Backing for Bolivian development process

CAF President & CEO Enrique García met today in the Hotel Europa with Bolivian President-elect Evo Morales to congratulate him on his victory in the recent national elections and the support received from the Bolivian people, which are events that strengthen the democratic system. They also discussed the good relations that exist between the multilateral organization and the Bolivian government.

After the meeting, the CAF president confirmed that the multilateral institution would continue backing programs and projects of national interest, as well as those that strengthen the regional integration process, as part of the renewed development strategy that the Corporation is promoting, which seeks to reconcile quality economic growth with social and environmental objectives which will result in a better quality of life and a speedy reduction of poverty.

"The common points of view that exist with the new government lead us to the conclusion that we are going to be able to work very extensively together. CAF has always worked intensely with Bolivia, as reflected in approvals totaling US$500 million this year, and US$400 million for disbursement to begin this new stage of the democratic process," García said.

The CAF chief explained that, subject to the sending of programming missions starting February this year and to the presentation of projects and programs by the Bolivian government, the multilateral development bank was willing to continue approving loans for US$500 million annually along with $2 to $3 million in non-reimbursable technical cooperation operations.

"In early February we will send a high-level mission to set up a work program for the next five years jointly with the Bolivian economic authorities, which will identify priorities in public, economic and social policies. The objective is to maintain a rate of approvals of around US$500 million for the public and private sectors," Garcia added.

Finally the CAF president said that there was agreement with the president-elect on the need for real regional integration, in which the Corporation would play an important role, and that Latin America should achieve high-quality inclusive growth with equity, which generates employment and is part of the reality of the modern world.

In the last five years CAF has approved US$2.60 billion in favor of Bolivia for major infrastructure and social development projects and support for productive sectors in both the public and private areas, while non-reimbursable technical cooperation operations exceed US$15 million.