CABEI brings Central America closer to Asia, and opens representative office in The Republic of South Korea
The multilateral consolidates its role as the bridge of opportunities between the region and the world.
Seoul, July 11, 2022.- Expanding its physical presence in its extra-regional partner countries and strengthening relations for the benefit of the region, this Monday the Central American Bank for Economic Integration (CABEI) opened its representative office in Seoul, capital of its most recent extra-regional partner, the Republic of Korea.
CABEI's Executive President, Dr. Dante Mossi, said, "For CABEI, it is of great satisfaction to consolidate our expansion strategy in our extra-regional member countries, now in South Korea, a member that, although it is the newest to join the Bank, is one of the fundamental allies in bringing development and prosperity to Central America. In just two years, together we have been able to implement three major financial instruments that add up to contributions of US$850.0 in key projects for our countries, and now many more that we hope to identify in person.”
The Republic of Korea has been a CABEI extraregional partner since 2019 and, with the multilateral's support, implements financial instruments to promote key sectors in Central America, such as the Korea-CABEI Partnership Single Donor Trust Fund (KTF), the EDCF-MoEF Cofinancing Facility, and the Korea Knowledge Sharing Program (KSP).
In addition, in the coming years it plans to support, through the Co-financing Development Central American Facility, several for an amount of more than US$900 million, thus reinforcing its support for the development and well-being of Central Americans.
South Korea has a subscribed capital of US$630.0 million and accumulated capital contributions of US$95.6 million, which places it with a 7.6% shareholding, the second highest of CABEI's extra-regional members.