US$200,000 technical cooperation for Caracas municipality

(Caracas, March 24, 1995).-- CAF today signed a non-reimbursable technical cooperation agreement for US$200,000 in favor of Liberator municipality, part of the Caracas Federal District, to start the process of institutional strengthening which the local government is implementing.

The ceremony, held in CAF headquarters, was attended by Mayor Aristóbulo Istúriz and other municipal authorities. CAF President & CEO Enrique García emphasized the importance of the operation because it will facilitate knowledge transfer, strengthen technical capacity and raise the municipality’s competitiveness and institutional capacity in the area of international cooperation for the direct benefit of the community.

The funds will be used to strengthen the municipality’s capacity for generating finance and grants in the country and the rest of the world for execution of investment projects. The agreement will strengthen capacity to identify sources and generate funds, and transform ideas of the municipality, the community and non-government organizations into "bankable projects," which are acceptable for finance from national and international sources. It will also make possible the organization of international technical meetings to exchange and transfer experiences in the municipal area.

CAF provides commercial, investment and development banking services. With assets over US$2.25 billion, the Corporation has also among its shareholders Mexico, Chile, Trinidad and Tobago and 25 private banks from the Andean region.

In the last five years, the cumulative amount of technical cooperation grants in favor of member countries totaled US$30 million. In 1994, the US$8 million granted under this operating facility were used to support economic, social and environmental activities, indispensable for achieving sustainable development.