Ecuador granted US$2.20 billion over next three years

(Quito, February 23, 2011) .- Enrique García, president & CEO of CAF - Latin American development bank - paid an official visit to Ecuadorian President Rafael Correa at Government Palace. The meeting was an opportunity for the president of the financial institution to confirm CAF’s deep commitment to Latin American development and to the country through backing for important projects to improve the quality of life of Ecuadorians. CAF is Ecuador’s leading multilateral lender.

After the meeting, García said "for the next three years, operations are programmed for Ecuador for an amount close to US$2.20 billion, including loans and catalytic operations and non-reimbursable technical cooperation, of which US$1.50 billion will go to the sector public and the rest to private sector initiatives."

"We confirm our commitment and interest in supporting Ecuador as we have been doing for over 40 years. CAF will continue concentrating its efforts on an integrated agenda which contributes to the sustainable development of the country," he added.

The funds granted by the financial institution over the next few years will be channeled into energy, road, health and education infrastructure in line with government strategies. The funds will also favor public and private sectors and projects to improve their competitiveness. Support will also go to pre-investment plans for preparation of studies and to projects for implementation by sub-national agencies.

During his visit to Ecuador, García signed non-reimbursable technical cooperation agreements for over US$1 million with various provinces and city governments. He also took part in the launch of the book Social Policies to Promote Citizenship and Social Cohesion published by CAF.

The CAF president was also guest of honor at a closing concert of the Orchestral Training Workshops 2010 at the House of Music, where over 250 Ecuadorian children and young people gave a memorable concert as part of the CAF Social Action for Music Program.