CAF celebrates XX anniversary
- President Perez closes solemn session
- CAF doubles its capital
- Mexico becomes new shareholder
- New cooperation agreements with Mexico and Denmark
- In the last four years CAF executed 70% of total operations of last 20 years
CAF celebrated its birthday with an intense week of work, which saw its authorized capital doubled, Mexico approved as new shareholder country, and cooperation agreements signed with Mexico and Denmark.
DECORATIONS
Venezuelan President Carlos Andrés Pérez attended the ceremony accompanied by several of his ministers, members of the Shareholders Meeting and the CAF Board, ambassadors from various Latin American countries and other continents accredited in Caracas, and CAF officers headed by President & CEO Galo Montaño.
NEW DIMENSION
The CAF president added: “in its first 20 years from 1970 to 1990, our institution granted loans for projects totaling over US$1.35 billion, trade finance over US$1.70 billion, non-reimbursable technical assistance and special programs US$21 million, giving a grand total of US$3.10 billion."
"A yardstick of the Corporation’s dynamism is growth of operations between 1987 and 1990. In these four years, operations reached a total of US$2.20 billion, equivalent to 70% of all operations in the last 20 years."
"For the 1991 to 1994 period, the total exceeded US$4.60 billion, 1.5 times more than the activity of the first 20 years of CAF."
Montaño said this quantitative increase went hand in hand with the qualitative improvement of the work done by CAF in the last four years: promotion of subregional and foreign investments; support for creation of Andean multinational companies; use of loans and meetings and seminars to stimulate private sector participation in the Andean economy; and contribution to incorporating biotechnology and productivity into private and state companies in the five countries, etc.
BRIDGE FOR INTEGRATION
García added, "with great pride we report that CAF has reached full maturity and has gained an important place in its own right in the international financial world." "CAF is the strongest pillar and an ideal bridge between the Andean Group and the other integration schemes of the Latin American region."
SURPRISING BALANCE SHEET
"In the 1980s, CAF proved to be a very efficient financial intermediation organization and a singularly valuable instrument for strengthening Andean integration. At times when access to credit from commercial banks and international financial organizations was impossible, some of our nations were able to maintain their activity thanks to support from the Corporation which channeling funds from the industrialized countries to the Andean Group."
President Pérez continued, "it is fundamental for the Corporation to become a permanent, stable and reliable source of funds for the development of member countries. This is why we have given decisive support to strengthening its financial capacity with the capital increase capital to US$2.5 billion, which is a significant rescaling of the financial arm of integration."
President Pérez ended, "we celebrate this act as a convincing example of what Latin America needs to make integration no longer simply a utopia but a possible objective. Millions of Latin Americans are watching our initiatives and now understand that integration is the only way to solve our vital problems."
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