One of Central America's Most Influential Financial Institutions Announces Developments Towards Region's Economic Growth.--(BUSINESS WIRE)--April 23, 1996-- -- MEDIA ALERT -- MEDIA ALERT -- MEDIA ALERT -- MEDIA ALERT -- WHAT: Three developments at the Central American Central America A region of southern North America extending from the southern border of Mexico to the northern border of Colombia. It separates the Caribbean Sea from the Pacific Ocean and is linked to South America by the Isthmus of Panama. Bank for Economic Integration (CABEI CABEI Central American Bank for Economic Integration (Costa Rica) CABEI Central American Bank of Economic Integration ) -- for more than 35 years a leading financial institution in stimulating foreign investment in Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. -- strengthen the Bank's efforts to advance Central America as a vital sector of the international economy. (Individual news releases for these announcements follow this media alert.) $200 MILLION LOAN FROM JAPAN EXPORT-IMPORT BANK Export-import Bank (Ex-IM Bank) The U.S. federal government agency that extends trade credits to U.S. companies to facilitate the financing of U.S. exports. : This untied loan, earmarked for projects which further stimulate the region's economies, is the largest single agreement between CABEI and Japan Eximbank and makes Japan the largest source of external financing In the theory of capital structure, External financing is the phrase used to describe funds that firms obtain from outside of the firm. It is contrasted to internal financing which consists mainly of profits retained by the firm for investment. to Central America. $53 MILLION LOAN FOR SALVADORAN TELECOM: Provided by Chemical Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , this loan will finance telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment from Lucent Technologies for El Salvador's National Association of Telecommunications (ANTEL ANTEL Administracion Nacional de Telecomunicaciones (Uruguay) ANTEL Administración Nacional de Teléfonos (Uruguay) ANTeL Associazione Nazionale Tecnici di Laboratorio Biomedico ). COLOMBIA NEWEST EXTRA-REGIONAL MEMBER: Colombia's extra- extra- word element [L.], outside; beyond the scope of; in addition. extra- or extro- pref. Outside; beyond: extracellular. extra- word element. [L. regional membership strengthens CABEI and promises to promote the socio- socio- pref. 1. Society: sociocentric. 2. Social: sociogenic. economic development of Central America by generating business, trade and investment between Colombia and the Central American region. WHO: Dr. Jose Manuel Pacas, President of CABEI, is available for telephone interviews on Monday, April 29, and Tuesday, April 30. In overseeing CABEI's financial and technical assistance programs, Dr. Pacas has been instrumental in facilitating agreements with foreign investors and has created increased interest and confidence in the political and economic stability of the region throughout the world. BACK-GROUND: Established in 1960, CABEI's members include the Republics of Guatemala, El Salvador El Salvador (ĕl sälväthōr`), officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America. , Honduras, Nicaragua and Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. , and extra- regional members Mexico, Argentina, the Republic of China (Taiwan) and Colombia. CABEI assumes country risk and targets the world's capital markets to attract financial resources. The various industries for which CABEI provides financing include: - energy - telecommunications - social development - tourism CONTACT: Nicole Lise/Karen Gould Ketchum Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , 212/878-4600 -0- CABEI Signs Largest Untied Loan -- at US$200 million -- with Eximbank of Japan Tegucigalpa, Honduras (April 23, 1996)--The Central American Bank for Economic Integration (CABEI) announced that it has signed a line of credit with the Export-Import Bank of Japan (Eximbank) in the yen amount equivalent to US$200 million. The agreement, signed by Dr. Jose Manuel Pacas, President of CABEI, and Mr. Akira Nambara, Deputy Governor of EximBank of Japan, is the largest single loan agreement between these two financial institutions, and was finalized See finalization. this week before the Annual Assembly of the International Development Bank (IDB (ITS Data Bus) An interface between devices in an automobile endorsed by the Society of Automotive Engineers (SAE). Designed to fulfill the goal of Intelligent Transportation Systems (ITS), the ITS Data Bus enables engine diagnostic equipment, GPS navigation systems, ) in Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. . The Long Term Credit Bank of Japan (LTCB LTCB Long-Term Credit Bank (Japan) ) will serve as the financing agent for this loan. This "untied" line of credit will finance projects identified by CABEI as those which serve to further stimulate the economies of Central America, in both the public and private sectors. "We are truly delighted with this additional and significant line of credit from The Export- Import Bank of Japan. Further, we view both Eximbank's historic support -- and this new loan -- as important endorsements of our overall mission, and of our past and future contributions to the economic growth of Central America," said Dr. Pacas. With prior loans to CABEI totaling approximating $200 million as of February 1996, this new line of credit makes EximBank of Japan the largest source of external financing to the Central American region. "As long-time supporters of the economic development of Central America, we are pleased to be able to commit this substantial level of financing to CABEI. We believe the magnitude of this line of credit demonstrates our trust and confidence