CABEI, the bridge between the Republic of Korea and Central America.
Korea is CABEI’s most recent extra- regional member, having finalized its incorporation process in 2020. It is the extra-regional member with the second largest shareholding with 7.67%, a subscribed capital of USD630.00 million and capital contributions of USD33.75 million. The country actively supports Central America through various financial contribution contracts for an amount of USD800.0 million. During 2020, the Bank contracted an On-Lending Facility with the Export-Import Bank of Korea (KEXIM) for USD50.0 million to finance operations under the COVID-19 Emergency Support, Preparedness, and Economic Reactivation Program. Likewise, on August 19 of 2020 a USD 50 million contribution was received by the Korea-CABEI Partnership Single Donor Trust Fund (KTF). A second contribution was received in 2021 for the amount of USD 10 million.
In 2022, CABEI opened its representative office in the Republic of Korea located in the International Finance Center (IFC), Yeouido, Seoul, Korea.
CABEI and Korea provide medical supplies to Dominican Republic to continue curbing COVID-19
The US$330,000 grant comes from the Korea - CABEI Single Donor Trust Fund (KTF) and is intended to support national efforts to address the spread of the COVID-19 pandemic.
Santo Domingo, September 16th, 2021.- Today, the Central American Bank for Economic Integration (CABEI) and the Dominican Republic signed a Non-Refundable Technical Cooperation Agreement for the donation of 816,480 Korean KF-94 masks to be used for the protection of personnel in the country's health sector, which will be administered by the Essential Medicines Program and Central Logistics Support Center (PROMESE CAL).
CABEI Executive President, Dr. Dante Mossi, noted, "As part of CABEI's work to prevent the effects of the pandemic in our region, today we are pleased to provide this support to our partner country, the Dominican Republic, to protect the population at this time of emergency.
The agreement was signed by the Dominican Republic's Minister of Economy, Planning and Development, Miguel Ceara Hatton; CABEI Director for the Republic of Korea, Dongjoon Kim; and the Chief Country Officer in the Dominican Republic, Manuel Ogando. The Dominican Republic's CABEI Country Director, Hostos Rizik, and PROMESE CAL's General Director, Aldolfo Pérez, signed as honorary witnesses.
The funds for this initiative correspond to the total amount approved by the CABEI-Korea Sole Donor Trust Fund (KTF) of up to US$3.0 million, which will be used to mitigate the spread of the pandemic in nine beneficiary countries.
