CABEI ratifies its financial strength at Board of Governors Meeting
Over the last 10 years, CABEI has disbursed more than US$16 billion to the Central American region.
CABEI has a subscribed capital of approximately US$4.90 billion dollars, approvals amounting close to US$1.90 billion and annual disbursements exceeding US$1.50 billion dollars.
La Romana, Dominican Republic, April 26, 2018. - Today, the Central American Bank for Economic Integration (CABEI) inaugurated the 58th Ordinary Board of Governors Meeting in the city of La Romana. At the meeting, the Bank will demonstrate the important results of its management, ratifying its financial solidity.
The ceremony was inaugurated by the Minister of Finance of the Dominican Republic, Mr. Donald Guerrero Ortiz, and had the participation of the President of the CABEI Board of Governors, Mr. Julio Héctor Estrada, who is also Minister of Public Finance and Governor of Guatemala. Likewise, the event was attended by the Finance and Treasury Ministers of the CABEI member countries and CABEI's Senior Management.
At the opening of the event, CABEI Executive President, Dr. Nick Rischbieth, highlighted the principal milestones achieved by the institution during the last 10 years. Throughout this period and in accordance with its business model, CABEI has continued to promote the integration and economic and social development of the countries of the region.
During his speech he stated that, "CABEI is a new and more strengthened bank with a governance structure that reflects its alignment with the Central American Integration System (SICA) and a solid equity backed by its members and a broad liquidity base. At the end of this year, the Bank expects to obtain a rating of AA-; with this rating, CABEI would become the best rated institution in Latin America in terms of credit rating.”
He added that, "Currently, CABEI is the most relevant multilateral bank for the region of the SICA countries. At the close of 2018, it will have a subscribed capital of approximately US$4.90 billion, approvals amounting to US$1.90 billion and disbursements exceeding US$1.50 billion dollars per year. We are undoubtedly a relevant bank for the region with more than US19 billion in approvals and US$16 billion in disbursements over the last 10 years."
Noteworthy challenges facing the region that CABEI should contribute to include the deficits that the region's countries have in terms of competitiveness, productivity and economic and social infrastructure, including all forms of transportation with elevated costs, poor communications and technology, large gaps in innovation and healthcare and education services for the population.
Dr. Rischbieth also referred to the need to move forward with a firm step in carrying out all the necessary actions to sustain the credit rating levels that enable access to markets in order to obtain financial resources in better conditions. These actions in conjunction with other measures have led to a reduction in interest rates, such as the one that went into effect in April, for the member countries.
Finally, Dr. Rischbieth, thanked the outstanding contribution of the governors, directors and officials of the institution to the construction of the most important multilateral organization in the region.
