CAF and BROU unite to promote medium and long term projects

(Montevideo, September 9, 2013). CAF, Development Bank of Latin America, and Banco Republica (Brou), signed an agreement that will enable both institutions to work together in the implementation of initiatives aimed at promoting economic and social growth in Uruguay. In particular, the agreement seeks to take advantage of CAF's experience with respect to the evaluation and financing of medium and long term projects, such as infrastructure works and entrepreneurial activities connected to the energy sector. 

Gladis Genua, CAF's Director Representative in Uruguay, stated that "considering its leadership in the local financial market and its commitment with the country's development in all spheres, the Brou is the ideal partner in the search for schemes or mechanisms that increase the availability of long term financial resources for the execution of infrastructure, energy, productive sector, and other projects.  The idea is to work jointly to achieve the common objectives that enable both institutions to continue supporting the development process in Uruguay, thus improving the quality of life of Uruguayans".                        

At the same time, Fernando Colloia, President of Brou, stated that "Brou is consolidating as an efficient bank, financially solvent and balanced", allowing to channel "our vocation of investing in Uruguay's growth process, becoming Uruguay's Development Bank". In this respect, he highlighted the importance of investment and infrastructure for development, and CAF's experience in these areas. He stated that "this is going to be a very positive alliance for the bank and, therefore, for the country, and we expect to strengthen the actions so that this agreement leads to events that make Uruguay's economic and social development feasible".  

The agreement also includes the possibility that both entities exchange economic information that may be relevant for its operations, and that they work together to strengthen their institutional capacities.