The CABEI Board of Directors approved US$429.1 million in financing for its member countries during October

01/11/2016

CABEI supports the priorities of its member countries focusing on initiatives aimed at social development, competitiveness, regional integration and environmental sustainability.

Tegucigalpa, November 1, 2016. –The Board of Directors of the Central American Bank for Economic Integration (CABEI) approved four projects totaling US$429.1 million during the October meeting, which was held in Managua last week

CABEI Executive President Dr. Nick Rischbieth stated that, “The projects are focused on supporting the priorities of the Bank’s member countries and initiatives aimed at social development, competitiveness, regional integration and environmental sustainability.”

The operations approved include:

·        The Program, " Potable  water and sanitation program for coastal zones; CABEI quality and efficiency management, Second Stage," which is aimed at improving the sustainability of the water sector through expansion and improvement of collection systems; the purification and distribution of potable water in eight systems, mainly in coastal areas located in the provinces of Guanacaste, Puntarenas and Limón. US$164.1 million in financing has been provided to the Costa Rican Water and Sewers Institute (AyA).

·        The Project "Sustainable Development of Rural Families in the Nicaraguan Dry Corridor" (NICAVIDA) received US$15 million in financing.

·        The Program, "Sanitation of the Arraiján and La Chorrera Bays" recieved up to US$100.0 million in Panama.

·        US$150.0 million were allocated to the Project, "Productive infrastructure with a deferred impact on the cost registration (PIDIREGAS)," which is being executed by the Mexican Federal Electricity Commission (CFE).

 

The CABEI Board of Directors authorized the aforementioned funding in the framework of its 2015-2019 Institutional Strategy. The Bank’s actions enable it to further consolidate its financial soundness through the geographic diversification of its portfolio and to reaffirm its commitment to supporting its member countries in concrete operations with innovative operational mechanisms in favor of regional development.

During 2016, CABEI has approved new operations totaling US$1.86 billion, demonstrating its support in the focus areas in favor of sustainable development and seeking to make a positive impact on the region’s employment generation and poverty reduction, as well as improving the quality of life of its inhabitants.

The Board of Directors is the body responsible for CABEI’s management. It exercises all the powers delegated to it by the Board of Governors and defines the operational and administrative policies, in addition to approving the budget; the short, medium and long term plans; and the lending and borrowing operations.

 

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