CAF and Desenvolve Sao Paulo Sign Cooperation Accord

(Brasilia, April 23, 2014). Desenvolve Sao Paulo-Sao Paulo Development Bank-Director Milton Luiz de Melo Santos and CAF's Representative Director in Brazil, Victor Rico, signed in Sao Paulo on April 17 an agreement to pursue common-interest projects to promote regional development. Projects will focus mainly on improving infrastructure, the environment and other endeavors that support small and medium-sized businesses in Sao Paulo. The agreement will also arrange co-financing, stipulate guarantees, open credit lines, provide joint investment in various funds and will offer training to strengthen public-sector institutions.

"CAF has placed increasing importance on  sustainable economic development of Latin America. This agreement will enable us to rely on CAF's experience and know-how in the region to promote a 'green economy' and develop small and medium-sized businesses in order to support sustainable economic growth in the state of Sao Paulo," said Luiz de Melo Santos of Desenvolve Sao Paulo.

"The signing of the Framework Cooperation Agreement between Desenvolve SP and CAF-development bank of Latin America-is of utmost importance and falls in line with the institution's efforts to promote coordinated action in conjunction with other institutions committed to sustainable economic development in the region. We also hope that this agreement will strengthen and further develop both private and public-sector concerns in Sao Paulo state and its municipalities," said CAF's Representative Director in Brazil, Victor Rico.

Elsewhere, CAF and Desenvolve SP participate as co-investors in a series of innovation and seed capital funds, including CRP Emprendedor, Fondo de Innovación Paulista and Burrill Latin American Sciences Fund.