Uruguay becomes full CAF member

(Caracas, December 18, 2007).- In a solemn ceremony in the headquarters of Mercosur in Montevideo, CAF President & CEO Enrique García and Uruguayan Central Bank President Walter Cancela signed an agreement under which this country becomes a full member of the multilateral financial organization. The ceremony was held in the presence of honor of Uruguayan President Tabaré Vázquez, Minister of Economy and Finance Danilo Astori, and other high government authorities.

The signing formalizes subscription to US$137 million of CAF ordinary capital stock which added to its existing equity interest of US$43.7 million raises the capital subscribed by Uruguay to US$180.7 million. The country also agreed to subscribe US$36 million to the guarantee capital of the Corporation.

Since becoming a shareholder in 1991, Uruguay has maintained close relations with the Corporation, which have resulted in approval of operations in its favor for US$350 million during the 2002-2007 five-year period. These operations finance projects in the sectors of transport infrastructure - specifically integration highways - energy and social infrastructure.

The signing of the agreement strengthens Uruguay’s presence in CAF and opens access to a substantial number of credits for project financing in both public and private sectors to promote national development and regional integration.