According to the Ministry of Finance, the Central American Bank for Economic Integration (CABEI) had its first presence in Asia on Tuesday when it launched a representative office in Taiwan (MOF).
According to the MOF, the newly opened office was also the first formal presentation of an international organization in Taiwan.
Finance Minister Su Jain-rong and CABEI Executive President Dante Mossi, who is based in Honduras, signed an agreement to open the office on the 83rd story of Taipei 101 during an online meeting in April.
The office will assist the CABEI in selling its bonds in the Asian market, raising funds in Asia for Central American investment projects, and exploring the potential for economic collaboration with Asia. The CABEI will also use Taiwan as a regional hub to attract other Asian countries as members.
The bank’s two Asian members are Taiwan and South Korea, with a total of 15 members (eight regional and seven non-regional). The CABEI is based in Tegucigalpa, Honduras’ capital, and currently operates regional offices in six Central American countries.
According to the CABEI’s website, the organization’s major goal is to “promote economic integration and balanced economic and social growth in the Central American area”. Taiwan currently owns 11.09 percent of the bank, the largest among the seven non-regional members, according to the MOF.
Taiwan, officially known as the Republic of China, joined the CABEI in 1992. (Taiwan). The board of governors of CABEI is the highest authority, with Taiwan’s Su as a governor and Central Bank Deputy Governor Chen Nan-kuang as an alternate governor. Taiwan, ahead of Japan, Hong Kong, Thailand, and Singapore, has the greatest international claims for CABEI debts in Asia, totaling US$2.65 billion.
Taiwan is likely to receive a permanent governor’s seat on the board in the future due to its tight links with the CABEI. The CABEI’s decision to build an office in Taiwan, according to Taiwan’s central bank, demonstrates the institution’s high appreciation for Taiwan’s stable financial markets and successful capital markets.
It also hoped that the office would assist Taiwan in expanding its economic and commercial ties with Central American countries.