Denmark reaffirms confidence in development of the Andean countries

(Caracas, March 26, 1999).– In an expression of confidence in the process which the Andean countries are implementing in favor of their economic development, the Kingdom of Denmark and CAF today renewed an agreement for financing social infrastructure and environmental protection projects programmed by public and private companies in the region.

In a ceremony in CAF headquarters in Caracas, the agreement was signed by the Danish ambassador to Venezuela, Soren Voss, and CAF President & CEO Enrique García.

Under the agreement, the Danish Foreign Ministry (DANIDA) grants a US$20 million line of credit to CAF to finance imports of products and services from Denmark through concessional loans effective until 2001 with the possibility of renewal by mutual agreement.

The CAF president said renewal of this financial operation would channel funds into its shareholder countries for execution of projects in priority areas, such as environmental preservation and provision of physical infrastructure in sectors marginalized from traditional finance.