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Add to Preferred SourcesThe Executive President of the Central American Bank for Economic Integration (CABEI), Dr. Nick Rischbieth, and the General Director of the OPEC Fund for International Development (OFID), Suleiman J. Al Herbish, signed a collaboration to promote economic development and social conditions of its partner countries.
CABEI and OFID share common objectives, with their investments and advisory projects that promote growth, integration and competitiveness and innovation in the region, through the generation of new jobs, access to the financial system, all within a sustainable social and environmental framework.
President Rischbieth pointed out that “this cooperation ratifies the strategic partnership between CABEI and OFID and presents a framework of action for collaborative activities with the purpose of efficiently achieving the common objectives of both entities.”
Dr. Rischbieth pointed out that the agreement consists of providing a framework for cooperation, through the financing of technical assistance, public and private sector projects, commercial and private capital transactions and, in general, facilitating the attraction of investments to CABEI’s member countries.
“Our goal is to encourage our organizations to make parallel investments in sustainable development projects in the Central American region,” said OFID Director-General, Suleiman J. Al-Herbish. “This agreement supports OFID’s commitment to the 2030 UN Agenda for Sustainable Development and is directly aligned with SDG 17: Partnerships for objectives; but will also be incorporated into many of the other 16 objectives when financing development projects in different sectors of the industry.”
The cooperation of the private sector between CABEI and OFID began in September 2003 when the signing of the first credit agreement was approved, for an amount of up to US $15.0 million, in order to support the Micro, Small and Medium Enterprise sector (MSMEs) of the Central American region.
Similarly, in June 2012 a loan was signed for an amount of up to US $20.0 million with the objective of promoting favorable financial conditions for MSME projects for founding member countries through the regional bank. Likewise, in 2014, the co-financing of an operation with the Private Sector for an amount of US $15.0 million took place.
OFID was created in 1976 and works in cooperation with developing countries and the international donor community to stimulate economic growth and alleviate poverty through financing to build essential infrastructure, strengthen social services, promote productivity, competitiveness, and trade.
Original source: CABEI
Published on 11 May 2018