CABEI and the Republic of Korea signed agreements to promote cooperation and investment in various productive sectors in Central America

Seoul, July 13, 2022.- In order to establish a framework for cooperation and facilitate the implementation of programs and projects in areas of common interest between the Central American region and the Republic of Korea, as well as the development of technical studies to take advantage of investment opportunities, the Central American Bank for Economic Integration (CABEI) and various authorities of the Republic of Korea signed several agreements of understanding during the multilateral's visit to the country.

"We are ratifying that we are that bridge of opportunities between the region and the world, by establishing collaborative synergies that will undoubtedly give us the opportunity to jointly explore opportunities to promote trade, knowledge exchange, boost productivity and competitiveness in the pursuit of the economic, social and environmental development of our countries," said CABEI Executive President Dr. Dante Mossi.

The first agreement was signed with representatives of the Ministry of Economy and Finance of the Republic of Korea (MoEF) to increase the availability of US$600.0 million in financial resources to the Korea Cofinancing Facility for Central American development; a non-exclusive collaboration was also signed with the Global Green Growth Institute (GGGI) to identify and support environmental sustainability initiatives in Latin America and the Caribbean.

In addition, an agreement was reached with the Korean Ministry of Science and Technology Information and Communications to implement projects and programs that support the use and exploitation of technology in this sector for the development and integration of the region. Other important agreements were the memorandums of understanding established with the Korea Urban Infrastructure and Development Corporation and the Ministry of Oceans and Fishing (MOF), which will contribute to port development, maritime logistics and fishing in Central America.

CABEI also   signed an agreement to develop environmental policies, programs and projects on climate change with the support of Korea's Environmental Industry and Technology Institute. It also announced a cooperation agreement with the Korea Export-Import Bank of Korea (KEXIM) to advance the generation of opportunities through private sector financing in the Central American region.

Since 2020, South Korea has been an extra-regional member of CABEI, and since then has actively supported Central America with financing totaling US$850.0 million through three main instruments: the Korea-CABEI Partnership Single Donor Trust Fund (KTF),  the EDCF-MoEF Cofinancing Facility, and the Korea Knowledge Sharing Program (KSP).