The Central American Bank for Economic Integration (CABEI) yesterday opened its first Asia office in Taipei, the Ministry of Finance said.
Minister of Finance Su Jain-rong (蘇建榮) and the bank’s Honduras-based executive president, Dante Mossi, signed an agreement at an online meeting to establish the office, which is on the 83rd floor of Taipei 101.
The ministry said the office would help the bank sell its bonds on Asian markets, raise funds in Asia for investment projects in Central America and explore opportunities for economic cooperation with Asia.
Photo courtesy of Ministry of Finance
The bank is also expected to use Taiwan as a regional hub to recruit other Asian countries as members, the ministry said.
Taiwan and South Korea are the only Asian member countries of the bank, which has 15 members — eight regional and seven non-regional.
The bank is headquartered in the Honduran capital, Tegucigalpa, and has regional offices in six Central American countries.
Founded in 1960, the bank’s main objective is to “promote the economic integration and the balanced economic and social development of the Central American region,” according to its Web site.
Taiwan holds an 11.09 percent stake in the bank, the highest among the seven non-regional members, the ministry said.
Taiwan joined the bank in 1992 as the Republic of China (Taiwan).
The bank’s highest authority is its board of governors, with Taiwan represented by Su as governor and Central Bank Deputy Governor Chen Nan-kuang (陳南光) as alternate governor.
Taiwan holds the largest international claims for CABEI debts in Asia at US$2.65 billion, ahead of Japan, Hong Kong, Thailand and Singapore, the ministry said.
Due to its close ties to the CABEI, Taiwan is likely to get a permanent governor’s seat on the board, the ministry has said.
Taiwan’s central bank said in a separate statement that the CABEI opening an office in Taiwan shows its high regard for the nation’s stable financial markets and prosperous capital markets.
It is looking forward to the office helping Taiwan boost its economic and commercial exchanges with Central American countries, the central bank said.
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