The Central American Bank for Economic Integration inaugurates its representative office in Spain


CABEI's Executive President, Dr. Dante Mossi Reyes, and the Secretary of State for Economy and Business Support, Mr. Gonzalo García Andrés, led the ceremony in Madrid.

Madrid, February 17th, 2023 - Reinforcing its position as the bridge of opportunities between the region and the world, the Central American Bank for Economic Integration (CABEI) has inaugurated its eleventh representative office, and the first in Europe in Madrid, Spain.

The inauguration ceremony was presided over by the Secretary of State for Economy and Business Support of the Government of Spain, Gonzalo García Andrés, and CABEI's Executive President, Dr. Dante Mossi Reyes, who highlighted the importance of strengthening relations between Central America and Spain and generating mutually beneficial opportunities.

"CABEI is very proud to be opening our first representative office in Europe, in a friendly country and partner since 2005, Spain, which is also a very important step to accelerate our growth and enhance support to our region as it is our gateway to the old continent from which we maintain constant support from various sources such as the Official Credit Institute (ICO) of Spain, the French Development Agency (AFD), Germany's KfW, the Green Climate Fund, and the European Union, among others, who have relied on the Bank's soundness and financial strength to manage their resources," said Dr. Mossi before unveiling a commemorative plaque.

Jorge Mariné Brandi, CABEI Director for Spain, said, "Madrid has become a center of innovation and business opportunities, and with this action CABEI and Spain demonstrate their commitment to the integration and development of the Central American region.”

The opening of this office is another strategic commitment of the multilateral to make available to the government, businessmen and investors, different financing modalities and financial instruments for actions aimed at the development of the country.

Spanish financing channeled to Central America through CABEI amounts to US$702.8 million, among the various mechanisms:

  • Two phases of the "Debt Conversion Program for Honduras vis-à-vis Spain" for a total grant amount of over US$138.3 million.
  • Since 2017, the Official Credit Institute (ICO in Spanish) has lent more than US$414.0 million to CABEI in 5 financing agreements aimed at sustainable development and job creation. With the execution of the first four, 44 projects have been financed, of which 19 have been rated as sustainable, and 80% of the projects have been for amounts of less than US$13.6 million, demonstrating the diversity being achieved with this financing.
  • Among the countries financed with these ICO resources are:
  • Nicaragua: $180.1 million for the clean water and sanitation, health, and renewable energy sectors.
  • Costa Rica: US$67.4 million for the productive infrastructure sector.
  • El Salvador: US$46.4 million for the productive infrastructure and renewable energy sectors.
  • US$120.1 million will be used to finance projects in the rest of CABEI's member countries or to finance micro, small, and medium-size companies in Central America through CABEI's network of intermediary financial institutions.

In 2023, Spain is the only European economy within CABEI with a subscribed capital of US$280 million and a 4.21% shareholding, as well as capital payments of US$70 million. It also holds a permanent seat on the Board of Directors, the governing body that represents the institution.

It is also worth noting that, in addition to the work CABEI carries out in the region, during 2022 it also managed to consolidate its expansion in two of its extra-regional member countries, as it now has a physical presence in South Korea and Argentina, representative offices that were added to the one in the Republic of China (Taiwan) that was opened in 2021, thus contributing to its internationalization through its positioning in Europe and Asia.