Bolivia Assumes Presidency of CAF Board
La Paz, March 15 (Prensa Latina) The Minister of Economy and Public Finance of Bolivia, Luis Arce, will serve for a year as President of the Board of Directors of the Andean Development Corporation (CAF) of the Development Bank for Latin America, the Government has reported today.
Arce will begin its functions from April 1 to March 31, 2018. In accordance with the provisions of the Articles of Agreement of this entity, the holder is elected annually by means of a rotating procedure, in alphabetical order of member countries.
The Board is the body in charge of establishing CAF policies, of appointing the Executive President. In addition, it approves credit operations, the annual budget and the granting of guarantees or investments.
CAF is a development bank set up in 1970 in which 19 countries, 17 of them from Latin America and the Caribbean, as well as Spain and Portugal, participate.
It has 13 private banks in the region and promotes a model of sustainable development, through credit operations, non-reimbursable resources and support in the technical and financial structuring of projects in the public and private sectors of the continent.
Based in Caracas, Venezuela, it has offices in Buenos Aires, La Paz, Brasilia, Bogotá, Quito, Madrid, Mexico D.F, Panama City, as well as in Asuncion, Lima, Montevideo and Port of Spain.
|By the minute||Most read|