CABEI will position Central America in the Republic of Korea
International expansion is a strategic priority for CABEI, in a context of adverse global economic conditions the new office in Korea will provide immediate support.
Tegucigalpa, April 01, 2020. The Board of Directors of the Central American Bank for Economic Integration (CABEI) expressed their support to the opening of a new office in the Republic of Korea with the purpose of fostering investment of the countries in the region, raising and mobilizing financial resources through the Asian markets, identifying potential partners and contributing to the commercial exchange between countries in both regions.
Korea became an official non regional member country of CABEI in January 2020. It is the second non regional member with the highest capital subscription, with an amount of US$450 million. Its participation in the Bank will increase the amount of available credits by US$2.25 billion, this represents an increase in CABEI´s portfolio of US$7.00 billion to more than US$9.00 billion; the resources will be used to promote programs and projects in the region.
Korea is a leading economy in Asia and the world. It is currently ranked as the world´s fifth largest exporter and the seventh largest importer, offering a world-class environment conducive for doing business.
CABEI Executive President, Dr. Dante Mossi, expressed that this is part of a wider strategic vision to amplify the Bank´s support of the regional economies in Central America by partnering with one of the fastest-growing economies in the world, as is the Republic of Korea.
Through this office, CABEI intends to address the needs of its member countries as they relate to this part of the world, consolidate its presence in the capital markets and potentially venture into new markets, explore the perspectives to increase investment, cooperation and promote new partnerships between both regions.
It is worth noting that even before the Republic of Korea became an official member of CABEI, it held close commercial ties with Bank. CABEI had served as the bridge between Korea and Central America through several cooperation schemes totaling more than US$700 million signed with Korean institutions to contribute to the development of the region.