Madrid visit favors new partnerships between Latin America and Europe

(Madrid, 17 February 2012). "There is no doubt that Europe and Latin America have to strengthen their relations in their common interest which is much stronger than any short-term difficulties” Enrique García, president & CEO of CAF -Latin American development bank, said during an official visit to Madrid, where he met with senior government officials and representatives of the public and private sectors, academia and media.

"The positive momentum that Latin America is experiencing should be used to achieve higher, sustained, efficient, job-creating and inclusive growth and – to make this a reality – the strengthening of ties with other regions is crucial," García said. Latin America "now offers Europe appropriate conditions for promoting the development and expansion of its companies, through foreign direct investment in the region, and providing services particularly in projects that promote sustainable development.”

To further this objective during his visit to Madrid, the CAF CEO signed a loan agreement with the president of Isolux Corsan of Spain, Luis Delso Heras, for US$50 million to be used to finance infrastructure projects in Latin America.

García said investment in infrastructure was one of the key factors for the development and integration of the region and, as such, one of the priorities in the integrated development model for Latin America promoted by CAF.

CAF is now the leading source of multilateral financing for infrastructure and energy projects for Latin American development. Last year CAF allocated 50% of its approvals to finance economic and integration infrastructure, 30% to social and environmental development, and 20% to development of productive sectors.

The Isolux Corsan Group SA is a Spanish company dedicated to construction of road and energy infrastructure, major civil works, and concession management. It operates in approximately 30 countries through subsidiaries, special-purpose vehicles and partnerships with local businesses. In Latin America, Isolux Corsan has operated concessions and executed infrastructure works in Argentina, Brazil, Colombia and Mexico.