Cuba becomes part of the Central American Bank for Economic Integration

 Cuba becomes part of the Central American Bank for Economic IntegrationHAVANA, Aug 28 (EFE) The Central Bank of Cuba (BCC) today signed in Havana the entry of the island into the agreement establishing the Central American Bank for Economic Integration (CABEI), which will favor the financing of economic development.

The adhesion agreement, which includes a share subscription agreement, was signed by BCIE Chief Executive Nick Rischbieth and BCC President Irma Martínez in the presence of the Vice President of the Council of Ministers and Minister of Economy and Planning Of Cuba, Ricardo Cabrisas.

Both financial institutions agreed that with the signing of this agreement, Cuba formalized its incorporation into this important multilateral regional institution, which will further strengthen the already broad relations with Central American countries, reports said.

In addition, they considered that the action will support the economic-social development and integration projects supported by the Central American Bank.

Rischbieth stressed that since his first visit to the island in May 2016 he assessed the number of projects and investment possibilities of this country, and said that last April the assembly of that entity approved”unanimous”, the participation In the financial group.

“We have a genuine interest in supporting Cuba’s development and economic growth process and, most importantly, being part of the Central American Bank’s family,” he said.

For her part, the president of the Cuban BC estimated that with the incorporation to the Central American Bank of Integration the Caribbean country would have the possibility of accessing medium and long-term financing for the development of infrastructures and renewable energy projects.

The CABEI is a multilateral body created in 1960 that has the mission of promoting economic integration and the balanced development of Central American countries, as well as managing the regional union and making its resources sustainable.

The founding members of CABEI include Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica, with eight other countries from outside the region and one as beneficiary.