(1991 - 2011) (Re-elected to a fifth term 2011-2016)
At the beginning of the 1990s the countries of the region were undergoing major structural changes as they moved toward an open economic model in a framework of democratic governance and strengthening. At the same time, integration initiatives gained unprecedented momentum in the context of a globalization process which intensified during the decade.
From the start, García has always recognized the importance of adapting the institution to the constantly changing environment, which has led to redefinitions of its scope and mission which would be significant for the region.
Outstanding aspects of his administration have been CAF's significant growth and its transformation from a small subregional institution with five partner countries to a development bank of Latin American scope, now with 18 shareholder countries.
This significant growth is also shown by the volume of operations and their sectoral and strategic diversification through implementation of an integrated agenda for the sustainable development and integration of Latin America.
During his time as head of CAF, shareholders' equity have increased over 10 times to US$5.753 billion; total assets 18 times to over US$18.500 billion; and the direct portfolio almost 25 times to US$13.800 billion approximately, all of which reflects the institution's great financial and capital strength and the growth of its operations and influence in the region.
Under his administration milestones have been achieved which have fundamentally changed the size and scope of the institution. These include amendment of the CAF Establishing Agreement to allow all Latin American and Caribbean nations to become member countries. Following this change, share subscriptions were signed with Argentina, Brazil, Panama, Paraguay and Uruguay which brought them in as full members with the same rights as the founding members.
Notably, along with the growth achieved by CAF, the institution has maintained its financial strength, showing consistent improvement in credit ratings; with this backing, CAF is now the frequent issuer with the highest credit ratings in Latin America and one of the leading multilateral financing organizations for the countries of the region. The institution maintains a constant presence on international capital markets, with issues totaling approximately US$12.500 billion between 1993 and 2010.
García was originally elected for the 1991-1996 term, reelected for the 1996-2001, 2001-2006, 2006-2011 terms and most recently for 2011-2016.
The reelection of Enrique García to head CAF reflects the shareholder countries' recognition of his work as head of the institution and reaffirms their backing for him to continue leading the permanent transformation from an Andean institution to a Latin American development bank.