Trinidad Finance Minister to visit CAF headquarters

(Caracas, January 14, 1994).- Trinidad and Tobago Finance Minister Kenneth Valley will make an official visit to CAF headquarters in Caracas today to negotiate the acquisition of series "C" shares by that country.

On completion of the next period of negotiations, Trinidad and Tobago will become the first Caribbean nation to subscribe to CAF capital.

This type of share (series "C") will stimulate commercial relations between partner countries, promote foreign investments, technology transfer, start up of joint ventures, along with participation of business sectors in international markets.

Relations with the Caribbean In an effort to forge closer links with extra-subregional countries especially at continental level, CAF President & CEO Enrique García has been developing public and private contacts with the Caribbean area since 1992.

During the year, CAF signed institutional and commercial agreements, organized a Venezuelan-Caribbean business round and promoted the use of various lines of credit granted to Royal Bank of Trinidad and Tobago Limited, Central Bank of Barbados, Century National Bank Ltd of Jamaica and Trinidad and Tobago Oil Company Oil Co. (PETROTRIN).

These lines, for a total of US$23 million, are used to finance foreign trade operations which Caribbean countries undertake with any member nation of the Andean Group or with third countries provided the exported product contains at least 50% of inputs from the Andean countries.

To date, several commercial transactions have been negotiated, mostly in the manufacturing, chemical and food sectors.

These credit facilities are opening up an important market for business between the two areas at commercial and investment level, together with an active exchange of information on the potential available.