CAF President on Official visit to Andean Countries
García held meetings with ministers of the economic-financial team and other personalities in government and private sectors, who informed him of their requirements and concerns in the areas of project financing, foreign trade, support for small- and medium-sized enterprises, and regional cooperation, among other topics of interest, all of which will contribute to the preparation of the CAF operating strategy during the new president's five-year term (1991-96).
The program included a series of meetings with presidents and directors of leading newspapers aimed at forging closer links and motivating the media to report on priority aspects of Andean integration which is at a crucial stage.
The CAF president has been making similar contacts in Venezuela and will visit Bolivia from February 10-15.
Results
The first result of the CAF president’s tight agenda of meetings was the political and institutional backing which the Andean presidents offered to the CAF project to increase the number of shareholders from extra-subregional countries, for example, Mercosur members and various developed countries.
This expansion policy had its first success with the entry of Mexico in 1990, and Chile in the near future which will subscribe $5 million to series "C" shares.
García also received total support for his proposal to grant a more significant role to the private sector in the process of opening and internationalizing the economy, particularly in relation to the programs to increase production of goods and services, industrial reconversion and expansion, improvement of productivity and quality, financing, marketing and facilities for foreign trade operations.
Along these lines, CAF will promote direct investment in the subregion and the association of businesses and capital - foreign and local - for projects of great economic significance for the Andean area. He emphasized the importance of associations with the “first world" since they will have the advantage of being accompanied by modern technology and advanced commercial practices.
In meetings with executives of commercial banks and industrial finance corporations - some of which are shareholders of the Corporation - a series of procedures were examined to speed up the use of the CAF funds to which they have access.
Optimism about the future
Marked optimism about the new positive cycle of Latin American economies - and the subregion in particular - was expressed during the CAF president’s visit. All Andean countries have reported promising economic growth and substantial reductions in inflation, and have made progress with the debt problem and implemented decentralization and restructuring of the State, including privatization of sectors whose efficiency is critical for industrial development and reconversion.
In all this process, García said, CAF is offering decisive support and constantly adapting to the new reality of Andean integration which is possible because of the flexibility of its Establishing Agreement.
In this context, he added, CAF is – with respect to capital – one of the largest banks in Latin America and the largest in the subregion.
Finally, during the tour several loan agreements were signed, which in the case of Peru alone total US$115 million.
CAF's more recent content
![CAF, JICA and Sicredi join forces to support women and rural producer CAF, JICA and Sicredi join forces to support women and rural producer](/media/4669796/foto_sicredi_divulgação_310724.jpg)
CAF, JICA and Sicredi join forces to support women and rural producer
The amount represents the largest international facility ever undertaken by Sicredi, with the involvement of four internationally renowned entities: Banco Finantia, BNP Paribas, Eco.business Fund, and Sumitomo Mitsui Banking Corporation (SMBC). The funds raised can also be used in regions with a Human Development Index below the national average.![CAF-FAO: Digitization project for agribusiness with repository launch CAF-FAO: Digitization project for agribusiness with repository launch](/media/4669830/caf-fao.png)
CAF-FAO: Digitization project for agribusiness with repository launch
The Food and Agriculture Organization of the United Nations (FAO), CAF -development bank of Latin America and the Caribbean-, the Ministry of Agriculture, Land and Fisheries and the Tobago House of Assembly celebrated the successful completion of the “Digitization and Innovation for the Competitiveness and Sustainability of the Agribusiness Sector in Trinidad and Tobago” project. The closing ceremony, that took place on the 29th of July, marked a significant milestone in the country's efforts to modernize and enhance the agricultural sector.![CAF recognizes Panama's water potential in the face of climate change CAF recognizes Panama's water potential in the face of climate change](/media/4669780/2_cuencas_hidro_caf_.jpg)