Agreement signed to finance Andean imports from European Community.

(Caracas, July 10, 1991).- An agreement to finance imports of goods and equipment by the member nations of the Andean Group from countries of the European Community was signed by CAF and Banco Español de Crédito (Banesto).

The US$20 million line of credit which Banesto is making available to CAF will be used to finance imports by its member countries (Bolivia, Colombia, Ecuador, Peru and Venezuela) from any country of the European Community where the Spanish financial institution has direct operations. These countries are, apart from Spain, United Kingdom, Belgium, Portugal and Italy.

The Corporation holds medium- and long-term lines of credit in 18 countries of Europe, North America and Asia totaling over US$500 million. These facilities are used to finance imports of goods and services by Andean countries through the loans they receive from CAF.

The agreement between CAF and Banesto was signed on July 8 in Madrid by CAF President & CEO Galo Montaño.