CABEI and EPR sign credit for US$4,500,000 to complete SIEPAC

San José.- The Central American Bank for Economic Integration (CABEI) and the Network Owner Company (EPR2) signed a loan agreement for four and a half million dollars (US$4,500,000 million) to complete financing for the Central American Electrical Interconnection System (SIEPAC).

The signing of the financing agreement was conducted in the presence of CABEI's Executive Vice President, Attorney Alejandro Rodríguez Zamora; CABEI’s Director for Costa Rica, Mr. Jorge Walter Bolaños; CABEI’s interim Countries and Projects Manager, Ms. Hazel Cepeda; the interim Manager of CABEI’s Regional Office in Costa Rica, Mr. Mauricio Chacón; EPR’s General Manager, Mr. José Enrique Martinez; and EPR’s Financial Manager, Mr. Luis Buján.

This interconnection of the electrical systems of Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama will allow an increase in electricity transactions in the region.

CABEI Executive Vice President Attorney Alejandro Rodríguez said that this financing will provide a more robust and reliable regional electrical system, which will lead to increased competition and a streamlining of existing generation capacity, as well as newer and more efficient generation plants for the economies of the region’s countries who are competing in a global market.

With this loan, CABEI consolidates its leadership in promoting the Central American integration process by increasing its participation in this project’s financing to one hundred and nine million dollars (US$109,000,000) of a total investment of four hundred and ninety four million dollars (US$494,000,000).

This project is in the framework of the Mesoamerica Integration and Development Plan and is closely and continuously monitored by the Mesoamerican Presidents at their regular Summits.