CABEI and Korea Eximbank sign US$100 million agreement to reinforce foreign trade
Through the credit facility, CABEI seeks to promote foreign trade between the Republic of Korea and Central America.
Busan, April 6, 2015.- The Central American Bank for Economic Integration (CABEI) and the Export-Import Bank of Korea (Korea Eximbank) signed a Framework Agreement for an export credit facility amounting to US$100 million to promote trade between Central America and the Republic of South Korea .
The instrument seeks to continue strengthening the alliance between CABEI and Korea Eximbank in order to finance exports of goods and services from top quality Korean companies and strengthen the competitiveness of and investment to the region. The agreement will provide three modes to facilitate the flexibility needed to attend a wide variety of projects that require financing. Likewise, through this agreement, CABEI seeks to promote the foreign trade of Central American commercial banks and the region’s productive sector.
CABEI Executive President Dr. Nick Rischbieth Glöe highlighted the importance of CABEI as a strategic partner in channeling resources and foreign investment to the region. He added that the alliance will increase commercial ties between the Republic of South Korea and Central America, thereby creating more jobs and contributing to poverty reduction.
CABEI and Korea Eximbank have maintained an extensive strategic alliance since 1992 when the first agreement between both institutions was signed; this long relationship demonstrates their mutual interest in promoting trade relations between the Republic of South Korea and Central America.
