New flag for CAF - Winner announced of the international competition for design of the new flag

(Caracas, December 9, 2008).- The Andean Development Corporation today announced the result of the International Competition for the design of its new flag, in which the entry of Peruvian architect Jaime Augusto Botteri Lequernaqué, was the winner after an arduous selection process from over 300 entries from Latin America, the Caribbean and Spain. The winner receives a US$5,000 prize. One of the entries submitted by the Spanish company Indivisa Comunicación S.L. obtained mention of honour.

CAF President & CEO Enrique García said that "the new flag is characterized by its symbolism, originality and simplicity, as well as reflecting the commitment of the multilateral institution to sustainable development and regional integration."

Designed with the basic colors of the corporate identity - blue, red and white - the winning flag is composed of nine curved horizontal strips, which start from both sides and interleave in the third of the fly side, like the "fingers of a hand," symbolizing union, regional integration, financial support and sustainability. The use of curved forms signifies the dynamism of development and the mobilization of funds.

The international competition was open to individuals and legal entities whose professions or those of their members were architecture, design, plastic arts or related activities from the Corporation’s 17 shareholder countries. The design was chosen by a jury composed of the CAF president and CEO, vice president & deputy CEO, two corporate vice presidents, the secretary and a departmental head. As special guest, the jury was advised by Aquiles Esté, graduate in Social Communication from the Central University of Venezuela, PhD in Semiotics from the Catholic University of San Paolo, creative director and brand strategist.