Under the chairmanship of Mossi, within the framework of the task of providing funding to the countries of the region, CABEI has granted credits to all countries of Central America, including Nicaragua, which has drawn criticism from some sectors in the defense of human rights and the entity’s presidency. What can it cost?
Mossi was named head of the Regional Financial Organization for the Development of Central America in December 2018 after being elected in October of that year. Previously, the Honduran economist worked at the World Bank as head of operations in Honduras or Ghana, as well as the unit’s representative in Paraguay.
Since he took office, Mossi has positioned CABEI to become the main creditor in the region, positioning itself as the leading entity in channeling resources to Central America, and building close ties with non-regional partners. ties, such as in the case of Spain, where CABEI recently opened the first regional office in the country.
The Board of Governors is the most important event for CABEI, as it is the supreme authority of the bank and as per the mandate of CABEI’s constitutional agreement, a regular meeting should be held once a year. Each participating country appoints a titular governor and a substitute who may be the Minister of Economy, Minister of Finance, Public Debt, President of the Central Bank or whatever corresponds to the representation according to each country’s internal law.
Disapproval for his ties with Nicaragua
It is estimated that Nicaragua may have received up to $3.5 billion (just over 3.2 billion euros) from CABEI for various projects and initiatives under the presidency of Daniel Ortega, whose political regime is a dictatorship. In percentage terms, the CABEI’s financing for the Public Investment Program (PIP) in 2022 accounts for about 40% of the total, compared to 21% it represented in 2017.
In his defence, Mossi has argued that the entity he heads is governed by economic principles and not political principles. Furthermore, he has expressed that he works for the Nicaraguans and not their president. “We want them to have access to basic infrastructure like hospitals and roads,” he said.
His ties to Nicaragua have also earned him the nickname ‘the dictator’s banker’, initially used by former US ambassador and executive director of the Center for Media Integrity in the Americas, John Feeley. In 2022, separate letters were even sent to the administrations of Honduras or Costa Rica asking them to closely monitor the activities of CABEI.
