CABEI holds event for regional investors
During the event, a new bond issue in Central America was presented.
The Central American Bank for Economic Integration (CABEI) held a meeting with regional investors, stockbrokers, bankers and businesspeople to inform them about CABEI's successful performance in 2011 and in 2012 to date, which has permitted the Bank to channel more than US$2.4 billion to its member countries to promote their economic and social development.
During his presentation, CABEI Executive President Dr. Nick Rischbieth explained that the Bank's execution of its 2012-2014 Institutional Strategy, "Competitiveness with Integration and Social Development," had had a highly successful impact on regional development according to evaluations. This success is reflected in the financing of the construction and improvement of more than 500 km of the highway network; 255 MW of renewable energy generation, increasing current regional energy capacity by 4%; 5,273 m2 of infrastructure for higher education; and 4,133 housing units. Together these initiatives have directly benefited 12.2 million inhabitants, 540 thousand families, 7,700 MSMEs, 2,000 higher education students and 38 financial institutions.
Dr. Rischbieth stated that CABEI had played a historic role in the development of local markets, placing the equivalent of US$200 million in the Central American region's public and private stock markets. It has carried out issues in the local markets of every country in the region, as well as Panama and the Dominican Republic. The first regional issue was held last year with simultaneous placements in the stock markets of El Salvador, Costa Rica and Panama; this was considered a decisive step on the path to integration.
He added that, "Currently regional funding represents 7% of the Institution's total funding. Our Medium Term Notes (MTN) Program is registered in all Central stock markets."
CABEI Treasurer José Félix Magaña stated that, pursuant to its objective of fostering regional integration, CABEI promotes local capital markets as viable mechanisms for financing and integration, in addition to providing local investors with opportunities for diversification.
Also present at the event were interim Chief Economist, José Deras, and CABEI Finance Manager, Hernán Alvarado.
