CABEI consolidates position as financial arm of the Central American Integration System
During the inaugural event presided over by CABEI Executive President Dr. Nick, Rischbieth, there was noteworthy mention of the recent approval of amendments to the CABEI Constitutive Agreement.
During the inaugural event presided over by CABEI Executive President Dr. Nick, Rischbieth, there was noteworthy mention of the recent approval of amendments to the CABEI Constitutive Agreement.
This year Panama is hosting the 56th Meeting of the Board of Governors of the Central American Bank for Economic Integration (CABEI) with the presence of the Ministers of Finance and Economy and the Central Bank Presidents of the Bank’s member nations.
During the inaugural event presided over by CABEI Executive President Dr. Nick, Rischbieth, there was noteworthy mention of the recent approval of amendments to the CABEI Constitutive Agreement, whose purpose is to establish a governance structure that reflects the Bank’s alignment with the Central American Integration System (SICA).
These changes will make it possible to strengthen CABEI’s financial soundness, which has led risk rating agencies to characterize the Bank as one of the best credit risks in Latin America while, at the same time, it will boost the Bank’s ability to attract more resources on better terms to finance programs and projects in the region.
Along the same lines, Dr. Rischbieth emphasized that these reforms will improve the conditions for the incorporation of new country members into the CABEI equity structure so that the Bank can continue working to improve the quality of life of Central Americans by supporting programs and projects that foster human development and social infrastructure, thereby modernizing the institutionality of the region’s countries.
Panamanian President Juan Carlos Varela attended the event, and, in his role as host, he stressed CABEI’s importance for the development of Panama and the other countries of the region.
The CABEI Board of Governors meeting will last for two days and will establish a work agenda that focuses on the analysis of new financial strategies for facing global economic challenges.
In 2015, CABEI approved a record amount of US$1.86 billion and made disbursements totaling US$1.50 billion to the public and private sectors of the Central American region.
The following are some of the projects that CABEI has financed in Panama: the Hemodialysis Project; the CIBA Palm Oil Extracting Plant; the Penonomé II Wind Energy Park; the Changuinola I Hydroelectric Project; Line 2 of the Panama Metro; and the Atlántico Natural Gas Project.
