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 Republic of Korea to contribute to the modernization of the Dominican Republic's Customs Management System
Through a US$450,000 technical cooperation grant from the Korea-CABEI Single Donor Trust Fund (KTF), a comprehensive review and analysis of the customs management system will be carried out.
Santo Domingo, January 28, 2022- The Central American Bank for Economic Integration (CABEI) approved US$450,000 in non-reimbursable technical cooperation from the Korea-CABEI Single Donor Trust Fund (KTF) with the objective of supporting a strategic path for modernizing the Customs Management System and its technological infrastructure in the Dominican Republic.
This support will be used to evaluate the customs management system by identifying restrictions and limitations that may currently exist, as well as to conduct a technical and financial analysis of the scenarios to be implemented for its modernization and the processes to be presented in order to obtain the best international practices related to policies, regulations and strategic customs governance models, contributing to capacity building and knowledge transfer to key personnel of the General Customs Directorate (DGA in Spanish).
"The COVID-19 pandemic has shown the need to optimize the logistics sectors. This initiative is expected to achieve that integrating vision for strengthening the market and regional competitiveness, as well as improving customs management processes and technologies, contributing to an increase in the trade volume, tax collection and an increase in port activities, which will undoubtedly generate more employment opportunities and greater economic productivity in the country," said CABEI Executive President, Dr. Dante Mossi.
With the implementation of the Technical Cooperation, it is expected to obtain a comprehensive assessment of the current customs infrastructure and based on the findings obtained, a strategic roadmap will be developed for its improvement and sustainable management in line with the best international practices and technologies implemented in this area by the Republic of Korea.
In addition, and as part of an integrating vision, it will seek to contribute to strengthening regional competitiveness and promoting it as an integrated market, improving the efficiency, transparency and sustainability of customs services and administration in the Dominican Republic.
The execution of the Technical Cooperation is scheduled to start during the second quarter of 2022 and to be completed within 12 months.
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