CAF president meets with Brazilian President Lula

(Special, March 9, 2009).- CAF President & CEO Enrique Garcia met with Brazilian president, Luiz Inácio Lula da Silva, to make progress on the working agenda in favor of regional integration which the multinational financial organization is following with this South American country. Later during his visit, the CAF head met with Paulo Bernardo Silva, minister of Planning, Budget and Management, to sign an agreement under which the country formalizes its contribution of US$126 million to the guarantee capital of the institution, which supplements the capital subscribed by Brazil at the time of its entry as a full member in December 2007.

At a meeting of over an hour in Planalto, President Lula and the CAF president discussed a range of issues; in particular they analyzed the current situation and its impact on the region, and the importance of CAF's role and its support for Brazil.

At the signing with minister Bernardo, García said, “this visit confirms our will and disposition to promote and strengthen regional integration and sustainable development." “The subscription strengthens CAF's position as a Latin American institution par excellence "which in the last decade has become an important multinational source of funds for the countries of the region," he added.

Since becoming a shareholder in 1996, the Corporation has approved in favor of Brazil, under various modalities, a set of operations for approximately US$5.50 billion in various sectors, such as road and energy integration infrastructure, social and urban development, stimulus for international trade, and support for small-, medium- and micro enterprise.

Of the total amount, CAF approved US$1.10 billion in 2008 in favor of the Brazilian financial system to finance investment projects, foreign trade operations and working capital for companies in high value-added sectors.