Over $550 million approved for regional development

To promote the economic and social development of the Andean region, the CXIV Board Meeting of the Andean Development Corporation (CAF) approved operations for over $550 million for projects in Bolivia, Colombia, Peru and Venezuela.

CAF Executive President Enrique García said that these operations would enable the national governments to continue consolidating their reforms aimed at regional integration. The operations are intended to stimulate communities through the generation of social benefits.

The funds will be shared by Peru ($172 million), Bolivia ($130 million) and Venezuela ($100 million) for use in development plans in the infrastructure and transport sectors. In the case of Colombia ($150 million), the funds have been granted as a corporate financing operation for the investment plan of Grupo Empresarial Bavaria.

"Road infrastructure, transport systems and environmental clean-up projects constitute a fundamental tool for poverty eradication, improvement of living conditions of the population, and the building of a development model capable of integrating these countries, actively and advantageously, into the globalized world economy," García said. On the Bavaria Group, the CAF head said that the interest is a recognition of the company´s contribution to social development.

The CAF financing for these countries generates a positive effect by attracting resources into the region, confirming the Corporation´s catalytic role at times when external sources of financing are limited for the countries of the Andean bloc.