The Central American Bank for Economic Integration (CABEI) is to open a regional office in Taiwan, the first in the nation by an international development financial institution, the Ministry of Finance said yesterday.
The agreement to establish the office was signed by Minister of Finance Su Jain-rong (蘇建榮) and CABEI executive president Dante Mossi during a virtual meeting, the ministry said.
The office, which is to open in June, would be the first of the development bank’s in Asia, Deputy Minister of Finance Juan Ching-hwa (阮清華) told a news conference in Taipei.
Photo courtesy of the Ministry of Foreign Affairs
CABEI is headquartered in Honduras and has regional offices in seven other Central American countries. The institution has 15 member states — including Taiwan, which holds an 11.09 percent stake in the bank, the highest among the seven non-regional members, the ministry said.
Taiwan joined CABEI in 1992 as “Republic of China (Taiwan).”
The opening is proof of Taiwan’s critical international presence, Juan said.
Founded in 1960, CABEI’s main objective is to “promote the economic integration and the balanced economic and social development of the Central American region,” the bank’s Web site said.
CABEI’s regional offices focus mainly on debt management and providing member states with financing for infrastructure projects, Juan said.
However, the Taipei office would mainly be tasked with establishing ties with Taiwan’s capital market, he said.
The office would help Taiwan boost its capital market and build closer links with Central America, he said.
Cooperation facilitated by the office would allow Taiwan to participate in the political and social development of the region, and raise its international visibility, Juan said.
Taiwan is the bank’s largest creditor in Asia, with a credit volume of US$2.65 billion, ahead of Japan, Hong Kong, Thailand and Singapore, he said.
Taiwan is temporarily represented by Su and central bank Deputy Governor Chen Nan-kuang (陳南光) in CABEI’s board of governors.
Taiwan would likely be granted a permanent seat in the future, the ministry said.
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