Cabei Approves Food Program

Cabei has established a $300m program to help offset a food crisis in Central America. The mechanism seeks to increase local production of food staples to cut the dependence on imported goods, the bank says. The program provides for a $50m line of credit to be distributed equally among the bank’s members, plus $40m for each country to establish a trust to help boost food production. The program also allocates $10m for a public-partner partnership in each country for infrastructure project. The bank has 5 member countries: Guatemala, El Salvador, Costa Rica, Honduras and Nicaragua.