Partnership with Japan favors Latin American development

(Montevideo, 17 March 2012.) - Enrique García, president & CEO of CAF - Latin American development bank - and Fumio Hoshi, vice president of the Japan Bank for International Cooperation (JBIC) signed a cooperation agreement to jointly finance projects in Latin America, specifically in the areas of energy, mining, rail transport and environmental sustainability.

During the signing of the agreement Enrique García highlighted the financial institution’s catalytic role as a bridge between Latin America and the rest of the world. "CAF has significantly strengthened relations with Asia, Europe and North America through agreements signed with the most important financial and development institutions in these regions, which has attracted new funds to finance projects in Latin America."

García also noted the importance of these agreements from the point of view of knowledge dissemination in the region. CAF is now considered a benchmark in Latin American development issues for the rest of the world.

CAF began its relationship with Exim Bank Japan (now JBIC) in 1975. Since then eight loan agreements have been signed for a total of approximately US$750 million for sustainable development projects in Latin America.

JBIC’s mission is to contribute to the sound development of Japan, the international economy and the community through loans and other financial operations: to promote imports and exports from Japan or similar economic activities; for the stability of the international financial system; and for social and economic development and economic stability in developing areas; in accordance with the principle of not competing with commercial financial institutions. More information www.jbic.go.jp / english