Bolivian President Evo Morales visits CAF headquarters

(Caracas, January 26, 2008).- Bolivian President Evo Morales made an official visit to the headquarters of the Andean Development Corporation in Caracas during which he held a working meeting with Corporation President Enrique García with the respective delegations. During the meeting a contingent US$20-million line of credit for Bolivia was announced in response to natural emergencies.

The Bolivian head of state was accompanied by Juan Ramón Quintana, minister of the Presidency; Luis Arce, minister of Finance; Carlos Villegas, minister of Hydrocarbons; Alejandra Claros, chief of cabinet; and Jorge Alvarado, chargé d’affaires at the Bolivian Embassy in Caracas. President Morales expressed the gratitude of his people for the support reflected in the long-term loan and the donation in response to recent natural disasters, and the permanent backing by the multilateral organization for his country.

García regretted the events of recent weeks in Bolivia, which have caused mourning ?? and pain, as well as material losses and damage in the road system of nine departments. During the session, García emphasized the actions that CAF has taken in the last two years, reflected in approximately US$800 million approved in favor of Bolivia. "This confirms the commitment and backing to Bolivia, with the Corporation as the main source of multilateral financing of the country in priority areas, as part of the development strategy approved by the government," Garcia added.

Among the approvals during the 2006-08 period, integration infrastructure was given priority with a total allocation of US$389 million, while projects to stimulate the productive, corporate and MSMEs sector received approvals for US$280 million, and the social development area US$85 million.

Apart from the credit and financial structuring operations, CAF has an integrated support program for countries with non-reimbursable funds, particularly for institutional strengthening, stimulus for strategies and policies that favor economic growth, social inclusion and promotion of the region’s cultural identity. In this respect, a total of US$13 million was granted to this partner country in non-reimbursable operations in the 2006-08 period.

The US$20-million loan announced during the meeting will finance studies, execution of works, supervision, inspection, administration, rehabilitation and measures to mitigate the impact of natural disasters on physical, natural and social capital and unforeseen events caused by natural emergencies in 2008.