Extraordinary meeting of the Board of Governors CABEI adopts forceful actions to deal with new challenges of development banking
With over half a century promoting the development of Central America CABEI continues to provide over half of all financial resources channeled to the region.
San Jose, February 12, 2015- The American Bank for Economic Integration (CABEI) held today in this capital the LXVI Extraordinary Meeting of the Board of Governors which was attended by the highest authorities in order to discuss important initiatives that allow the multilateral Bank continue to grow and consolidate its position as the main financial agent in the region and thus to meet the growing demand for funding from its partners.
CABEI, after 55 years of experience in the region as the financial arm of the Central American integration, has approved more than $27,000 million becoming the multilateral agency that channels more funds in the Central American isthmus.
In this regard to continue supporting countries in their efforts to achieve higher standards of living for its citizens and to maintain the relevance of CABEI for the region, it is necessary to make progress on strategic issues in different areas. One of them is CABEI’s legal framework and that is the objective of the meeting among other topics.
Another of the aspects discussed consisted of an amendment to the articles of CABEI'S Constitutive Agreement, the rules for the admission of non-founding regional partners and the regulations for the admission of non-regional partners.
Currently CABEI heads with greater emphasis to support the efforts of Central American peoples and governments emphasizing on energy, infrastructure, social development and microfinance.
To this day CABEI is making significant work as a multilateral Bank of the Central American region. The total amount estimated of approved operations during the 2015 amounts to US$ 1,484.1 billion, the highest percentage of them are aimed at the areas of productive infrastructure (46.1%), followed by the energy (21.3 %), financial intermediation and finance for development with the participation of the 6.4% and finally the service areas for competitiveness, rural development and environment with 2.4 % and 2.0 % respectively.
On the other hand, the volume of disbursements estimated for this year 2015 amounts to US $ 1400.3 million, by analyzing disbursements by institutional sector you can see a clear trend towards the public sector with an amount of US $949.3 million. The remaining amount of $451.0 million will be directed to the private sector.
In recent years the CABEI has received significant improvements to its risk rating, which have enabled to position itself as a bank with high quality credit, placing among the best risks of Latin America.
CABEI grows when the Central American countries do
During 2014, CABEI approved for Costa Rica a total of US $ 555.7 million in new interventions within the framework of the implementation of its 2010-2014 Institutional Strategy.
Thus, the Bank maintains its continued support to the improvement of the conditions of competitiveness and productivity of the country, as well as the improvement and development of the national electricity program for the coming years, as detailed by CABEI’s Executive President Nick Rischbieth.
Similarly, Helio Fallas CABEI Governor for Costa Rica, considers that to address the economic challenges of the Central American countries, CABEI in 2015, under the implementation of its Institutional Strategy 2015-2019, estimates an approval of $1,484.1 million among all beneficiary partners. Of this figure, close to 20.0% will correspond to operations in Costa Rica, where it is planned to finance 9 projects representing a total of nearly US$ 277.5 million altogether.
In terms of areas of focus $130.0 million are aimed at addressing projects of productive infrastructure, $61.0 million to initiatives for human development and social infrastructure, $60.0 million to energy projects, and $26.5 million for Financial Intermediation Finance and Development initiatives. Notably, about 80.0% of these resources will be focused on initiatives that will boost the public sector.
CABEI will continue to work to improve the quality of life of Central Americans supporting programs and projects that encourage human development and social infrastructure, modernizing the institutionality of the countries of the region.
