Spain announced its intention to join CAF

"The decision of the Spanish government reinforces the historic links between Spain and Latin America, and with CAF itself , and provides a means of promoting the current economic, commercial and financial relations", Enrique Garcia said. The capital subscription will total approximately US$300 million, of which US$100 million will be paid in cash and US$200 million in callable capital.

CAF has for long maintained solid financial relations with diverse banking institutions in Spain, such as Instituto de Credito Oficial (ICO), Caja Madrid, BANESTO, Banco Santander and Banco Bilbao-Vizcaya. These include lines of credit to finance Spanish trade and investments in the region, as well as participation in CAF’s A/B loan program which aims to attract external resources, especially for private projects in its shareholder countries.

Towards the end of 2000, CAF also launched in Madrid the first short-term note program of any multilateral financial institution in the Spanish market. The program will allow note issues with maturities ranging from 7 days to 18 months up to a maximum amount of 500 million euros.

The "Serie C" shares which will be subscribed by Spain are reserved to governments and public and private institutions from non-Andean countries. Other "Serie C" include shareholders include Brasil, Chile, Jamaica, Mexico, Panama, Paraguay and Trinidad & Tobago.