Protocol signed to amend CAF Establishing Agreement

In a solemn ceremony held in the headquarters of the Andean Development Corporation (CAF) in Caracas, the Protocol Amending the CAF Establishing Agreement was signed by the plenipotentiary representatives appointed for the occasion by the governments of Bolivia, Colombia, Ecuador, Peru and Venezuela.

The document is the result of an Extraordinary Shareholders' Meeting that unanimously approved an historic amendment to the Establishing Agreement. The amendment, after ratification by the congresses of the five Andean countries, will allow the present 11 Latin American and Caribbean members, series C shareholders, along with the other Latin American and Caribbean countries, to accede to full membership of the Corporation.

CAF President & CEO Enrique García said that, "the economic and political environment prevailing 35 years ago, at the time of the creation of CAF, was substantially different from the present." He explained that "with this amendment, and in response to the request from the presidents of the region, we are seeking to deepen the institution’s commitment to promoting a model of sustainable development with social inclusion which strengthens the regional integration of Latin America."

Processes of change

Since its creation, the Establishing Agreement has included the possible participation of non-Andean countries as series C shareholders. However, it was only in the early 1990s when this participation began to materialize, stimulated by the political and economic transformation that had taken place in Latin American countries and by the revitalization of the integration schemes.

CAF is ready to promote common activities among Latin American and Caribbean countries through the development of competitive advantages based on its experience, knowledge of integration, financial strength and privileged position on international capital markets, García added.