Initiatives to transform the Gulf of Fonseca to be carried out with support from CABEI

10/08/2017
El Salvador’s Deputy Minister of Foreign Affairs, Integration and Economic Promotion of El Salvador, Ambassador Carlos Alfredo Castaneda; Nicaraguan Advising Minister for International Policies and Affairs, Sidhartha Marín Arauz; and Honduran Presidential Delegate, Ebal Jair Diaz, presented the official letter to CABEI Executive President, Dr. Nick Rischbieth.
El Salvador’s Deputy Minister of Foreign Affairs, Integration and Economic Promotion of El Salvador, Ambassador Carlos Alfredo Castaneda; Nicaraguan Advising Minister for International Policies and Affairs, Sidhartha Marín Arauz; and Honduran President

As the region’s financial arm, CABEI supports key initiatives to boost Central America's competitiveness.

Tegucigalpa, August 10, 2017. - The Central American Bank for Economic Integration (CABEI) will finance the design of the Master Plan for Investment and Economic Development Projects in the Gulf of Fonseca, which will serve as an instrument for project planning, negotiation and management.

Presidential delegates including Ebal Díaz from Honduras, Carlos Castaneda from El Salvador and Sidhartha Marín Arauz from Nicaragua delivered the official letter in which the Bank is designated as the financial entity that will coordinate the formulation of this master plan.

In this regard, CABEI Executive President Dr. Nick Rischbieth stated on Wednesday that, “With this operation, the Bank plans to contribute to the logistical development of the area through studies and action plans in order to identify a portfolio of investment programs and projects to promote the economic, social and sustainable transformation of the Gulf of Fonseca.”
He also recalled that, “Last year, CABEI joined efforts led by Honduras, Nicaragua and El Salvador to build an integral agenda for the development of the Gulf of Fonseca with a vision of joint work in order to revitalize investments in the short, medium and long-term and thus transform the Gulf into a prosperous and sustainable area; a territory of peace and brotherhood.

Fundamental support

During the meeting President Rischbieth mentioned three projects financed under the strategic axis of regional integration.
First, he mentioned the recent approval of the second stage of the Central American Electric Interconnection System (SIEPAC). Subsequently, he talked about a project to increase Resilience to Climate Change in the Central American Dry Corridor and Arid Zones of the Dominican Republic; and lastly, he explained about a financial product to promote Regional Competitiveness and Sustainability in Tourism MSMEs (PROMITUR).

In addition to these initiatives, President Rischbieth talked about financial support provided in economic integration issues for the Customs Union between Guatemala and Honduras and for the negotiation process of the FTA with Korea, among other regional initiatives.

President Rischbieth expressed his appreciation for the confidence placed in CABEI to coordinate the process of formulating the Master Plan for Trinational Investment and Development Projects in the Gulf of Fonseca and reiterated CABEI's commitment to continue working together with all the governments of the SICA member countries.

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