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ROK Signs Protocol of Accession to Central American Bank for Economic Integration

  • Date : 2018-12-28 16:56:12
  • Hit : 273

1. Vice Minister of Economy and Finance Lee Ho-seung, on behalf of the government of the Republic of Korea, signed a protocol of accession to the Central American Bank for Economic Integration (CABEI) at the Government Complex Sejong on December 28.

 

° On behalf of CABEI, its Executive President Dante Mossi signed the document. Upon completion of the ratification process at the National Assembly, the ROK will officially become the 14th member of CABEI.

 

2. CABEI is a multilateral development bank founded in 1960 to contribute to economic development and regional integration of Central America.

 

° The organization is composed of 13 members -- eight Central American countries (Guatemala, El Salvador, Costa Rica, Honduras, Nicaragua, Belize, Panama and the Dominican Republic); and five non-Central American members (Taiwan, Mexico, Spain, Argentina and Colombia).

 

° Its main mission is rendering financial support to public and private sectors of Central American countries on their infrastructure and energy projects.

 

3. As a member of CABEI, the ROK will have acquired a 7.6% stake, the second- largest among the non-Central American members and the seventh-largest among all the CABEI members, and thereby is expected to serve on its Board of Directors.

 

° As the second-largest stakeholder among the non-Central American members after Taiwan and as CABEI’s foothold in Asia, the ROK is expected to exert considerable leverage.

 

4. Despite the great growth potential of Central America, for linguistic and geopolitical reasons, a relatively small number of Korean enterprises and workers have built presence in the region.

 

° The conclusion of the ROK-Central America FTA on February 21, 2018, and the ROK’s accession to CABEI are expected to facilitate economic cooperation and workforce exchanges between the two regions.

 

 

* unofficial translation