ECUADOR: Technical cooperation for US$170,000 for Ministry of Industry

With a financial contribution of US$170,000, CAF is supporting the Ministry of Industry, Commerce, Integration and Fisheries (MICIP) with execution of phase II of the Ecuadorian Investment Promotion Program.

The granting of this non-reimbursable technical cooperation was approved by the 86th meeting of the Board, attended by representatives of CAF “A” and “B” shares, including the ministers of Industry, Commerce and Economic Development of its five member countries, in addition to high-level authorities from public and private financial and development institutions. The signing took place in the presence of the Ecuadorian Minister of Industry, Commerce, Integration and Fisheries, José Vincente Maldonado, and CAF President & CEO Enrique García.

Since 1994, the Ministry has been developing a program with the initial objective of defining investment promotion policies for the economic sectors of Ecuador. The first phase identified the main variables which affect the investment climate in the Andean Pact countries, especially Ecuador, and basic information for the later design and implementation of the Investment Promotion Strategy.

The successes of the first stage have increased foreign direct investment in the country to almost six times the annual volume in the last decade, and significantly increased bilateral trade with Colombia and Chile, generating multiple alternatives of action and new initiatives in the Ecuadorian business sector.

The Ministry has now structured the second phase of the program which, with funds contributed by CAF, covers participation in business events in Bolivia, Colombia, Chile, Paraguay and several Ecuadorian cities; institutional strengthening of organizations participating in events and optimization of the resulting experiences.

CAF - financial institution formed by Bolivia, Colombia, Ecuador, Peru and Venezuela - provides trade, investment and development banking services. With assets over US$2.25 billion, the Corporation’s shareholders also include Mexico, Chile, Trinidad and Tobago and 22 private banks from the region, which will shortly be joined by Brazil.