Brussels.- Gisela Sánchez, the Executive President of the Central American Bank for Economic Integration (BCIE), stated before the European Union that the institution represents a “reliable partner in Central America to strengthen relations and create commercial opportunities for European companies” in that region.
European partners are viewing the expansion of collaboration with optimism and high expectations, commented Sánchez during an interview granted to EFE, in the context of a tour by Europe that included stops in Spain, France, and Belgium, and meetings with EU institutions, government entities, cooperation agencies, and private sector representatives.
Sánchez considers that what makes the BCIE – with its 63 years of history, 15 member countries, and a subscribed capital of 7,000 million dollars – not just present problems to Europe seeking help, but also propose “solutions” and offer “resources”.
“In that aspect, it plays a perhaps innovative role in proposing ‘these are the challenges and conditions of the region, but here are the great opportunities for European corporations and these are the feasible solutions (…), in which we are working and for which we need support in order to undertake more ambitious initiatives’,” she expressed.
Furthermore, Sánchez pointed out that the BCIE can “facilitate access” and act as the “financial arm” that helps European companies to better understand both the opportunities and the challenges of the region and “how these can assume a leadership role in the solutions to be implemented”.
“Robust” Project Portfolio
According to Sánchez, the visit to Europe has been “crucial to strengthen ties” with the EU and has resulted in the creation of a “robust” portfolio of projects for the next few months.
The BCIE, recalled its President, is developing the first project in Central America financed by the European Union’s Global Gateway investment program, which seeks the recovery of Lake Yojoa, the largest body of water in Honduras.
Other initiatives are being evaluated, such as the metropolitan train in Costa Rica, which promises a “significant social impact and an improvement in the business climate”, a project on waste management in the Motagua River in Guatemala, and one to advance towards a new stage in the Central American electricity integration system, an area in which the bank already has experience and in which the EU is interested.
Sánchez indicated that the BCIE has the capacity to approve projects for around 3,000 million dollars annually and to disburse approximately 2,000 million, however, “the needs of the countries are much greater”. “That is why it is so vital to forge these strategic alliances with European entities that can complement our work”, she explained.
Capital Increase
The bank plans to carry out its ninth capital increase, with which it aims to reach 10,000 million dollars, which makes the next few months and the year 2025 “decisive periods to consider the incorporation of new members to the BCIE”, Sánchez stated, showing enthusiasm at the idea of integrating a new European partner.
Currently, Spain is the only European member of the bank (with a 4.19% participation).
The executive president of the BCIE highlighted that this year they managed to reduce interest rates for countries for the first time in three years and continue to seek all possibilities to reduce them even further, a task in which the collaboration with the EIB provides “quite more favorable conditions”.
Moreover, she emphasized that as important as the financial conditions are the cooperation in knowledge and good practices, especially in regional integration, an area in which the EU is “the great specialist worldwide”.
The association between the BCIE and the EU has facilitated the management of 105.1 million dollars for initiatives such as the Special Fund for Social Transformation in Central America and the Border Zone Development Program, contributing also to the co-financing of projects for 113.3 million in renewable energy, water and sanitation, and infrastructure.
The relationship with the European Investment Bank (EIB) includes facilities and loan contracts for a total of 493.5 million dollars, according to the BCIE. EFE
credits of the images of this post: Deultimominuto.net
