CAF approves USD 50 million investment for infrastructure development in Colombia
The Finance Minister, Mauricio Cardenas, said that the resources will strengthen the Financiera de Desarrollo Nacional (National Development Financial Institution) (FDN, for its acronym in Spanish), which will have a greater execution capacity to ratify the country on a path of growth and competitiveness.
(Bogota, March 20th, 2014)-. In order to promote infrastructure projects in Colombia, CAF, Development Bank of Latin America, announced an investment for USD 50 million for the capital increase of the Financiera de Desarrollo Nacional (FDN), seeking to strengthen the management of this leading institution in the sector.
The Minister of Finance, Mauricio Cardenas said that "these resources will enable a greater execution capacity to ratify Colombia on the path of growth and competitiveness". He stated "we receive CAF's vote of confidence with satisfaction. Colombia is clear as to where it wants to go, and we will respond with efficiency for the country's benefit".
Enrique Garcia, CAF's Executive President, said that "the successful implementation of FDN's business plan will help address the most important needs for the development of infrastructure, with the consequent benefits for the country".
According to FDN's President, Clemente del Valle, the contributions of CAF, Development Bank of Latin America, will imply a significant capital increase for the entity, from a capital of 464 million Pesos, to 565 million Pesos. This support will enable a greater capacity to provide financing to Fourth Generation (4G) road concessions.
FDN's capitalization will transform it into a key entity to provide financing, support the mobilization of resources, and promote infrastructure development in general. Enrique Garcia stated that "this operation shows CAF's commitment with Colombia in a strategic and priority area for the country's medium-term development."
The FDN is implementing a program which will focus on mobilizing resources and financing infrastructure projects, mainly highways under the 4G program, as well as in the energy, port, airport, railroad, and social services sectors, in addition to water provision and treatment, offering financial solutions in sectors where the offer is limited.
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