Operations for US$466.3 million approved

October 28, 1997

Seven financing operations for a total of US$466.3 million were today approved during the 94th Meeting of the CAF Board, held in the headquarters in Caracas, Venezuela.

CAF President & CEO Enrique García – of Bolivian nationality – said the funds approved would be used to execute various projects considered priority for the economic and social development of the shareholder countries in the areas of physical infrastructure, mainly energy and provision of social services; cross-border energy integration; mitigation and prevention of disasters caused by the El Niño meteorological phenomenon; and cofinancing projects to stimulate investments.

CAF – whose mission is to contribute to sustainable development and regional integration – is formed by the five countries of the Andean Community of Nations: Bolivia, Colombia, Ecuador, Peru and Venezuela, together with Brazil, Chile, Jamaica, Mexico, Paraguay and Trinidad and Tobago. These nations are members of other regional integration schemes such as Mercosur, Caricom, FTA and G-3. This wide ranging membership gives CAF a coordinated and integrated view of the region and reinforces the objective of acting as the intermediary institution for all of them.

(For details of projects approved see the accompanying table.) See page 2 below:

APPROVAL IS IN THE 94TH CAF BOARD MEETING

Clients

Executing body

Project

Loan US$M

Project description

COLOMBIA Chivor, SA ESP

Participation in syndicated loan for privatization of Chivor SA.

50.0

Acquisition of Chivor hydroelectric plant

BRAZIL Centrais Elétricas Brasileiras SA (Eletrobras)

Eletronorte

Venezuela-Brazil energy integration

55.0

Installation and assembly of 230 Kv transmission system between Santa Elena de Uairén and Boa Vista.

State of Roraima.

Roraima Electric Company (CER)

31.0

Construction of 7 substations and subtransmission lines at 69 Kv.

Total loan

86.00

ECUADOR Republic of Ecuador

CEDEGE

Daule-Peripa plant (final stage)

49.1

Partially finance final stage of Daule-Peripa hydroelectric project

Republic of Ecuador

Banco del Estado (BEDE)

Global Program for urban infrastructure and services for low-income sectors (PROINSUR)

89.0

Meet financing needs of projects to upgrade infrastructure and services in low-income urban and rural areas.

Republic of Ecuador.

Ministry of Finance

Cofinancing program for investment projects with multilateral organizations.

41.2

Finance various infrastructure and basic service projects, giving priority to works of the Emergency Plan for protection against El Niño

Total Ecuador

179.3

Countries affected by El Niño phenomenon.

Ministry or agency designated by the government

Global Program for Disaster Prevention and Emergency Response

150.0

Rapid response to emergencies and disasters in CAF member countries.

Technical cooperation (non-reimbursable)

1.0

Prevention of future damage

TOTAL APPROVALS:

466.3
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