CABEI welcomes Korea as a new member
The Republic of Korea has met all formal CABEI incorporation requirements; therefore, as of today, it is officially an extra-regional member country of the Bank.
Tegucigalpa, January 10, 2020.- The Central American Bank for Economic Integration (CABEI), announced the official incorporation of the Republic of South Korea as a new extra-regional member; such incorporation was materialized with the first share capital payment.
The entry of the new member ratifies CABEI as the strategic ally of the Central American region, given that it will attract and channel external resources. The request for capital subscription of the Republic of Korea amounts to US$450 million, which will generate an increase in the amount of loans available by US$2.25 billion, representing an increase in the CABEI portfolio from US$7.00 billion to more than US$9.00 billion. The resources will be aimed at promoting programs and projects in the region.
CABEI Executive President, Dr. Mossi, highlighted the importance for the Bank of attracting high-quality credit members, such as the Republic of Korea, which has already generated a positive and immediate impact on the Bank's financial profile. In addition, the incorporation will strengthen institutional governance, while improving the benefits of the cooperation scheme agreements signed between CABEI and Korean institutions in favor of the Bank's member countries.
At the event, Dr. Mossi stated that, “CABEI welcomes its new member, reiterating its commitment to implementing an exemplary integration in order to become the strongest development Bank and ensure sustainable growth in the region.”