CAF makes USD 300 million available to meet Coronavirus contingencies in Latin America
The institution reiterated its shareholder countries the provision of a contingent line of credit to support adequate risk management and provide a timely response to the possible effects associated with the Coronavirus in the region. Additionally, the possibility of granting non-reimbursable technical cooperation of up to USD 5 million for initiatives related to this situation was also approved.
During the CLXVIII Board of Directors's session, CAF –development bank of Latin America- reiterated the availability of a regional contingent credit line for USD 300 million to respond in an agile and timely manner to emergencies that may arise in its shareholder countries, this time on those related to the spread of the Coronavirus.
“CAF supports its shareholder countries in the attention and prevention of emergencies through financing facilities and non-reimbursable resources. This credit line's objective is to streamline the approval of operations that will provide immediate attention to safeguard the population's health and to respond in a timely manner to any contigencies that may arise, "said CAF's Executive President Luis Carranza Ugarte.
Among the benefits of this regional contingent credit line for extreme weather events, earthquakes, polluting accidents and epidemics in the region, are the timely financing, flexibility and adaptation of operations to the technical characteristics defined for each specific operation. Additionally, the possibility of granting non-reimbursable technical cooperation of up to USD 5 million for initiatives related to this situation was approved.
At CAF’s CLXVIII Board of Directors session, held in Buenos Aires, the election of the Board of Directors’ new Chairman was held: Richard Martínez, Minister of Economy and Finance of Ecuador; as successor to his counterpart Alberto Carrasquilla, Minister of Finance and Public Credit of Colombia. The balance sheet for 2019 was presented, in which the approval of more than USD 13 billion to support the population's well-being and development in the region stands out. Operations for USD 100 million were also approved for the Paving Project of the Puerto Indio - Empalme Supercarretera Route (Itaipú) in the Alto Paraná department in Paraguay to promote integration with Brazil; and USD 200 million for the Sector-wide Approach Program for the development of air and maritime transport and tourism infrastructure in Trinidad and Tobago.
Finally, the third stage of the Preinvestment Program for the Water Sector was approved to improve the studies’ quality and reduce the projects’ cycle time by financing the preinvestment actions and activities required to promote its investment and execution phase. .
The night before the session, the President of the Republic of Argentina, Alberto Fernández, offered a dinner for the directors at the Presidential Residence in Olivos. CAF’s 50th anniversary celebration continued in Buenos Aires with a seminar on "Latin America’s challenges for the growth and development", the CLXVIII Board of Directors session, the Shareholders’ LI Ordinary Assembly and the Shareholders’ XVIII Extraordinary Assembly. Since the beginning of its operations in 1970, CAF has financed more than USD 188,000 million in operations in its 19 member countries to promote sustainable development and regional integration.
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