The highest authority of the Central American Bank for Economic Integration (CABEI) will hold its annual meeting in Yucatan, Mexico.

Merida, Yucatan September 19, 2022. - Mérida, capital of the State of Yucatán, will host the LXII Assembly of Governors of the Central American Bank for Economic Integration (CABEI), coinciding with the commemoration of the 30th anniversary of Mexico's incorporation as an extra-regional member.

This was announced by the region's most important Multilateral Development Organization, which explained that the highest authorities of its member countries, represented by Finance Ministers and/or Central Banks, have convened for the meeting to be held on September 23rd at the Yucatan International Convention Center.

"We are very pleased that our next Assembly of Governors will be held in such a beautiful city as Mérida, not only because of the important decisions that will be made there, but also because we will be celebrating the anniversary of one of our oldest extra-regional members in its home," said CABEI Executive President Dr. Dante Mossi.

The Assembly is held as an ordinary meeting once a year and is CABEI's most important event where decisions are made that will have a positive impact on the socioeconomic development of the inhabitants of the member countries. One of the agenda items to be discussed is the ninth capital increase, which would increase CABEI's capital from US$7 billion to US$10 billion.

The Bank of the Future for all

CABEI, as the Bank of the Future for All, is a multilateral entity for the economic and social development of Central America, and has been working for more than 60 years to improve and strengthen the region's wellbeing. Its support is also aimed at promoting technological, innovation, infrastructure, sustainability and health projects, among others. This development finance institution is an important source of solid, agile and efficient financing for the region, and enjoys a solid financial health endorsed by international risk rating agencies and has consolidated its financial performance, achieving 18 improvements in its credit rating over 19 years. It currently has the best risk rating in Latin America (AA).

Mexico at CABEI

It was in 1980 when the Government of Mexico, through the Ministry of Finance and Public Credit (SHCP), began its cooperation and working relationship, signing several financial cooperation agreements with CABEI, including the signing of the San José Agreement (Energy Cooperation Program for the Countries of Central America and the Caribbean). This agreement has been amended several times, in 1984, 1988, 1991, 1993, 2005 and 2008 with different collaboration and investment agreements.

In 1992, Mexico joined CABEI as an extra-regional member. Since then, Mexico has been a net contributor to many of the Bank's programs and initiatives in Central America, having contributed a total of US$521 million since 1992. Mexico's strong commitment to its Central American neighbors was ratified again with the signing in 2011 of a free trade agreement to improve competitiveness, increase economic and social development, and eliminate trade barriers between the two regions.