CAF to Acquire Additional Funds to Promote Latin America’s Sustainable Development
The outstanding operating results of 2018 - which yielded $311 million in profits - will allow CAF to allocate as much as $130 million in 2019 to help reinforce an assortment of development initiatives by the region’s governments.
CAF- Development Bank of Latin America’s outstanding operating results, coupled with sound financial management and a policy of expenditure restraints, allowed the multilateral institution to close 2018 with a record $311 million in profits.
The results were presented at the 165th Board of Directors meeting in Mexico City, and will allow the institution to allocate as much as $130 million toward special funds in 2019, which are intended to help the region’s countries reduce the financial costs of mitigating natural disasters and boost other initiatives set to contribute to reinforcing their development plans.
"These results will allow us to more efficiently support our member countries through carrying out studies and interventions across critical sectors, such as natural disaster prevention, water and sanitation, as well as other issues of foremost importance to reduce the region’s infrastructure deficit and foster its development", CAF Executive Directer Luis Carranza said.
The CAF Board of Directors also approved operations in the amount of $80 million for the “Urban, Social and Environmental Integration and Development Program of the Camaçari Municipality” in Brazil, as well as a $300-million line of uncommitted stand-by credit for Paraguay and $200 million for the “Comprehensive Road Construction, Repair and Maintenance Program” in Trinidad and Tobago.
The Board of Directors’ approval of the second phase of the Regional Infrastructure Pre-investment Program (CAF-PPI) - which, like the first stage, will enjoy a total $10 million - once again ratifies CAF- Development Bank of Latin America’s commitment to improving the quality and availability of the region’s integration infrastructure projects.
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