Agreement signed with Andalusia to create synergies for social, cultural and community development

(Caracas, January 13, 2010).- During the visit of Santiago Herrero, vice president of the Spanish Confederation of Business Organizations, president of the Businesses Confederation of Andalusia, and president of the Doña Maria de las Mercedes Foundation, CAF signed a memorandum of understanding with the Foundation.

The agreement will promote cooperation between the two institutions and facilitate the building of synergies with other actors in society with national, regional or international presence, as a means of fostering debate, exchange of ideas and cooperation between Latin American and Spanish institutions interested in social, community and cultural development. The signatories will organize forums and seminars, create networks for exchange of experiences, knowledge transfer, along with promotion of agreements on financial cooperation and technical assistance.

CAF President & CEO Enrique García said, "we agree on the importance of exploiting opportunities which make an effective contribution to reducing poverty and creating more equitable societies." "The projects will be in the area of social, cultural and community development, which improve the standard of living of excluded communities in Latin America."

Santiago Herrero, president of the Doña Maria de las Mercedes Foundation, said, "the Foundation was set up with a clear Latin American vocation and projects its activities from Spain to the region in the area of social, cultural and community development in harmony with the work of CAF." "Signing this agreement has very special importance for the Foundation because it forms a strategic alliance with a Latin American financial institution which enjoys excellent international recognition and has demonstrated special leadership in promoting sustainable development and regional integration."

The agreement is part of CAF's constant search for strategic alliances which build synergies aimed at improving the quality of life of the disadvantaged population of Latin America

The Doña Maria de las Mercedes Foundation, set up by the Business Confederation of Andalusia, is a non-profit cultural, social and business joint venture. In the social area, it backs research in an effort to expand knowledge and generate debate on the situation in the countries of Ibero-America.