in CABEI's ability to serve as the single most influential force in stimulating foreign investment, and, in turn, the stability and development of Central America's economies," said Mr. Nambara. "Japan has long been a supporter of the economic development of Central America. The Export-Import Bank of Japan, in particular, has played a major role in assisting CABEI's efforts to facilitate global investment within Central America, one of the most rapidly growing segments of the international economy," said Dr. Pacas. "CABEI's role in spearheading investment in Central America is vital for the development of the region. We hope this commitment serves to encourage further investment towards the modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, of economic development of the region," Mr. Nambara said. CABEI, one of the largest and best-capitalized financial institutions in Central America, is a truly modern regional bank, whose mission is to build a viable economic future for Central America, a thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. sector of the international economy. By leveraging a shared vision for, and insider knowledge of, Central America's financial, social and cultural needs, CABEI is fueling the region's political and economic stability, and enhancing the quality of life of Central American citizens. Under the leadership of Dr. Pacas and his management team, CABEI's objectives are to secure investment grade status for CABEI and to attract financial resources to Central America from among the world's capital markets, in order to: - stimulate the private sector - privatize pri·va·tize tr.v. pri·va·tized, pri·va·tiz·ing, pri·va·tiz·es To change (an industry or business, for example) from governmental or public ownership or control to private enterprise: "The strike ... government segments - improve the competitive advantage of the regional economies - increase exports - modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. the region's infrastructure - improve the social conditions of the region's citizens. CABEI has been instrumental in securing increased foreign investment to achieve these objectives, earning the Bank wide recognition as one of the most influential forces in stimulating worldwide investment in Central America. CABEI finances notable projects in several sectors, including: - Telecommunications: CABEI supports the development and improvement of communications infrastructures, which the Bank believes are vital to the facilitation Facilitation The process of providing a market for a security. Normally, this refers to bids and offers made for large blocks of securities, such as those traded by institutions. of information exchange, foreign investment and business development - Energy: CABEI promotes and supports the private generation of electricity, a sector traditionally owned by the state - Infrastructure/transportation:CABEI has financed most of the Central American highway network system - Social development: CABEI is instrumental in the development of various housing, eradication eradication extermination of an infectious agent so that no further cases of the related disease can occur. virtual eradication of poverty, social and health infrastructure, environmental protection and empowerment em·pow·er tr.v. em·pow·ered, em·pow·er·ing, em·pow·ers 1. To invest with power, especially legal power or official authority. See Synonyms at authorize. 2. of women projects For fiscal year 1994-95, CABEI posted capital reserves of US$805.7 million, generated US$87.5 million in net income, and had a loan portfolio of US$1.36 billion, making it the most stable financial institution in Central America. CABEI received accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. as a "Latin American Regional Agency" from The Federal Reserve Banks of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Atlanta, The Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. , The Bank of France, The Bank of Spain The Bank of Spain (Spanish: Banco de España), Catalan: Banc d'Espanya) , is the national central bank of Spain. , and from The Federal Commission of Swiss Banks. Eximbank is a Japanese governmental financial institution whose aim is to assist developing countries in financing priority projects and programs as well as to promote trade with Japan. CONTACT: Carlos Sanchez Rendon Nicole Lise/Karen Gould CABEI Ketchum Public Relations (504) 37-5155 (212) 878 - 4600 -0- Central American Bank for Economic Integration (CABEI) Taps U.S. Funding to Facilitate Upgrade of Salvadoran Telecommunications Infrastructure NEW YORK--April 23, 1996--The Central American Bank for Economic Integration (CABEI) announced it has signed a substantial loan from Chemical Bank, New York, to assist in financing the development and modernization of El Salvador's telecommunications industry. Facilitated by CABEI, the loan in the amount of nearly US$53 million was signed by Dr. Jose Manuel Pacas, President of CABEI. Lucent, composed of the former systems and technology units of AT&T, will provide telecommunications equipment financed by this loan to the National Telecommunications Association of the Republic of El Salvador (ANTEL). "We are delighted to play such a significant role in the development of El Salvador's telecommunications infrastructure. This loan from Chemical Bank, in particular, will help to modernize the region and is therefore a critical step towards fulfilling CABEI's mission to fuel a Central America that is a thriving segment of the international economy," said Dr. Pacas. "Clearly, a solid telecommunications infrastructure is a fundamental aspect of attracting foreign investment to our region, and we are excited to play a role in facilitating the exchange of information that will lead