CABEI President presents Annual Report to PARLACEN Assembly
CABEI Executive President Dr. Nick Rischbieth discussed the successful impact of the 2010-2014 Institutional Strategy “Competitiveness with Social Integration and Development," which resulted in USS1.63 billion in approvals to Central America in 2011.
Guatemala. - The Executive President of the Central American Bank for Economic Integration (CABEI), Dr. Nick Rischbieth, said that during 2011 the Bank greatly contributed to supporting countries in the region, significantly impacting Central America’s social development and integration.
Dr. Nick Rischbieth was welcomed to the Central American Parliament (PARLACEN1) by its President, Manolo Pichardo, its Board of Directors and the members of Parliament at its plenary session.
PARLACEN is an institution for the democratic and political representation of the people of Central America and the Dominican Republic, exercising parliamentary functions of the Central American Integration System (SICA2) to foster the integration of the region’s countries.
In his speech, Dr. Rischbieth enumerated some of the benefits that CABEI operations have provided to the region, including income for the region’s governments amounting to an annual average of US$162 million from the generation of tax revenue and energy savings by the countries.
Another CABEI contribution is the strengthening of the job market by an annual average of 69 thousand permanent and temporary jobs; and the indirect impact on more than 12 million people in the projects’ target areas.
CABEI’s initiatives have also supported approximately 550 thousand families, more than 7,000 MSMEs, 16 municipalities and 38 financial institutions.
Regarding the perspective for 2012, the CABEI Executive President noted that approvals amounted to a total of US$1.741 billion, of which 72% will be allocated to the public sector and 28% to the private sector.
As the strategic partner and financial arm of Central America, CABEI investments were targeted at the areas of energy and productive infrastructure, which together represented 71% of total approvals during 2011.
In addition, he informed the Assembly about CABEI”s growing financial soundness as demonstrated by the A-level ratings granted by such international risk rating agencies such as Moody's, Fitch ratings, Standard & Poor's and Japan Credit Rating.
Dr. Rischbieth emphasized that the Bank will continue to promote the execution of its strategy in the region to improve the quality of life of its 50 million inhabitants.
At the same time, he highlighted the Bank’s contribution to Central American and Mesoamerican integration in recent years through the investment of over US$1.8 billion for priority projects in the framework of the Mesoamerica Project.
He also pointed out the Bank’s contribution to the work being carried out with different SICA institutions and entities, including the PARLACEN.
In a private meeting, as recognition of CABEI’s contribution to the region and Dr. Nick Rischbieth’s outstanding work as head of the most important financial institution in Central America, PARLACEN President Mr. Manolo Pichardo presented him with the PARLACEN coin, an award received only by highly distinguished public figures who visit the PARLACEN headquarters in Guatemala.
