On Wednesday last week, the Central American Bank for Economic Integration (CABEI) held a news conference at the Taipei World Financial Center to celebrate two milestones: The 30th anniversary of collaboration between the financial institution and Taiwan’s government, and the first anniversary of the inauguration of the CABEI office in Taiwan.
The event was attended by CABEI executive president Dante Mossi, Honduran Ambassador Harold Burgos, Guatemalan Ambassador Willy Gomez and Belizean Ambassador Candice Pitts. It is essential to mention that all of the ambassadors are from countries allied to Taiwan that are also members of the bank.
One of the main objectives of the news conference was to attract Taiwanese financial institutions to offer their products in Central America. As stated by one of its representatives, CABEI has a mission to explain to Taiwanese banks the risks of operating in the region and how they can leverage CABEI’s knowledge of the markets to maximize profit.
CABEI is an international multilateral development financial institution that continuously invests in projects that foster development to reduce poverty and improve regional integration. Its Taiwan office focuses on consolidating the bank’s presence in Asia and attracting financial resources for cooperation in Central America.
At the beginning of 2020, Taiwan offered its assistance with emergency support funds for affected countries in the region. Through the use of loans, Taiwan made significant efforts to reduce the impact of COVID-19 and also helped CABEI with its initiatives for economic recovery.
These efforts were touted by President Tsai Ing-wen (蔡英文), who on Monday last week said that her government was committed to deepening ties with Central America, and promoting inclusive prosperity and sustainable development in the post-pandemic era.
Her remarks were made while receiving Mossi and his delegation at the Presidential Office.
All of CABEI’s projects have had a positive impact on the government’s task to maintain its diplomatic allies, but the Chinese Communist Party’s (CCP) pressure to isolate Taiwan on the international stage will most likely continue, so more effort is required.
There is no reason to believe that the CCP’s attempts to lure countries into breaking ties with Taiwan in exchange for access to its giant market and financial resources will recede. If anything, the recent visit of US House of Representatives Speaker Nancy Pelosi to Taiwan could exacerbate the CCP’s efforts.
This is where support for CABEI could present a great opportunity for the government. By encouraging private financial institutions to offer loans and other financial services in the Central American and Caribbean region, the Tsai administration could increase financial help offered to its allied countries and reduce the risk of them making the diplomatic switch.
This goal is paramount for Taiwan, because even when countries are strongly aligned with Taiwan because of its democratic values, governments have a mandate to improve the living conditions of their people, and that requires money.
This is why supporting CABEI is a great way to achieve this goal, because, as explained by one of its official representatives, the bank puts social aspects before making money, and is willing to sacrifice financial gain to make sure that investors continue to make a profit and invest more in the region.
Such a model also means that resources can directly reach people in need, which in turn can generate a positive impression about Taiwan’s contributions among regular citizens, citizens who have in their hands the power to elect their government representatives and guide policymaking.
The visit to Taiwan by CABEI staff resulted in an agreement to execute a project to promote empowerment of women and economic recovery in Latin America and the Caribbean, something that would potentially benefit hundreds of families.
The importance of CABEI is not lost on the government. Minister of Foreign Affairs Joseph Wu (吳釗燮) said that Taiwan has made significant efforts to deepen its alliance with CABEI over the past three decades.
Just last year, both sides signed the Partnership Trust Fund Agreement, which Wu said would hopefully demonstrate the government’s commitment to its allies in the region.
In its quest for diplomatic survival, Taiwan must continue to find partnerships that allow it to level the playing field, that help its government provide its allies with the resources they need, and that do so without asking its government to sacrifice its principles and democratic values.
Fernando Herrera Ramos is a Honduran lawyer who resides in Taiwan.
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