CABEI supports the continuity of air navigation in the Central American region through financing for COCESNA operations
Eight million Central American passengers will benefit from a US$5.0 million CABEI loan to Corporación Centroamericana de Servicios de Navegación Aérea (COCESNA).
Tegucigalpa, April 27, 2021.- In order to promote aeronautical operations and monitor air traffic in the region, the Central American Bank for Economic Integration (CABEI), approved a line of credit to Corporación Centroamericana de Servicios de Navegación Aérea (COCESNA) for up to US$5.0 million.
With these funds, more than 8 million passengers will benefit from the different airports in Central America and more than 370 permanent jobs will be maintained at COCESNA, 22.0% of which are held by women.
"We recognize COCESNA's strategic importance in guaranteeing the operational safety of civil aviation in the region and, therefore, the contribution it brings to economic development through tourism and the transportation of people and goods. We are pleased to know that this financing will strengthen its operations, which are so essential for the proper functioning of flights in Central America.
I am proud of how the Bank is accompanying the different financial resource needs derived from the impact of the COVID-19 pandemic, which is also being demanded by the institutions that make up the Central American Integration System (SICA), and CABEI is always ready to respond to the regional institutions' needs," said CABEI Executive President, Dr. Dante Mossi.
COCESNA is the company that makes the continued air movement of people, goods and services possible for the economies of each and every country in the Central American region and is therefore the provider of a strategic service for the regional economy to function. The funds from this credit line will be invested to reduce the impact of the COVID-19 pandemic and will finance working capital for the supply, installation, maintenance and improvement of specialized equipment for airports, such as radars, radio equipment, antenna systems, telecommunications networks, among others.
COCESNA has been a CABEI client since the 1960s; it is the institution that has made it possible to manage air traffic in the Central American region and therefore provides a strategic service to the countries.
The terms of the credit line are established for a four-year term for each disbursement, with a two-year grace period and an annual interest rate of 3.90%.