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´s Social Support Foundation receives US$1 million support from the Republic of Korea
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The contribution was channeled through the Korea-CABEI Partnership Single Donor Trust Fund (KTF) to strengthen activities that will improve the quality of life of Central Americans
Tegucigalpa, March 31, 2022 – With the purpose of scaling up high impact, social projects in the region, the Ministry of Economy and Finance of the Republic of Korea (MoEF) is supporting the Central American Bank for Economic Integration (CABEI) by delivering US$1 million in resources from the Korea-CABEI Partnership Single Donor Trust Fund (KTF) to the Social Support Foundation.
This constitutes the first external source of funding for the Foundation since its creation in 2021. It will help support technical assistance and activities to develop competencies, exchange knowledge and pilot programs for social endeavors, among other initiatives focused in key development sectors such as education, health, water and sanitation, and social welfare.
CABEI Executive President, Dr. Dante Mossi stated, “We are very pleased with the continued support from the Republic of Korea toward our region; on this occasion with a direct contribution to the Social Support Foundation that will lead to more development projects for the well-being of Central Americans.”
The Director General of Development Finance Bureau, Ms. Kyunghee Kim stated, "We have discussed our role in the Social support Foundation (FAS), one that seeks to provide more direct support for social value creation in the Central American region. I happily consent to the transfer of one million dollars to the FAS from the KTF. Since the FAS is managed by a Korean manager, I hope that this fund becomes well-established to set a good precedent for Koreans to play an active role in the Central American region."
These funds will strengthen collaboration between the government of the Republic of Korea and CABEI. Shortly after becoming a member country of the Bank in 2020, both entities worked closely to establish the Korean Trust Fund to provide non-reimbursable resources for the preparation of projects and technical cooperation, as well as the exchange of knowledge and best practices with a special regard to information, technology and Korean solutions relating to health, transportation, energy, climate change, and commerce, among others.
The Social Support Foundation was founded by CABEI in 2021 with the purpose of promoting social projects in member countries, thus accelerating development in the region, bolstering the Bank´s strategic objectives through activities that include impact evaluation mechanisms and efforts that contribute to the reduction of extreme poverty.
