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CABEI Board of Governors meeting held in Argentina

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During the meeting, it was resolved to continue supporting the region's efforts in favor of social development, eradication of poverty and support for climate change mitigation initiatives.

San Salvador de Jujuy, Argentina, 26 de abril de 2019.- The Central American Bank for Economic Integration (CABEI) celebrates its 59th Board of Governors meeting to analyze the challenges facing the economies of the region, new investments and ways in which the Bank can contribute to facing the new economic and social challenges.

The meeting was presided over by CABEI Executive President, Dr. Dante Mossi; the governor of the province of Jujuy, Argentina, Mr. Gerardo Morales; CABEI Board of Governors President and Minister of Finance of the Dominican Republic, Mr. Donald Guerrero; and Argentine Minister of the Interior, Public Works and Housing, Mr. Rogelio Frigerio.

CABEI Executive President announced that, "The financing approved in 2018 is foreseen to create approximately 70 thousand jobs and generate income for the states amounting to US$63 million.  Currently, CABEI is carrying out 22 regional programs linked to the priority sectors."

For his part, the current Board of Governors President, Mr. Donald Guerrero stated that, "The moment is right to once again reaffirm our commitment to the development and prosperity of our peoples, consolidating the values and principles that have made it possible to become the main strategic partner and financial arm of the region."

CABEI’s Ordinary Board of Governors meeting brings together the Ministers of Treasury, Economy, Finance and Central Banks of the member countries in order to analyze the development needs of the region and how the Bank can contribute to face the new economic and social challenges.

Intensive support and backing to the Central American region

Dante Mossi recalled that CABEI is currently the main provider of financial resources for the development of the region and works to improve the quality of life of millions of Central Americans.

In his welcoming speech, Dr. Mossi stated that CABEI is the financial arm of the Central American Integration System (SICA). In this sense, CABEI has been working closely with regional institutions to promote greater coordination in matters of relevance to the region, such as coordinated management for the incorporation of new members to the Bank and the implementation of the SICA self-sustainability model.

As Dr. Mossi explained, CABEI identifies and promotes regional programs, projects and initiatives that respond to the sectoral policies and strategies that support the SICA prioritized Strategic Agenda, which is based on five pillars and seeks to align actions with the 2030 Development Agenda and the Sustainable Development Goals (SDGs).

CABEI is committed to sustainable and inclusive growth

Dr. Mossi reported that in the last five years 2014-2018, the Bank injected US$9.93 billion to the region's integration and development. These new interventions represented on average an annual contribution for the region of approximately US$1.97 billion with an average growth rate of 11.9%.

In relation to the results achieved in the 2014-2018 five-year period, the Bank disbursed a total of US$7.91 billion, concentrating most of the resources in El Salvador, Honduras, Nicaragua and Costa Rica. It is important to highlight that, taking into account the diversification guidelines in sovereign credit exposure, countries such as the Dominican Republic, Panama and Mexico accumulated 14.9% of disbursements during these five years.

Another priority issue for CABEI is the contribution to the mitigation of the effects of greenhouse gas emissions, working on the adaptation and resilience of society to the great challenges of the future and, ultimately, contributing to the transformation of the region, creating more equitable and environmentally-friendly development.