón, stated that, "The strengthening of credit mechanisms and financial education for MSMEs through intermediary entities, such as COOPESERVIDORES, promotes the accelerated business scaling and consolidation of MSMEs."
The document was signed by CABEI Country Manager for Costa Rica, Mauricio Chacón, and the General Manager of COOPESERVIDORES, Oscar Hidalgo. The signing ceremony was also attended by the Economic and Commercial Section Officer of the European Embassy, Silvia Miranda, and the President of the COOPESERVIDORES Board of Directors, Fernando Faith.
The signing of the agreement was made in the framework of COOPESERVIDORES’s 60th Anniversary denominated, "Professorship in homage to former President Luis Alberto Monge Álvarez." The event was attended by recognized officials and directors of relevant public and private sector entities in the country, as well as representatives from MSMEs and relatives of the former president of Costa Rica, as guests of honor.
The cooperation will provide financial solutions pursuant to the reality of emerging markets, promoting economic development, inclusion and poverty reduction.
