UK Government and CAF Agree Framework for Financing Development Projects in Latin America and the Caribbean
UK Export Finance (UKEF), the UK’s export credit agency, has signed a Memorandum of Understanding with CAF -Development Bank of Latin America- that includes a framework for finance of up to USD 200 million to support sustainable development projects in Latin America and the Caribbean that include British companies’ services or goods.
The agreement will promote trade between the UK and CAF shareholder countries, and includes opportunities for structuring, co-financing and guaranteeing infrastructure projects in countries such as Argentina, Barbados, Brazil, Chile, Colombia, Ecuador, Panama, the Dominican Republic and Uruguay. The implementation of all the projects will involve support and expertise from UK companies.
The alliance also includes the promotion of joint activities in areas of knowledge transfer, events and workshops, research and communication, among others.
"Thanks to the agreement with UKEF, we are contributing to raising international resources to promote projects that will benefit the citizens of Latin America and will have a direct impact on inclusive development," said Luis Carranza, CEO of CAF.
““We are keen to enhance the trade relationship between the UK and Latin America and the Caribbean as a priority for the UK government as we progress our Export Strategy ambition of increasing exports to 35% of GDP. I am therefore delighted that UKEF is working with CAF to bring British expertise and finance to support priority infrastructure development across the continent,” said Baroness Fairhead, UK Minister of State for Trade and Export Promotion”, said Baroness Fairhead, UK Minister of State for Trade and Export Promotion. The agreement follows her visit to Colombia and Peru in August.
The specific scope of each project and its terms and conditions will be subject to specific negotiations and agreements between the two institutions, taking into account the guidelines of the OECD.
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