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Cuba Signs Agreement with CABEI

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Cuba signs with the Central American Bank of Economic Integration. Photo courtesy of BCIE.

Cuba has signed an agreement with the Central American Bank for Economic Integration (CABEI) approving the request for entry as a non-regional member.  The agreement will fortify Cuba’s relations with countries in the Central American and Caribbean region.  Signing the agreement not only helps in promoting CABEI’s geographical diversification but will also be positively viewed by international risk rating agencies.

Dr. Nick Rischbieth Gloë, Executive President of CABEI, and Irma Martínez Castrillón, President of the Central Bank of Cuba (BCC), signed the agreement at the head offices of  Central Bank of Cuba (BCC) in Havana.  Ricardo Cabrisas, Vice President of the Council of Ministers and Minister of Economy and Planning, and directors of CABEI, Minrex and executives from BCC were present at the signing ceremony.

The agreement will further strengthen Cuba’s regional relations in Central America and the Caribbean.

Negotiations have taken place for the last couple of years.  In May of 2016, Directors of CABEI had the opportunity to visit the Island to tour several development projects.

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CABEI, is a multilateral financial institution which promotes economic integration and balanced economic and social development in the region.  It is the first organization to accept Cuba as a member.  Dr. Rischbieth stated on the organization’s website, “… the CABEI Board of Governors unanimously approved to accept Cuba as a non-regional member. We have already formulated and are in the process of approving a Central American-Caribbean Fund in order to join the cooperating community and finance the initiatives required to enable the interconnectivity that will make the integration of Central America and the Caribbean into a reality.”

CABEI’s President also expressed a genuine desire to support Cuba’s development and economic growth.  CABEI, founded in 1960, is a promoter of regional integration, economic and social development within the region.

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