European Commission Resources Granted to CAF for Projects in Latin America
Through the KfW (German development bank), the European Commission granted CAF a non-reimbursable facility for € 10 million for projects related with climate change.
Already € 42 non-reimbursable funds have been granted to CAF from the Latin American Investment Facility (LAIF) in the European Commission.
(Caracas, November 28, 2013).An agreement subscribed between CAF and the KfW Entwicklungsbank (German development bank) grants the Latin American financial institution € 10 million in non-reimbursable funds, to support the implementation of projects that reduce the emission of greenhouse gasses in order to promote sustainable development in Latin America and mitigate the effects of the emissions of greenhouse gasses.
The agreement is framed within the European Commission's Latin American Investment Facility (LAIF).
Since the implementation of this facility in 2012 until now, CAF has received approvals from the European Commission for € 42 million in non-reimbursable resources to support infrastructure projects and programs in Latin America.
Specifically, work has been carried out jointly with the KfW, AFD (Developent Bank of France), EIB (European Investment Bank) to support environment and climate change, water and sanitation, and transportation projects.
Thus, CAF contributes to deepen the relationship between both regions, ratifying the Institution's coordinating role between Latin America and the European Union.
The objective of LAIF is to support Latin American countries in their fight against poverty, their efforts to achieve social cohesion, sustainable development, and economic growth.
It is also a financial mechanism that combines subsidies (non-reimbursable financial contributions from the European Commission and from other donors) with loans from public European development financial institutions, multilateral or bilateral, as well as from regional Latin American financial institutions, to ensure the implementation of well structured projects, support the development of public policies, and adequate sectorial regulations to guarantee Latin America's sustainable development.
CAF's more recent content
CAF, ECLAC, IDB and PAHO Promote Sustainable Development in the G20
The Regional Organizations of the Americas congratulate Brazil on its successful G20 Presidency, highlighting its leadership on key issues such as poverty, governance, and climate change. They also reaffirm their commitment to actions that promote equity and development in the region.
Urgent Call for Action to Safeguard Caribbean SIDS at CAF Symposium
As the global community grapples with the escalating climate crisis, Caribbean Small Island Developing States (SIDS) are running out of time to secure critical investments and support needed to strengthen their economies and protect vulnerable communities from the intensifying impacts of climate change. With the window to take decisive action rapidly shrinking, CAF - Development Bank of Latin America and the Caribbean, in partnership with the Commonwealth Secretariat and the Antigua and Barbuda High Commission, brought together key stakeholders for a symposium in London to address the critical vulnerabilities Caribbean SIDS face.