CAF – Development Bank of Latin America

Formation February 7, 1968
Type Multilateral development bank
Headquarters Caracas, Venezuela
Membership
President
 Bolivia L. Enrique Garcia[1]
Vice President
 Venezuela Luis Enrique Berrizbeitia Aristeguieta
Website www.caf.com

The Corporacion Andina de Fomento (CAF) – Banco de Desarrollo de América Latina (Portuguese: Corporacion Andina de Fomento (CAF) – Banco de Desarrollo de América Latina, English: Andean Development Corporation – Development Bank of Latin America), has the mission of stimulating sustainable development and regional integration by financing projects in the public and private sectors, and providing technical cooperation and other specialized services. Founded in 1970 and currently with 18 member countries from Latin America, the Caribbean, and Europe along with 14 private banks, CAF is one of the main sources of multilateral financing and an important generator of knowledge for the region.[2]

CAF is headquartered in Caracas, Venezuela. Additionally, it has Representative Offices in Lima, Brasilia, Bogota, Buenos Aires, Quito, Panama, Montevideo, and La Paz.

History

The creation of CAF began to take place in 1966 following the historic signing of the Declaration of Bogotá in the presence of its framers, President Carlos Lleras Restrepo of Colombia, President Eduardo Frei Montalva of Chile, President Raúl Leoni of Venezuela, and the personal representatives of the presidents of Ecuador and Peru. The government of Bolivia would join later in 1967. In 1967, a Joint Commission, set up to address regional issues, mapped out the basic principles of CAF, and on February 7, 1968 the member countries governments signed its Establishing Agreement in San Carlos Palace, Bogotá. The Corporation was conceived as a multipurpose bank and agency for promoting Andean development and integration. Two years later on June 8, 1970, after opening its headquarters in Caracas, Venezuela, CAF formally began operations.

The Cartagena Agreement was signed in May 1969 one year after CAF Establishing Agreement which created the political framework for the Andean subregional group. CAF began operations with a subscribed capital of $25 million.

In 1971, Bolivia and Ecuador became the first countries to receive loans for the execution of projects: a rice storage network ($1.3 million) and a fisheries complex for catching and freezing tropical tuna ($0.5 million).[2]

In April 2012, the Financial Times reported that for infrastructure projects, CAF now provides more funding to Latin America than the World Bank and the Inter-American Development Bank combined. This is partly related to the CAF's less restrictive regulations, especially in regards to the environmental impact of projects.[3]

Member states

Corporación Andina de Fomento
  associate members
  major shareholders

CAF Marathon

Since its beginnings in 2001, the CAF Marathon - Caracas has had a relevant growth in the number of registered runners. The routes of the race, in both of its categories (21K and 42K), were certified by the International Association of Athletics Federations, and co-sponsored by the Association of International Marathons and Distance Races. The event is the yearly National Marathon Championship of Venezuela, and in previous editions have been qualification for the Olympic games.[5] Every participant in the marathon (42.195 meters) and half marathon (21.097 meters) receive a medal on crossing the finishing line.[6]

References

  1. ↑ http://www.caf.com/en/about-caf/who-we-are/executive-president/executive-president/
  2. 1 2 http://www.caf.com/view/index.asp?ms=17&pageMs=41245
  3. ↑ Alan Beattie (2012-04-02). "World Bank: An exercise of influence" ((registration required)). Financial Times. Retrieved 2012-04-03.
  4. ↑ Barbados, brand shareholder Development Bank of Latin America
  5. 1 2 http://marathon.caf.com/en/despliegue/noticias-en/?id=17276
  6. ↑ http://marathon.caf.com/en/awards/
  7. ↑ http://marathon.caf.com/_editores/noticias/en/2013/third-caf-marathon-turns-caracas-into-the-running-capital-of-latin-america/
  8. ↑ http://marathon.caf.com/en/despliegue/noticias-en/?id=17226

External links

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