CAF attracts Spanish funds into the region

(Caracas, October 5, 1998).– As part of its policy of generating funds into the region from external sources and attracting investments into its shareholder countries, CAF today signed an agreement with the Spanish Official Credit Institute (ICO), which grants a US$50 million loan to CAF to finance long-term projects in various productive sectors which involve a Spanish interest.

The loan agreement was signed in Washington DC by ICO President Fernando Becker, and CAF President & CEO Enrique García, who are attending the Annual Governors Meeting of the International Monetary Fund (IMF) and World Bank (WB).

A fruitful relationship CAF and ICO have maintained relations since 1996, when the two institutions signed a financial cooperation agreement to support activities of technical, economic and commercial exchange and cooperation aimed at identifying business opportunities between the Andean Community and Spain.

The funds from the new operation signed today will be used to finance projects in various medium-size productive sectors, except finance, housing and defense systems.

CAF is an international financial institution whose mission is to support the sustainable development of its member countries and regional integration. Its shareholders are the five countries of the Andean Community: Bolivia, Colombia, Ecuador, Peru and Venezuela, together with Brazil, Chile, Jamaica, Mexico, Panama, Paraguay and Trinidad and Tobago.