to increased business opportunities for Central America," Dr. Pacas said. The loan from Chemical Bank is in the amount of US$52,637,772, and terms include two lines of credit. The primary line of credit is for US$31,321,483 and is guaranteed by the US Export-Import Bank. The secondary loan, for US$21 million, is guaranteed by Chemical Bank of New York. Additionally, several banks, including ABN ABN Advance beneficiary notice, see there Ambro Bank, Bank of Boston and Credit Swiss, participated in the syndicated credit to ANTEL. As a result of this new financing, Lucent Technologies will provide ANTEL with a variety of telecommunications equipment, including approximately 44,000 phone lines (coaxial co·ax·i·al adj. Having or mounted on a common axis. coaxial Adjective 1. Electronics (of a cable) transmitting by means of two concentric conductors separated by an insulator and fiber optic), transmission equipment such as a satellite earth station, and coaxial cable and connectors. This project is expected to be completed by April 1997. "The equipment we are providing will bring improved telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. to thousands of Salvadoran homes and businesses," said Enrique Calderon, Lucent Technologies Managing Director of Project Finance for Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . "We are pleased to have been able to work with CABEI, ANTEL, Chemical and the Export/Import Bank of the U.S. in the financing of this important project. The commitment of everyone involved is what made this project such as success." "ANTEL has long been committed to bringing the highest standards in communications services to our customers. This loan, earmarked for a variety of equipment that will contribute significantly to the upgrade of our network, goes a long way towards creating the kind of modern telecommunications infrastructure that businesses the world over have come to expect," said Juan Jose Daboub, President of ANTEL. "This equipment investment will allow us to enhance the value of ANTEL prior to its privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned in October, as it is basically one of the last quality investments we will make as a state-owned industry." CABEI recently approved a US$15 million loan to Hondutel, a Honduran telecommunications company See telecom company. . Similarly targeted, this loan served to supply, install and service equipment related to the project entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: , "The Central Extension of Digital Telephonics of Tegucigalpa, San Pedro Sula San Pedro Sula (säm pā`thrō s  `lä), city (1997 est. pop. 417,000), capital of Cortés dept., NW Honduras. It is the second largest city in the country. and El Progreso The municipality of El Progreso is located in the Honduran department of Yoro. East of the city, is located: Ramon Villeda Morales international airport of San Pedro Sula. To the west of the city is found the mountain range of Mico Quemado (Burned Monkey). ." CABEI, one of the largest and best-capitalized financial institutions in Central America, is a truly modern regional bank, whose mission is to build a viable economic future for Central America, a thriving sector of the international economy. By leveraging a shared vision for, and insider knowledge of, Central America's financial, social and cultural needs, CABEI is fueling the region's political and economic stability, and enhancing the quality of life of Central American citizens. Under the leadership of Dr. Pacas and his management team, CABEI's objectives are to secure investment grade status for CABEI and to attract financial resources to Central America from among the world's capital markets, in order to: - stimulate the private sector - privatize government segments - improve the competitive advantage of the regional economies - increase exports - modernize the region's infrastructure - improve the social conditions of the region's citizens. CABEI has been instrumental in securing increased foreign investment to achieve these objectives, earning the Bank wide recognition as one of the most influential forces in stimulating worldwide investment in Central America. In addition to its contribution to the development of El Salvador's telecommunications industry, CABEI finances notable projects in other sectors, focusing on: - Energy: CABEI promotes and supports the private generation of electricity, a sector traditionally owned by the state - Infrastructure/transportation:CABEI has financed most of the Central American highway network system - Social development: CABEI is instrumental in the development of various housing, eradication of poverty, social and health infrastructure, environmental protection and empowerment of women projects The Central American Bank for Economic Integration (CABEI) is a regional institution that finances and promotes the integration and economic development of Central America. CABEI was founded in 1960 by the Republics of Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica, followed in 1992 by the extra-regional countries of Mexico, The Republic of China (Taiwan), the Republic of Argentina, and in 1996 by Colombia. For fiscal year 1994-95, CABEI posted capital reserves of US$805.7 million, generated US$87.5 million in net income, and had a loan portfolio of US$1.36 billion, making it the most stable financial institution in Central America. CABEI received accreditation as a "Latin American Regional Agency" from The Federal Reserve Banks of New York and Atlanta, The Bank of England, The Bank of France, The Bank of Spain, and from The Federal Commission of Swiss Banks. CONTACT: Carlos Sanchez Rendon Nicole Lise Carlos Vergara Karen Gould CABEI Ketchum Public Relations (504) 37-5155 (Honduras) (212) 878-4600 -0- Colombia Ratifies Membership in Central American Bank for Economic Integration (CABEI) BOGOTA, Colombia--April 23, 1996--The Ministry of Foreign Affairs foreign affairs pl.n. Affairs concerning international relations and national interests in foreign countries. of the Government of Colombia today announced it has signed an historic agreement to add Colombia as the newest extra-regional member of the Central American Bank for Economic Integration (CABEI.) Colombia's membership in CABEI has already been approved by the Colombian Senate and House of Representatives, and by Colombian President, Ernesto Samper  An editor has expressed concern that this article or section is .Please help improve the article by adding information and sources on neglected viewpoints, or by summarizing and Pizano. CABEI President, Dr. Jose Manuel Pacas, who was present at the signing of this historic agreement on April 3, said "Colombia's membership in CABEI is particularly significant at this juncture junc·ture n. The point, line, or surface of union of two parts. , because it contributes to both the institutional and financial strengthening of CABEI." "In turn, Colombia's membership in CABEI promises to promote the socio-economic development of Central America, by facilitating generation of business, trade and investment between Colombia and Central America, which many view as the most thriving sectors of the international economy." Colombia's membership in CABEI follows an earlier effort by that country to contribute to the economic development of Latin America. That effort involved Colombia joining forces with Mexico and Venezuela to establish the Group of Three (G-3), an affiliation which continues to make progress towards the formation of a free trade zone between Central America, and Mexico, Colombia and Venezuela. "Colombia has traditionally maintained political, historic and economic ties with the countries of Central America. Through its participation in the Contadora Group The Contadora Group was an initiative launched in the early 1980s by the foreign ministers of Colombia, Mexico, Panama and Venezuela to deal with the military conflicts in El Salvador, Nicaragua and Guatemala, which were threatening to destabilize the entire Central American region. during the 1980's, which placed Colombia in the peace initiatives known as the Esquipulas II process, the Colombian government has actively participated in the search for a peaceful solution to armed conflicts," said Dr. Pacas. Colombia's decision to seek membership in CABEI also follows several important investments to the region, including a line of credit extended in June 1995 from the Exterior Commercial Bank of Colombia (BANCOLDEX) in the amount of US$40 million. These funds are earmarked to finance trade between Colombia and Central America. CABEI, one of the largest and best-capitalized financial institutions in Central America, is a truly modern regional bank, whose mission is to build a viable economic future for Central America, a thriving sector of the international economy. By leveraging a shared vision for, and insider knowledge of, Central America's financial, social and cultural needs, CABEI is fueling the region's political and economic stability, and enhancing the quality of life of Central American citizens. Under the leadership of Dr. Pacas and his management team, CABEI's objectives are to secure investment grade status for CABEI and to attract financial resources to Central America from among the world's capital markets, in order to: - stimulate the private sector - privatize government segments - improve the competitive advantage of the regional economies - increase exports - modernize the region's infrastructure - improve the social conditions of the region's citizens. CABEI has been instrumental in securing increased foreign investment to achieve these objectives, earning the Bank wide recognition as one of the most influential forces in stimulating worldwide investment in Central America. CABEI finances notable projects in several sectors, including: - Telecommunications: CABEI supports the development and improvement of communications infrastructures, which the Bank believes are vital to the facilitation of information exchange, foreign investment and business development - Energy: CABEI promotes and supports the private generation of electricity, a sector traditionally owned by the state - Infrastructure/transportation:CABEI has financed most of the Central American highway network system - Social development: CABEI is instrumental in the development of various housing, eradication of poverty, social and health infrastructure, environmental protection and empowerment of women projects The Central American Bank for Economic Integration (CABEI) is a regional institution that finances and promotes the integration and economic development of Central America. CABEI was founded in 1960 by the Republics of Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica, followed in 1992 by the extra- regional countries of Mexico, The Republic of China (Taiwan), the Republic of Argentina, and in 1996 by Colombia. For fiscal year 1994-95, CABEI posted capital reserves of US$805.7 million, generated US$87.5 million in net income, and had a loan portfolio of US$1.36 billion, making it the most stable financial institution in Central America. CABEI received accreditation as a "Latin American Regional Agency" from The Federal Reserve Banks of New York and Atlanta, The Bank of England, The Bank of France, The Bank of Spain, and from The Federal Commission of Swiss Banks. CONTACT: Carlos Sanchez Rendon Nicole Lise Carlos Vergara Karen Gould CABEI Ketchum Public Relations (504) 37-5155 (Honduras) (212) 878-4600 |
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