Belize joined the Central American Bank for Economic Integration (CABEI) as a full member, as a result of the recent amendments to the Bank's Constitutive Agreement, which allows the region's countries to enjoy full participation and integrate the CABEI Board of Directors and Board of Governors.
The above was made known by means of a formal note addressed to the CABEI Executive President, Dr. Nick Rischbieth, from Belize's Finance Minister, Honorable Dean O. Barrow, who confirmed that Belize had completed the terms and conditions to become a non-founding regional member.
The amendments to the CABEI Constitutive Agreement that made these changes possible came into effect on June 9, 2016, and are aimed at consolidating the Bank's preferential creditor status, supporting its member countries, strengthening its capital base and promoting a greater diversification of its loan portfolio.
Belize joined CABEI on November 2, 2006 under the status of beneficiary country. Being incorporated as a non-founding regional member will allow it to expand its financing for new approvals aimed at economic and social infrastructure projects that are in line with the CABEI 2015-2019 Institutional Strategy "Integrating Sustainable Development and Competitiveness."
CABEI Executive President Dr. Nick Rischbieth emphasized that Belize's new position in CABEI will strengthen the Bank's financial soundness with international risk rating agencies, boosting its capacity to attract greater resource amounts with better conditions to finance programs and projects targeted at complying with the institutional mission of promoting the economic integration and balanced economic and social development of the Central American region.
Belize joins Panama and the Dominican Republic, which in 2016 also changed their status within CABEI, establishing a governance structure aligned with the Central American Integration System (SICA).