Board approves loans for US$129 million
- The resolution on the conditions on which Chile will subscribe to "C" series shares means this country will become a CAF shareholder in the very near future.
- Four loans and two technical cooperation operations were approved by the meeting.
The meeting was chaired by Ecuadorian Minister of Industry, Commerce, Integration and Fisheries Juan Falconi. Also attending were 11 principal directors and eight alternates, representing the five member countries and the private bank shareholders.
The Board’s most important decision was to establish the conditions for subscription of 1,025 "C" series shares by the government of Chile.
As a result, the entry of Chile into CAF capital will probably be signed next August in Santiago when CAF President & CEO Enrique García will travel to the country.
EDELCA to receive US$55 million
EDELCA will generate about 95% of Venezuela’s electric power. The utility is owned by the Raúl Leoni Plant located in Guri, one of the largest in the world.
Execution of Macagua II began in 1987 and the first generating units are planned to come into operation within two years.
This is a high priority project for Venezuela because it will meet the growing energy needs of the large industries located in the Guayana region, especially the aluminum producers.
Ecuadorian energy sector
The first loan for US$38.1 million is for Empresa Estatal Petróleos del Ecuador (PETROECUADOR). The executing body will be PETROAMAZONAS, its most important subsidiary, which produces 75% of domestic production.
The loan will finance an investment and development project for three oil fields (Anaconda, Palanda and Pindo) located in the northeastern area, Sucumbios province.
This project is important for the country because the oil sector generates large amounts of foreign currency for the country. Crude production in Ecuador currently exceeds 10 million barrels a year.
The second loan for the Ecuadorian State, for US$30 million, will be used for a project to cleanup and rehabilitate the distribution systems of the electricity utilities in order to cut energy losses.
The executing body is the Ecuadorian Electrification Institute (INECEL) which has received five loans from CAF.
Support for Peruvian privatization process
CAF will provide US$500,000 to cover expenses for consulting or other services required to support partial or total privatization of the companies selected by COPRI.
Loans to Bolivia
A non-reimbursable technical cooperation operation for US$210,000 was approved for the Central Bank of Bolivia for an institutional support program to cover consulting expenses generated by the restructuring program.
Since the start of its operations until the first half of this year, CAF has approved operations in favor of Bolivia totaling US$2,210,000, not including foreign trade operations.
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)