Dominican Republic joins the CAF

The Dominican Republic today became a shareholder of the Andean Development Corporation (CAF) with a contribution of US$50,000,000 payable over four years, which will give the country access to large amounts of finance from this multilateral.

The equity agreement was signed in Government House by CAF Executive President Enrique García and Secretary of State for Finance Vicente Bengoa. At the same time, the Office Agreement was signed by Secretary of State for Foreign Affairs Carlos Morales Troncoso. The ceremony was held in the presence of the president of the Republic, Leonel Fernández, Secretaries of State of the National Government, the Latin American diplomatic corps and other special guests.

The membership of the Dominican Republic demonstrates the institution’s mission to stimulate the growth and sustainable development of the region, strengthen bilateral and regional links in favor of Latin American integration, and expand the Corporation’s presence in the Caribbean.

García said that after ratification of the agreements, the CAF would be able to finance development and investment projects in the public and private sectors, as well as contribute to the promotion of business and cultural relations with the Corporation’s other shareholder countries in Meso and South America.

In this respect, the CAF is planning to send a high-level mission to the Dominican Republic in the first quarter of 2005 to review and reach agreement with the authorities on the CAF’s action program in the country in the short and medium term.