"As the Bank of Central America, we are providing an immediate response to the problems afflicting our countries. This operation will have a direct impact on the economies of millions of consumers, since the subsidies will mitigate the impact of rising fuel costs on consumer products, basic services, transportation and inputs, among others", said CABEI Executive President Dr. Dante Mossi.

The initiative seeks to protect the purchasing power of the Central American population. At the same time, it seeks to strengthen the expectations of economic agents and the credibility of monetary policy management, both of which are fundamental elements in consumption and investment decisions.

"The current increase in oil prices adds to the negative effects that the COVID-19 pandemic generated in the economy, misaligning global supply and demand through the disruption of supply chains. In this context, our support enhances the countercyclical capacity of monetary authorities to manage rising inflationary pressures", said Dr. Mossi.

Of the amount approved for the Program, each founding and non-founding regional country may receive up to US$200 million in financing from CABEI's regular resources, which could also be increased based on the participation of external sources of resources according to their respective guidelines.

CABEI takes the corresponding measures to ensure due diligence at all stages of its projects and programs. Disbursements will be made in accordance with the provisions of the supervision, follow-up and control activities for the adequate use of resources, as well as the Bank's procurement policies, which include the contracting of an independent audit, allowing close and continuous follow-up by internal and external control entities.

Likewise, CABEI has adopted as a basic principle zero tolerance for Prohibited Practices, unethical situations or non-compliance with regulations, which is why it maintains at its disposal the means to file complaints, where natural or legal persons may do so.