CABEI opens representative office in Dominican Republic and continues its expansion in the region
The Bank maintains its commitment to integration as the financial arm of the Central American region.
Santo Domingo, December 14th, 2020.- The Central American Bank for Economic Integration (CABEI) announced today a strategic growth in the Caribbean, with the opening of its Representative Office in the Dominican Republic from where operations in the country will be coordinated.
The inauguration ceremony was attended by the President of the Dominican Republic, Luis Abinader; the Vice President of the Dominican Republic, Raquel Peña; the Minister of Finance and Governor to CABEI, Minister of Finance Jose Manuel Vicente and the CABEI Director for the Dominican Republic, Hostos Rizik
"With this great step, CABEI ratifies its support and interest in the development of the Dominican Republic, a Bank member since 2007. This action reflects the progress and focus of the Bank in its business model and institutional strategy, which supports the economic and social integration of its partner countries," said CABEI's Executive President, Dr. Dante Mossi.
CABEI's president, Dr. Dante Mossi indicated that the Dominican Republic currently owns 5% of the Bank's shares and in that sense, this December 14th, a CABEI office will be inaugurated in this country; to offer the Bank's financial products very closely to both the private and public sectors.
"The Dominican Republic has a quota of nearly US$1,000 million that we leverage with other resources," said Dr. Mossi, who stressed that it is a key country for CABEI because it is a "door" for the entry of Central America into the Caribbean.
From 2007 to date, the Central American Bank for Economic Integration (CABEI) has contributed to improve the quality of life of families in the Dominican Republic with the approval of financing for a total amount of US$783.8 million directed to the country's public and private sectors.
CABEI Projects in the Country
Currently, in credit matters for the Dominican Republic, the financing of US$249.6 million for the construction of the Montegrande Phase III Multipurpose Dam stands out, as well as the approval of a global credit line of US$100.0 million for the Banco Popular and US$100.0 million for the Banco de Reservas, the construction of a gas pipeline with a loan of US$54.0 to the company AES Dominicana, in addition to its contributions to mitigate the negative impacts caused by the COVID-19 Pandemic.
CABEI will give more support to MIPYMES affected by the pandemic. CABEI President, Dr. Dante Mossi, informed that this organization is in conversations with the Dominican Government to provide support to the Central Bank for the strengthening of the small and medium enterprises and to provide them with resources so that they can stand up to the economic crisis provoked by COVID-19.
The Bank aims to position itself as a reference for multilateral banking in the country and to offer the Dominican business community financial structuring services, syndicated loans and services related to capital markets. This office is located in the 2015 Corporate building and the heart of the financial center of the city of Santo Domingo.
The new offices in the Dominican Republic are part of an expansion project to launch regional offices also in the Republic of China (Taiwan), South Korea, Spain, and Argentina. This opens up the country as a strategic enclave for the Bank's expansion in the Caribbean.