The MoU between UK Export Finance and the Central American Bank for Economic Integration (CABEI) will allow for closer economic cooperation and support the development of projects in the region.
The agreement ensures a closer relationship between the two institutions and will help finance larger projects in Central America which include UK exports, supporting UK businesses and jobs, a prerequisite for UKEF’s participation abroad.
The agreement will encourage joint financing of large construction, infrastructure and clean energy projects in the region, based on the experience of the United Kingdom. The Dominican Republic, Panama, Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica could benefit from the joint financing agreement.
UK Export Finance said Central American governments and companies looking to raise funds to develop larger projects could benefit from working with CABEI, with support from the UKEF, which aims to provide financing for export buyers from the United Kingdom. The cost is to reduce and spread.
Over the past year, several Central American countries have benefited from a significant increase in UKEF’s national borders, as the department has established a large presence in the region. This means at least £2.5 billion is available for new business in Guatemala, Honduras and Panama, and £1.5 billion for Costa Rica, El Salvador and Nicaragua.
UKEF Managing Director Louis Taylor said: “I am delighted to have signed a Memorandum of Understanding with CABEI today. To do this we have agreed to channel a stronger collaboration between our two organizations to support the UK’s efforts in Central America. To find and fund export related projects.
“In other parts of the world, we have changed lives by supporting health care projects in Ghana, clean energy projects in Taiwan and transportation projects in Egypt. By working with CABEI, we can bring this experience to Central America.
CABEI Executive Chairman Dante Mossi said: “Working together we can bring a more British experience to Central America. CABEI is committed to supporting the UK’s ambition for a global UK and this MoU is a social partnership between the two markets. and is a demonstration of our desire to strengthen economic ties.
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