Madrid visit promotes European investment in Latin America and synergy between the two regions

(Madrid, April 14, 2011).- "The current positive momentum in Latin America must be used to achieve higher growth which is sustained, efficient and inclusive and which creates employment, and for this "strengthening ties with other regions is fundamental," Enrique Garcia, president & CEO of CAF - Latin American development bank – said during his visit to Spain where he held meetings with representatives of the public and private sectors, and participated in several events with figures from both sides of the Atlantic, including Colombian President Juan Manuel Santos.

The highlights on García’s agenda included his meeting with Elena Salgado, second deputy prime minister and minister of Economy and Finance. The two leaders emphasized strengthening Spain's relationship with CAF and identifying investment opportunities and incentives for Spanish business in sustainable development projects in Latin America.

The CAF president also took part in the Business Breakfast organized for President Santos by CSC, ICEX and CEOE and in the Lunch Symposium of the New Economy Forum where he stressed the development bank’s commitment to Colombia. "CAF will continue to give special support to the infrastructure, energy, mining and hydrocarbon sectors, which are part of the five engines of the new Colombian administration, by promoting initiatives of the public and private sectors" Garcia said, adding that he expected CAF would approve about US$6.00 billion for Colombia over the next five years.

The CAF president’s agenda included meetings with Benita Ferrero, president of Euroamérica Foundation; Miguel Ángel Fernández Ordoñez, governor of the Bank of Spain; Diego López Garrido, secretary of state for the European Union; Guillermo de la Dehesa, president of Instituto de Empresa (IE); Angel Cano, CEO of BBVA; Alejo Ramírez, secretary general of the Ibero-American Youth Organization (OIJ); and Joan Rosell, CEOE president, among others.

Agreements for peace and development

A Memorandum of Understanding was signed in Madrid by Enrique García and Emilio Cassinello, director general of the Toledo International Center for Peace (CITpax), to work together on initiatives to promote peace and democratic stability in Latin America.

The signing marks the start of synergy between the two organizations with the aim of adding other representatives of society with national, regional or international presence to stimulate debate, exchange and cooperation as a contribution to the development of peace-related issues.

Also, during the IV Trilateral Forum on relations and outlook between Latin America and the Caribbean, North America and Europe" a Memorandum of Understanding was signed by CAF and the UN Development Program (UNDP).

Through this agreement the two organizations will work together on prevention of violence, citizen security, human development, governance for disaster risk reduction, social protection systems, among others.

"This partnership will combine efforts to achieve the fundamental objective of reducing poverty and improving living conditions of millions of Latin Americans," García concluded.