Monday , November 18 2019
Breaking News
Home / International Customs / Korea / Korean Government Completes Procedures for CABEI Membership
Korean Government Completes Procedures for CABEI Membership

Korean Government Completes Procedures for CABEI Membership

The South Korean government announced on Oct. 31 that an amendment to the Act on the Measures for the Admission to International Financial Institutions passed the plenary session of the National Assembly. The purpose of the amendment is for South Korea to become a member of the Central American Bank for Economic Integration (CABEI).

The multilateral development bank, which has 14 member countries now, was established in 1960 for a balance development of Central American countries and investment for their economic integration.

Every domestic procedure for the membership has been completed with the passage of the amendment. The South Korean government made the required preparations for one year, starting from the submission of an application on Dec. 28, 2018. Procedures required for activities as a member country, such as investment payment, will be completed in the near future.

South Korea’s stake in the bank will be 7.6 percent. It is the second-highest behind Taiwan’s among those of the non-Central American members of the bank and is the seven-largest in the entire bank.