Chile strengthens relations with CAF
- CAF President meets with Michelle Bachelet and members of her cabinet.
- During the meeting an agreement was signed to facilitate the Corporation's activities and operations in the country.
- The Chilean president emphasized the importance of the role that institutions like CAF can play in this period of world economic recovery.
Also at the meeting in La Moneda Palace, a memorandum of understanding was signed between the multilateral financial organization and the Ministry of Public Works; and a technical cooperation agreement with the Ministry of Economy, Development and Reconstruction.
President Bachelet said, "we are living in very complex times for the region; the international community faces the most severe economic crisis of the last 60 years, in which institutions such as the Inter-American Development Bank and the Andean Development Corporation are being called on to play a very important role." She emphasized the need for capitalization of the multilateral credit organizations, adding that access to financing by countries would be the key to the economic recovery of Latin America.
On the agreement on immunities and privileges signed with CAF, President Bachelet expressed her satisfaction considering it a "tremendous step" which will stimulate the partnership between Chile and CAF to the full. "CAF is a solid stable institution with excellent management which has been recognized by international risk rating agencies and given the highest ratings," she said.
Garcia said, "this is an historic opportunity for CAF to deepen its interaction with Chile and marks the start of a new stage in bilateral relations. With this agreement the Corporation will be able to promote important activities and operations with the public and private sectors in Chile." He added that a mission would visit Chile soon to develop projects which are strategic for the country, and for regional integration and sustainable development. He said the multilateral institution was interested in opening an office in Chile in the near future.
Joint effort
Finally, as support for the Third Competitiveness Forum of the Americas, an agreement was signed with the Ministry of Economy, Development and Reconstruction under which CAF will provide non-reimbursable funds for this high-level meeting to be held in September in Santiago. The forum will open a valuable space where the ministers of Economy and Industry of the Americas can meet with academics and business leaders to discuss scenarios and opportunities in the region in the current world economic situation.
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