Increased cooperation with the Caribbean area
The loan will finance foreign trade operations between the Caribbean nation and CAF member countries, as well as with third countries provided the exported product contains at least 50% of inputs from the Andean nations.
Since last year, CAF has established productive institutional and commercial contacts with the Caribbean area, which has led to joint business between private companies in both areas.
On September 7, 1992, a similar agreement was signed with Royal Bank of Trinidad and Tobago, which has also led to commercial transactions between the companies Nestlé of Ecuador and Trinidad; Colombiana de Cerámicas and Central Caribbean Distributor; and between Hoechst de Venezuela and Lever Brothers West Indies of Trinidad, among others.
Later, in October, Trinidad and Tobago Prime Minister Patrick Manning, who also heads the Caribbean Community (CARICOM), made an official visit to CAF headquarters in Caracas to familiarize himself with the actions the Corporation is taking to expand links between the two regions, which include preparation of a detailed study on markets, products, customers, availability of transport and distribution channels.
Caribbean companies have expressed great interest in the credit mechanisms which CAF provides to facilitate foreign trade, such as the Andean Trade Financing System (SAFICO) and the Letter of Credit Confirmation and Financing Mechanism for Imports from Third Countries (MECOFIN).
The agreement was signed in Bridgetown, Barbados, by CAF President & CEO Enrique García, and Governor of the Central Bank of Barbados Calvin Springer.
The CAF president said the closer relations with the Caribbean community -- combined with the entry of Chile and Mexico into CAF capital – was part of the new strategic orientation of the financial institution aimed at making a pragmatic contribution to expanding economic relations in Latin America and the Caribbean.
"CAF has become a flexible and effective communication bridge between the Andean Group and other regional integration schemes, given the dynamic of these processes. Almost all countries of the region are committed to making efforts on reciprocal free trade, harmonizing their economic policies and moving forward with opening their financial markets. This has resulted in a considerable increase in trade and investment, which strengthens our commitment to economic cooperation, especially with the most dynamic part of the process: the private sector," García said.
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)