![In the last five years CAF has approved US$40 billion for Latin America In the last five years CAF has approved US$40 billion for Latin America](/media/3806/plaza_bandera-237x314.jpg)
In the last five years CAF has approved US$40 billion for Latin America
- The Shareholders' Meeting of the Latin American financial institution unanimously approved the 2010 management report presented by its president & CEO.
- The development bank ended the year of its 40th anniversary 15% above the previous year's approvals with an 18% increase in its portfolio.
García said approvals had totaled US$39.777 billion in the last five years. "The record figure of approvals in 2010 for public and private sectors represents growth of 15% in the year and is double the figure of five years ago, while the portfolio has grown an exceptional 18% in a year."
With the strengthening of the institution’s capital and reserves, a significant allocation of non-reimbursable funds can be made to promote strategies and policies which stimulate economic growth, social inclusion, environmental sustainability, and promotion of the cultural identity of the region, all part of the CAF agenda for the integrated development of Latin America.
A year of records, institutional strengthening and international recognition
The CAF 2010 report presents an institution which is celebrating its 40th anniversary in a year notable for strengthening and expansion, assuring its position as an organization which contributes to the debate on the regional development agenda and the challenges facing Latin America in the coming decades.
"The recent processes of capitalization and strengthening of net worth confirm CAF’S new Latin American dimension which is further reinforced by the bridges of cooperation opened with the rest of the world," García said, emphasizing an active presence on leading capital markets and the international recognition received, including the Best Multilateral Agency award from Latin Finance magazine.
For bond issues on international markets, 2010 turned out to be the busiest year in CAF’s history, both in number of transactions and amounts placed. The institution issued bonds for approximately US$2.00 billion on the US, Swiss, Japanese and European markets, including the first placement on the Japanese Uridashi market, targeted at private investors in that country, which is traditionally a market for issuers with very high credit quality. CAF also entered the Uruguayan market with two issues of US$50 million each.
This active participation in the most demanding capital markets is only possible because of the institution’s high credit rating. In fact, in 2010 Standard & Poor's upgraded the outlook assigned from stable to positive, while the investment-grade ratings obtained since 1993 confirm CAF’s position as the Latin American frequent issuer with the highest ratings.
Last year also saw the opening of the CAF regional office in Montevideo which, along with the start of operations in the Panama regional office, is part of the process of decentralizing operations required by CAF’s new dimension.
In conclusion the president of the Latin American financial institution said "CAF’s successful development has been due to the unwavering support of its 18 shareholder countries, resulting in regular capital increases and full compliance with all its financial obligations."
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