CABEI participates in Korea-Latin America Business Forum to identify Korean cooperation opportunities for the benefit of the region
During its mission to the Republic of Korea, the multilateral organization presented the progress of its operations and one of the Korean co-financing mechanisms currently benefiting the region.
Seoul, July 11, 2022.- Ratifying its commitment to be the bridge between the Republic of Korea and Central America, and with the aim of strengthening cooperation ties, this Monday the Central American Bank for Economic Integration (CABEI) took part in the Korea-Latin America Business Forum (KCLAC), held in Seoul.
The opening remarks were given by CABEI's Executive President, Dr. Dante Mossi, who highlighted the positive impacts that have been transferred to the Central American region after Korea's incorporation into CABEI in 2020, which by the close of 2021 had contributed US$850.0 million.
Afterwards, the President of KCLAC, Mr. Byoung-Gil HAN, welcomed the multilateral mission and gave way to a presentation by CABEI's Finance, Sovereign and Non-Sovereign Public Sector and Private Sector Management, who presented the progress made in the implementation of the Bank's Institutional Strategy through financial and technical support in the execution of operations prioritized by the Central American authorities.
Subsequently, the Korea-CABEI Partnership Single Donor Trust Fund (KTF) officer, one of the financial instruments between the multilateral and Korea that supports countries with technical studies for investments in productive, social and technological infrastructure, highlighted that to date, 20 technical cooperation projects have been approved for US$10.5 million, with Costa Rica (22.99%), the Dominican Republic (14%) and Belize (12.21%) being the biggest beneficiaries, impacting sectors such as health (40.91%), transportation (19.22%), and trade (13.32%), among others.
The second part of the forum was dedicated to talk about Cooperation on Information and Communication Technologies (ICT) between Korea and Central America, in charge of two renowned Korean companies; while the closing was dedicated to a broad exchange of knowledge and information on the importance of Central American coffee for Korea, how to improve logistics strategies, production, among others.
The Republic of Korea has been an extra-regional member of CABEI since 2019, and since its incorporation until the close of 2021 it has actively supported Central America through various financial contribution contracts for a total amount totaling US$850.0 million.