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 visits South Korea to consolidate cooperation alliances in the country
Although it is CABEI's most recent extra-regional member, the Republic of Korea has accumulated capital contributions of US$95.6 million at the end of 2021. In addition to the US$630 million of subscribed capital.
Seoul, July 4th, 2022.- Consolidating its expansion strategy and strengthening cooperation ties with the Republic of Korea, this week the Central American Bank for Economic Integration (CABEI) begins an extensive day of work in the country, where it will open a new office in the Asian market and will take the opportunity to meet with various public and private sector entities.
CABEI's Executive President, Dr. Dante Mossi explained that this is a two-week mission in which they will formalize important agreements for the benefit of the region with institutions such as the Ministry of Economy and Finance of the Republic of Korea (MoEF), the Korea Export-Import Bank (KEXIM), the Korea Overseas Urban and Infrastructure Development Corporation, the Ministry of Oceans and Fisheries, the Ministry of Science and ICT, the Korea Institute of Industry and Environmental Technology, the Seoul Metropolitan Government, the Governor and authorities of the city of Busan.
"We will also take advantage of the inauguration of our office in Seoul to hold our sixth Board of Directors meeting of the year, during which important operations will be approved; but it will also allow us to meet with leaders on sustainable mobility and renewable energy generation from the public and private sectors, as we want to strengthen relationships and establish alliances that promote the transformation of our transportation systems towards cleaner and low-carbon ones," he said.
South Korea has been a CABEI extraregional partner since 2020 and since its incorporation until the end of 2021 actively supports Central America through various financial contribution agreements for a total amount totaling US$850.0 million through three main financial instruments: the Korea-CABEI Partnership Single Donor Trust Fund (KTF), the EDCF-MoEF Cofinancing Facility, and the Korea Knowledge Sharing Program (KSP).
