CAF – Development Bank of Latin America

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.

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.