CABEI consolidates its position as regional leader in administration of third-party funds and trusts
After having obtained positive results in fund and trust management, CABEI demonstrates its commitment to strengthening its processes to guarantee appropriate resource use and to promote Central American development.
Tegucigalpa, April 8, 2015. - As a multilateral development bank, the Central American Bank for Economic Integration (CABEI) is committed to promoting the economic integration and balanced economic and social development of the region’s countries.
By means of Fund and Trust Administration, CABEI seeks to channel third-party resources to support and finance renewable energy, educational, housing and other projects in the region.
It is noteworthy that, as a promoter of Central American integration, CABEI has extensive experience in the administrative, financial and technical management of trusts and funds and can guarantee transparency, security and appropriate resource use.
Since 2008, CABEI has implemented international standards in order to achieve adequate management of its internal control system. CABEI has received seven positive opinions regarding internal control effectiveness with respect to the process of issuing financial information at the close of every fiscal year. These opinions have been ratified by CABEI’s external auditors.
Likewise, with the intention of strengthening its fund and trust administration process, CABEI has obtained the first positive external opinion with regard to the effectiveness of its internal controls in the administration of certain funds and trusts belonging to third parties and the Bank at the close of Fiscal Year 2014.
This was an important institutional achievement, which demonstrates that CABEI has an adequate internal control system to ensure compliance with its obligations in fund management and administration. It will contribute to attracting funds to the region as donations or on concessional terms and reinforces CABEI’s image as an organization at the vanguard that adopts the best internal control and transparency processes.
CABEI Executive Vice President Attorney Alejandro Rodríguez Zamora declared that the achievement demonstrates the institution’s reliability as a fund manager and administrator and, at the same time, ratifies CABEI’s value and relevance to its member countries.
Vice President Rodríguez Zamora added that the Bank’s challenge is to continue being the leader and financial arm for the development of the Central American countries in the axes of social development, competitiveness and regional integration.
