Bucaramanga Reservoir construction project moves ahead

(Bucaramanga, October 6, 2008). Enrique García, the president and CEO of the Andean Development Corporation (CAF), and Germán Augusto Figueroa, the manager of the Metropolitan Aqueduct of Bucaramanga, signed a letter of understanding that will permit the multilateral financial agency to start a study of a US$100 million loan for co-financing the construction of the Bucaramanga Reservoir, a project that will guarantee the potable water supply for the city’s inhabitants.

“This is an innovative operation and, since it is a long-term one, it will be performed in local currency without State backing and be undertaken jointly with Banco BBVA. The structuring of this type of financing is an important milestone that opens up other opportunities for Colombia and for other countries in the region,” explained CAF’s president and CEO during the ceremony held for the signing of the letter of understanding, at which, Fernando Vargas, the mayor of Bucaramanga, handed him the keys to the city.

During this visit, Enrique García and Freddy Rojas, CAF’s director in Colombia, also met with Horacio Serpa, the governor of Santander, and with members of his cabinet to learn about the prioritized projects in the department’s Development Plan in the areas of roads, education, health, and environment and to examine the Corporation’s possible support for developing these projects.

Also, the governor of Santander decorated CAF’s president and CEO with the José Antonio Galán Order of Merit, the department’s highest official, civic award, for promoting sustainable development and regional integration. During the presentation of the award, Serpa mentioned that Enrique García had headed up major structural changes in the continent’s economy, in a context of governance and positive strengthening of democracy, where seeking the well-being of the citizen was the main purpose.