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  • The Central American Bank promotes economic integration and the balanced development of countries in the region.

    The Central American Bank promotes economic integration and the balanced development of countries in the region. | Photo: Reuters

The agreement seeks to strengthen Cuba's development program and minimize the effects of the U.S. blockade.

Cuba has signed an agreement with the Central American Bank for Economic Integration in order to obtain support for development projects in the Caribbean nation.

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Central Bank of Cuba President Irma Martinez and Central American Bank Executive President Nick Rischbieth signed the agreement Monday, officializing the country’s entrance to the multilateral organization.

Rischbieth said that because of the economic, commercial and financial blockade imposed by the United States, carrying out operations with Cuba is difficult, because “we have to structure the transactions in a different way and observe the existing regulations.”

The head of the Central American organization affirmed that they already participate in a program that allows them to work with Cuba and other member countries in order to “avoid not entering into conflict with laws that violate Cuba's sovereignty.”

The Central American Bank was founded on Dec. 13, 1960, as a multilateral body to promote economic integration and the balanced development of countries in the region.

It specializes in attracting and channeling external resources to boost investments and opportunities in areas such as energy, agriculture and rural development as well as urban, human and social infrastructure.

Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua are its founding members. In recent years, it has seen the affiliation of Belize, the Dominican Republic and Panama. Countries from other regions that are also part of the organization include Argentina, Colombia, Mexico, Spain and Taiwan.

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