Partnering in Paraguay Energy and Road Infrastructure with USD 2 Billion
Paraguay's Finance Minister Benigno López and CAF executive president Luis Carranza inaugurated CAF’s new representative office in Asunción, reiterating its commitment to support the South American nation in its efforts to maintain strong macroeconomic foundations and promote sustainable development and well-being of Paraguayans.
The development of energy and road infrastructure is pivotal to improving the quality of life of the population and boosting productivity with more jobs and sustainable growth opportunities. CAF—development bank of Latin America—has been Paraguay’s strategic partner, supporting the nation with more than USD 2 billion in this sector since 2012, when it opened its first Representative Office in Asunción.
In the presence of Paraguay’s Minister of Finance , Benigno López, CAF executive president Luis Carranza Ugarte, and senior authorities of the country, the new CAF Representation Office was inaugurated at Avenida Santa Teresa 1827, Paseo La Galería, Torre 2, 25th floor.
“Since Paraguay joined CAF in 1997, we have been an unconditional partner in its development strategy, which aims to improve energy and road connectivity for the benefit of its people. This new office is yet another sign of our commitment to our assistance to Paraguay with long-term funding, technical assistance and knowledge generation, thus adding value to programs and projects with a high impact on sustainable development and regional integration,” said CAF executive president Luis Carranza.
CAF plans to provide financial support for up to USD 1.5 billion to Paraguay in 2019–2023, including already-approved initiatives such as the construction of road access to the second bridge to Brazil (USD 212 million); Paraguay’s Power Distribution System Revamping Program—ANDE VI (USD 250 million); a sanitation program in intermediate cities (USD 52.3 million); and a capital-market-based contingent credit line (USD 300 million). Through non-reimbursable technical cooperation, CAF supports the South American nation in financial inclusion, money laundering control, improving public management, energy planning and improving quality of life in urban settings. Through local private banking, CAF offers loans to SMEs in the productive sector, with an emphasis on agribusinesses.
On his visit to Paraguay, CAF executive president Luis Carranza Ugarte will also meet with Minister of Finance Benigno López, Minister of Public Works and Communications Arnoldo Wiens, Minister of the Management Unit of the Presidency of the Republic Hugo Cáceres, president of the Central Bank of Paraguay José Cantero, and president of the ANDE Luis Villordo, among other authorities, to reiterate CAF’s support to Paraguay.
Meetings with academic authorities have also been scheduled, in order to coordinate joint activities to enhance student and teacher training in economics. The initiative aims to supplement on-site classes with online lessons imparted by professors and high-level internationally renowned researchers and specialists in their field.
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