Chile strengthens its presence in CAF

(Caracas, November 9, 2007). In an act in Santiago, Chile, during the XVII Ibero-American Summit of Heads of State and Government, CAF President & CEO Enrique García and the vice president & deputy CEO of Corporación de Fomento de la Producción (CORFO), Carlos Álvarez, signed an agreement by which the Republic of Chile, member of the Corporation, increased its equity interest in CAF by an additional US$50 million.

Chilean Foreign Minister Alejandro Foxley, who presided the act, emphasized the commitment of President Michelle Bachelet to Latin American integration and her interest in closer relations with the region, as well as the desire to increase the Chilean presence in CAF. "The Andean Development Corporation is a great institution with the highest ratings for the quality of its investment portfolio. It is now a regional financial institution of the highest order with an excellent record in the promotion of Andean regional and South American integration." He also mentioned the important role that the Corporation has been playing in specific projects such as the Bio-Oceanic Corridor which links Chile, Peru, Bolivia and Brazil.

For his part, CAF President & CEO Enrique García emphasized, "The importance of the increased presence of Chile as a country with a tradition of stable and efficient economic policies with important results internationally, and its commitment to a model of social inclusion." He recognized that this is a policy of the Bachelet administration, which is committed to the integration of Latin America and its countries, especially the Andean countries, with the prospect of supporting its relations with its Asia-Pacific counterparts. He added that work could begin immediately on formulation of specific projects in which CAF and Chile, through CORFO, share common interests in areas such as infrastructure, border development and improvement of the region’s productive capacities and competitiveness.