Cuba, the new CABEI member
The new CABEI member will contribute to strengthening the integration process and relations of the SICA countries with the Caribbean and the geographic diversification of the Bank’s portfolio.
Guatemala, April 27, 2017. - In order to comply with its role as a promoter of the region’s economic and social integration, the Central American Bank for Economic Integration (CABEI) approved Cuba’s request for entry as a non-regional member during its 57th Board of Governors meeting.
The above was announced by CABEI Executive President Dr. Nick Rischbieth, who said that the incorporation is a product of the amendments to the Bank’s Constitutive Agreement. Said amendments, which came into effect in June 2016, have enabled the Bank to comply with the expressed political will of the leaders of the SICA countries in order to strengthen the integration process and relations between Central America and the Caribbean.
In addition, Dr. Rischbieth explained that Cuba’s incorporation contributes to the geographical diversification of CABEI’s portfolio, a factor that is also positively valued by international risk rating agencies.
Dr. Rischbieth also stated that CABEI’s objective is to facilitate initiatives that have a direct impact on the development and wellbeing of the region’s inhabitants.
The CABEI Executive President thanked the Governors for their commitment and spirit of cooperation with the Bank and its Member Countries; this has been a key factor for discussing positions and achieving the necessary consensus that enabled a successful outcome of the annual ordinary meeting.
Dr. Rischbieth noted that the Central American Bank for Economic Integration is the first multilateral organization to accept Cuba as one of its members.
