On April 16, 2026, the Central American Bank for Economic Integration (CABEI) and the Development Bank of Latin America and the Caribbean (CAF) signed a second Exposure Exchange Agreement (EEA) valued at US$500 million, according to a press release issued by CABEI. The signing took place in Washington, D.C., during the International Monetary Fund and World Bank Spring Meetings. The agreement aligns with G20 Capital Adequacy Framework recommendations and both institutions’ shared commitment to strengthening their financial profile in benefit of their member countries.
The new agreement was executed under the Master EEA Contract signed by both institutions in May 2025. Under that contract, the first transaction of US$700 million was carried out — a milestone representing the first operation of this kind between two “AA”-rated banks in the region. CABEI holds ratings of AA+/Aa3, while CAF holds ratings of AA+/Aa3/AA-.
With this second agreement, CABEI and CAF have jointly executed US$1.2 billion in EEA operations, consolidating one of the most active balance sheet optimization partnerships among Multilateral Development Banks (MDBs) in Latin America. Through EEAs, MDBs synthetically exchange portions of their sovereign exposures without transferring loans or altering the relationship between borrowers and their original lenders. The result is a more diversified portfolio, stronger capital metrics, and greater financing capacity for their members.
CABEI’s Executive President, Gisela Sánchez, stated: “This second agreement with CAF reflects something we have built with technical rigor and consistency: a more efficient balance sheet, with more diversified exposures and an institutional relationship that already operates with first-class instruments.” CAF’s Executive President, Sergio Díaz-Granados, added: “This second exposure exchange agreement with CABEI is a clear example of how Latin American and Caribbean development banks can lead in financial innovation.”
He noted that by optimizing balance sheets without transferring loans, both institutions strengthen credit indicators and free up resources to finance education, private sector development, and social progress.
This transaction consolidates CABEI and CAF’s standing as reference institutions in the development and use of EEAs among non-“AAA” rated MDBs. The agreement deepens South-South cooperation between both institutions and reaffirms their commitment to rigorous and efficient balance sheet management in benefit of the countries they serve.
