The Andean Development Corporation’s (CAF) new US$6.6bn capital base will allow the multilateral lender to approve and disburse loans at a 10% annual rate over the next six to seven years, executive president Enrique García told BNamericas.

CAF approved a record US$9.2bn in lending last year, up about 17% on 2008, as the total loan book grew 13%.

About one-third of that was through countercyclical measures, such as fully available, rapidly disbursable funds through contingent credit lines to the region’s governments and financial systems, García said.

Last year, CAF added five new full members – Argentina, Brazil, Panama, Paraguay and Uruguay – and a new shareholder, Portugal, and approved a new US$2.5bn capital increase that added to an existing US$1.5bn increase.

Caracas-based CAF is composed of 16 shareholder countries from Latin America and the Caribbean, plus Spain and Portugal.

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