Enrique Garcia, reelected as CAF’s president

The appointment is a clear recognition by the shareholder countries of Garcia’s successful management during the last ten years. During his administration, Corporacion Andina de Fomento has consolidated its position as a leading organization. Its independence, professionalism and leadership have been widely recognized internationally.

One of Garcia’s most important achievements-within the process of transformation CAF has undergone since a decade ago-, is to have turned the institution into the main source of multilateral financing for the Andean countries.

Since Garcia was elected President, new partners have joined CAF. Currently there are twelve member countries from Latin America and the Caribbean. The five countries of the Andean Community: Bolivia, Colombia, Ecuador, Peru and Venezuela; plus Brazil, Mexico, Chile, Paraguay, Panama, Trinidad and Tobago, and Jamaica, that joined the Institution in the nineties. There are also 22 private-sector banks from the Andean region.

Just a week ago, Spain announced its intention to join CAF as a new partner. Conversations with other Latin American countries such as Argentina, Uruguay and Costa Rica, are underway.

CAF has obtained important international recognition in the capital markets, its main source of external financing, by achieving the highest investment grade credit ratings in Latin America, granted by Moody’s, Standard and Poor’s, and Fitch. CAF is also recognized for the whole range of products it offers both to the public and private sector.

Corporacion Andina de Fomento has permanently supported its shareholder countries when these have faced economic difficulties. In the last years, CAF has played an important catalytic role, not only for its significant presence in the international markets, but for the incorporation of original instruments to attract financing and private investment in the region.

The institution has also facilitated the introduction of its shareholder members to the new economy, promoting measures that contribute to transform economies based on natural resources into those sustained on knowledge and technology. CAF also plays a key role in supporting competitiveness in its shareholder countries.

In the area of regional integration, CAF has given priority to the development of a sustainable physical infrastructure.

In the last decade, CAF has paid significant attention to promoting the idea of a sustainable environment, including its social and cultural aspects. CAF has also been an important factor in the reinforcement of democratic governments in the region.

Enrique Garcia’s main challenge now is to maintain CAF on the road to its institutional consolidation, in order to keep responding, in an effective way, to the needs of its shareholder members for development and integration.

Before assuming the position as CAF’s President, Enrique Garcia acted as Planning Minister and Head of the Economic Cabinet in his native Bolivia. He also occupied high-level executive positions at the Inter American Development Bank (IDB).