CAF Board Approves Mexico Accession as Full Member
In addition Mexico’s benefits as a member country, the decision will enhance CAF’s equity with a view to improving support to regional integration and international positioning of Latin American and Caribbean countries.
The Board of Directors of CAF—development bank of Latin America—, at its 170th session conducted online, approved the continuation of Mexico’s of accession as a full member of the institution, after the signing of the Share Subscription Agreement between the executive president Luis Carranza Ugarte and Secretary of Finance and Public Credit Arturo Herrera Gutiérrez on November 5 in Mexico City.
Mexico’s accession as a Series A Shareholder after three decades of joint work will help the country secure greater access to long-term financial resources, as well as technical cooperation for sustainable development, among other benefits. For CAF, this equity enhancement will help sustain the bank’s operational growth and continue to maximize its impact on country development and improve the living conditions of the population, in a context of post-pandemic economic recovery and the economic and social crisis the region is experiencing.
“Mexico accession as a full member of CAF also fosters integration of a nation with deep Latin American character with the rest of the continent, at a time when the region must look to its neighbors to strengthen value chains and enable productive integration; this will also strengthen economic relations between Latin American countries,” said Luis Carranza Ugarte.
Mexico was the first non-Andean country to join CAF as a Series C shareholder back in 1990. Since 2014, the institution has a Country Office in Mexico City, which has helped better understand the reality of the country and build a support strategy based on the nation’s priorities. CAF’s equity enhancement, which also includes Costa Rica and the Dominican Republic, represents greater funds for its shareholder countries under better financial conditions, and will reinforce integration and international positioning of Latin American and Caribbean countries.
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