(1991 - 2011) (Re-elected to a fifth term
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
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
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.
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