CAF and Telefónica partner to promote digitization projects and initiatives in Latin America

CAF–development bank of Latin America–and Telefónica have concluded a strategic cooperation agreement with the purpose of joining efforts to promote programs, projects and initiatives aimed at developing digitization in countries of Latin America in which both entities operate.

This partnership was conceived for an initial three-year term (October 2017-October 2020) and opens an institutional cooperation framework in order to—together with other public-private entities—foster programs and projects that are being developed individually, as well as new joint initiatives, which contribute with tangible results to the economic and social development of the countries of the region.

The agreement was signed today at Telefónica’s corporate headquarters in Madrid by the CEO of Telefónica, José María Álvarez-Pallete, and CAF executive president, Luis Carranza.

As part of this cooperation, three strategic lines of action have been defined, which will be developed through specific projects. First, the partnership focuses on “Internet for All,” that is, developing and supporting initiatives that speed up internet connection of disconnected communities and areas of Latin America, as well as those with basic telecommunications services.

The project also seeks to promote digital transformation projects that call for the use of new technologies for sustainable and inclusive economic and social development, fostering digitization of cities, entrepreneurship and technological and social innovation, including gender issues, education and health.

In this sense, one of the specific projects calls for transforming the productive structure of Latin America through actions that help accelerate the intensive use of digital technologies in productive processes of the industrial fabric of the region.

Finally, the third line of action focuses on actions of institutional cooperation and knowledge sharing through joint development of studies, reports and activities for and on Latin America as part of the institutional cooperation framework between Spain and Latin America.

Following the signing of the agreement, Luis Carranza, CAF executive president, stressed the importance of having Telefónica as a strategic partner to “boost the productive transformation of Latin America through programs that promote innovation, research and use of new technologies, as essential factors for sustainable development and regional integration.”

For his part, the CEO of Telefónica, José María Álvarez-Pallete, was very pleased to have CAF as a strategic partner for investment and digitization in Latin America: “This agreement is a clear example of the type of public-private partnerships that are key for the Latin American region to take a qualitative leap, through a greater boost to investment in digital development and transformation projects. With this agreement, Telefónica and CAF become strategic partners to develop this type of projects.”