CAF and CDB Sign Alliance to Spearhead Development Projects in Latin America and the Caribbean

(Caracas, Oct. 10, 2013). Enrique García, executive president of CAF-development bank of Latin America- and Warren Smith, president the Caribbean Development Bank, signed an agreement to promote joint investment initiatives to improve infrastructure, social development, human capital and the use of renewable energy across various sectors of the economy deemed critical for Latin American and Caribbean development. 

Both presidents emphasized that the accord will build upon existing synergies between both institutions to promote projects that make lasting structural changes the region needs. All projects will seek to bring about more robust and stable economic growth needed to create jobs and greater economic and social inclusion. 

The accord will set forth co-financing terms to benefit CAF shareholder countries and CDB borrowers. Furthermore, both institutions expressed their intention to strengthen existing cooperation ties in the areas of trade and economic accords as well as in investments in their respective regions.