Memorandum of understanding signed with AECI

(Special, May 31, 2006).- The Andean Development Corporation (CAF) and the Spanish International Cooperation Agency (AECI) signed a memorandum of understanding on joint activities in favor of the underprivileged population of the Andean countries.

CAF is a multilateral financial institution that promotes the sustainable development and integration of Latin America through efficient mobilization of international financial resources and other strategic activities for the benefit of its shareholder countries. Spain became a CAF shareholder in 2002.

AECI is the independent agency of the Spanish Ministry of Foreign Affairs and Cooperation responsible for the programming and execution of development cooperation policy.

The agreement contributes to poverty reduction by promoting integrated development programs and projects designed to strengthen capacities and opportunities in low-income communities in the CAF member countries.

The two organizations defined the following areas of common interest: heritage and culture; educational, cultural and scientific development; technological development; tourism; productive community management and public services; and governance and institutional strengthening. This agreement joins other cooperation efforts with other public and private institutions in Spain and Latin America, with the clear objective of channeling funds for the sustainable development of the region.

The alliance begins its activities in Bolivia, Colombia, Peru and Venezuela with the cofinancing of training workshops in traditional occupations and construction techniques in the School Workshop Program that the AECI has been organizing for some years in various parts of Latin America. The aim is to generate alternative employment in marginal sectors so that the young population can enter the labor market.

The plan will be instrumented by the AECI Department for Cooperation with Ibero-America, and the CAF Office of External Relations. The Workshop Schools that will benefit from this agreement are in Mompox, Cartagena, Popayán and Bogotá (Colombia); Cuzco, Lima and Arequipa (Perú); Coro and La Guaira (Venezuela); and in Sucre and Potosí (Bolivia).

President García said, "This agreement confirms CAF’s interest in instrumenting strategic alliances to strengthen capacities and opportunities in low-income communities.