CABEI signs collaboration agreement with Korea Eximbank to promote electric mobility in the region

Seoul, October 22, 2019.- The Central American Bank for Economic Integration (CABEI) signed a non-exclusive collaboration agreement with the Export-Import Bank of Korea (Korea Eximbank) with the aim of developing collaborative activities, including participation in the Fast Passenger Train project of the Greater Metropolitan Area of San José in Costa Rica and in the eligible projects identified in the electric mobility sector.

This agreement was signed in the framework of the event denominated “CABEI Korea Week” by CABEI Executive President Dr. Dante Mossi and Acting President of Korea Eximbank, Kang Seung-joong.

By means of this agreement, Korea Eximbank and CABEI agree to collaborate to establish an Economic Development Promotion Fund (EDPF) with the objective of co-financing programs and projects promoted by the Governments of the Bank's member countries, whether or not they have a sovereign guarantee.

CABEI Executive President, Dr. Dante Mossi, stated that, “This collaboration will increase the flow of resources for the financing of operations in the region, especially for projects related to electric mobility, such as the Fast Passenger Train  of the Greater Metropolitan Area of San José in Costa Rica.”

The CABEI and Korea Eximbank relationship has been developing since 1992, demonstrating mutual interest in fostering trade relations between South Korea and the Central American region. This agreement extends the existing credit facilities between both institutions, including the US$100.0 million export credit line that financed the Atlantic Natural Gas Generation (GANA) project and the North Coast Regasification Terminal (CONO) project in the Republic of Panama. In addition, the Economic Development Cooperation Fund (EDCF) of the Ministry of Economy and Finance of the Republic of Korea co-financed US21.0 million of the Bluefields Sanitation Project in the Republic of Nicaragua and US$79.0 million of the Investment Program for Hospital Infrastructure and Equipment of the Republic of Guatemala.