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 the Korean Ministry of Oceans and Fishing will promote Central American port development
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To promote cooperation, the MOF has already shown its willingness to co-finance the port development feasibility study and this co-financing scheme can work as a guide to attract Korean investors to this region.
Seoul, July 12 th, 2022. – The Central American Bank for Economic Integration (CABEI) and the Ministry of Oceans and Fishing (MOF) signed a Memorandum of Understanding to formalize an alliance that will contribute to port development, maritime logistics and fishing in the Central American region.
The collaboration between CABEI and the MOF will enable the development of joint seminars and workshops, feasibility studies, as well as the formulation of master plans and the exploration of investment opportunities in the port sector.
CABEI's Executive President, Dr. Dante Mossi, highlighted: "We are very excited about the signing of this collaboration agreement, since the Republic of Korea, with its extensive experience in port matters, will be able to transfer knowledge that will enhance connectivity with international trade, thus contributing to the region's economic development."
As part of the transfer of knowledge, there are plans to receive exploratory missions between Central America and Korea that will lead to the development of personnel and information exchange programs in order to identify other areas in which effective and practical cooperation is possible, among others.
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