67th Board Meeting held
- Colombian Economic Development Minister Ernesto Samper takes over as chairman of CAF Board.
- Various operations approved to support foreign trade of member countries
- Nine Andean commercial banks authorized to participate as CAF shareholders
In accordance with the CAF Establishing Agreement, the post rotates annually - in the alphabetical order of the five countries which form the Andean group - among the holders of the "A" series shares.
The annual report of CAF President Galo Montaño was presented at the meeting, along with the audited 1990 balance sheet and financial statements. The meeting recommended their approval at the next Shareholders Meeting to be held in Caracas on March 20.
The meeting was attended by the principal and alternate directors of series "A" and "B" shares of the five member countries of CAF.
Development of foreign trade
In addition, the Board increased the line of credit - also to US$40 - of the Latin American Export Bank (BLADEX), whose shareholders include most central banks of Latin America, several commercial and state banks, and others from the United States, Europe and Asia. BLADEX has been operating with CAF since 1989.
The third increase for a line of credit, again for US$40 million, was in favor of BARIVEN, subsidiary of Petróleos de Venezuela, to support operations and investment projects in the Venezuelan oil, petrochemical and coal industries.
New shareholders
Loan
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