Shareholders unanimously approve president’s annual report

(Caracas, March 29, 1995).-- The Annual Report of CAF President & CEO Enrique García for the 1994 period was submitted for consideration and approval by the 84th Board meeting and 26th Shareholders Meeting held in Caracas on March 29, 1995.

The balance sheet and financial statements audited by the firm KPMG, and distribution of retained earnings at December 31, 1994, were also unanimously approved.

Both meetings were attended by ministers, vice ministers and high-level directors of financial and economic development organizations from the public and private sectors, on behalf of the series "A" and "B" shareholders.

Bolivian Finance Minister Fernando Cossio was elected to chair the Board and Shareholders meetings for a one year term, position which was previously held by outstanding personalities from the region, including the incumbent president of Colombia Ernesto Samper. The appointment is made in rotation in alphabetical order of the five Andean countries among the holders of the "A" series shares.

Among the highlights of the year, García emphasized sustained growth, solidity of the financial indicators and quality of the loan portfolio. With these achievements, the institution kept its place on international financial markets, and expanded and diversified placement of its paper and obtained the investment-grade risk ratings two years ago from Moody’s, Standard & Poor's and IBCA, which reinforced its function as an important catalyst of external funds into the region.

He added that the amount of operations approved in 1994 (US$2.16 billion) was the highest in the institution’s history, making it the leading source of financing for the Andean countries, especially medium- and long-term investments.