CABEI, TaiwanICDF and DFC sign Letter of Interest to support growth in the Central American region during and after the COVID-19 Emergency
Through innovative initiatives, the private sector will be empowered to catalyze critical investments in support of business and infrastructure development, while promoting economic integration.
Tegucigalpa, September 15, 2020.- Within the framework of a strategic dialogue, the Central American Bank for Economic Integration (CABEI), the International Cooperation and Development Fund (TaiwanICDF), and the US International Development Finance Corporation (DFC) announced today the signing of a Letter of Interest to help the countries of the Central American region strengthen their response to the COVID-19 pandemic.
El Salvador, Guatemala, and Honduras particularly have long struggled with barriers to economic development and prosperity, which has exacerbated challenges such as poverty, violence, and illegal migration in the region, now adding to the significant loss of jobs in different productive sectors of the economies.
Dr. Dante Mossi, Executive President of CABEI mentioned that, “since the beginning of the COVID-19 crisis, the Bank has worked very closely with its member countries to launch various financial mechanisms and instruments, which to date total US$2,360.1 million to support the management of the health crisis. I would like to thank our partners for its unwavering support to the Central American region. Recently, through TaiwanICDF, two lines of financing have been formalized to support our Emergency Program for Support and Preparation for COVID-19 and Economic Reactivation, one for the public sector and the other for the private sector, for an aggregate amount of US$130.0 million. Our most recent work with the US International Development Finance Corporation (DFC) to promote investment and resource mobilization through the private sector, will undoubtedly be critical to containing the crisis and stimulating economic recovery.”
Mr. Timothy Hsiang, Secretary General of the TaiwanICDF, expressed his satisfaction with the collaboration with CABEI and the support given to the region through this financing, reaffirming the interest of the extra-regional partner in strengthening its links and support for the development of the countries, especially at this stage. “We also want to contribute our specialized knowledge and experience in sectors where international cooperation can be pivotal by leveraging Taiwan's comparative advantages in areas such as Agriculture, Education, Environment, Information and Communication Technologies (ICT), Public Health and Medicine,” stated Mr. Hsiang.
Mr. Adam Boehler, Chief Executive Officer of the US International Development Finance Corporation (DFC), said that "DFC is proud to support the people of Central America during this time of need around the world,” said Boehler. “Private sector investment and support for small and medium-sized businesses is key to increase opportunity, support recovery, and spur economic growth in the region.”
TaiwanICDF´s mission is to strengthen international cooperation and improve foreign relations to promote economic development, social progress, and human welfare.
The International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to address the most critical challenges the developing world faces today.
A Letter of Interest is non-binding and will be followed by standard due diligence conducted by DFC before financing is formally committed.