Economic, Commodity and Development Organizations - table
ANDEAN DEVELOPMENT CORPORATION
Corporación Andina de Fomento (CAF)
Avenida Luis Roche Postal Address: PO Box Carmelitas 5086
Edificio Torre CAF Telephone: (212)209-2111
Altamira Facsimile: (212)284-5754/2553
Caracas Telex: 27418 CAFCS VC
Venezuela Cable: CAF CARACAS
ESTABLISHMENT AND FUNCTIONS
Corporación Andina de Fomento (CAF), a legal
entity in public international law, is the main
promotional and financial institution of the Andean
subregional integration process. Its Constituent
Agreement was signed on February 7, 1968, and entered
into force on January 30, 1970. The first meeting of
shareholders was held on June 8-9, 1970, and the
Corporation began operations in June of 1970. The
Executive Committee was created in 1971 as a subsidiary
The authorized capital of CAF stands at US$5.000 million, distributed in Series "A", "B" and "C" shares, of which, as of 31 March 2003, US$ 2,689 million had been subscribed and US$1,236 million paid in. Since 1990 the paid-in capital of the Corporation has experienced average growth of 10% a year. The guarantee capital amounts to US$1,112 million.
CAF's mission is to promote sustainable development
and regional integration by efficiently attracting
capital resources for the provision of multiple financial
services to the public and private sectors of the
shareholders countries. Corporación Andina de Fomento is
a competitive and client-oriented financial institution
sensible to social needs and supported by a highly
CAF's primary line of business, either directly or
through financial intermediaries, is long, medium and
short-term lending to both public and private sectors. It
finances expansion and modernization of companies in
several economic sectors such as in the textile, paper,
and chemical industries. The Corporation makes funds
available to private sector banks to be used to finance
small and medium-sized company projects in a wide range
of industries, from agribusiness to tourism. CAF also
works as a partner and lender in a variety of
co-financing activities with multilateral institutions
such as the World Bank, Inter-American Development Bank
(IaDB), International Fund for Agricultural Development
(IFAD), and International Finance Corporation (IFC), and
with financial entities such as the Export-Import Banks
of the United States and Japan.
5 Andean Group countries: Bolivia,
Colombia, Ecuador, Peru, Venezuela
11 Extra regional countries: Argentina, Brazil,
Chile, Costa Rica, Jamaica, Mexico, Panama, Paraguay, Spain, Trinidad &
Tobago and Uruguay, plus 18 private banks in the region
In accordance with its 1968 Constitutive Agreement,
the CAF is governed and administered by the Shareholders'
Assembly, the Board of Directors, the Executive
Committee, and the Executive Presidency.
The Shareholders Assembly is the highest authority of CAF. Shareholders' assemblies may be Ordinary - taking place once a year, within ninety days following the end of the fiscal year or Extraordinary, depending on the subject matter to be considered. In both cases, the meetings are convened by the Executive President. The Assembly is composed of Series "A", "B" and "C" shareholders.
The Assembly approves the annual report of the Board of Directors and the financial statements, duly audited, and determines the distribution of CAF's profits. In accordance with the provisions set forth in the Agreement Establishing the Corporación Andina de Fomento, it also elects the Board Members, appoints the external auditors, and examines any other issues expressly submitted to it.
The Board of Directors consists of twelve members and their alternates. Ten of its members are elected by Series "A" and "B" shareholders for a three-year period and can be reelected. The holders of Series "C" shares elect one Director and his Alternate, as do the private banking and financial institutions from the Andean region that hold Series "B" shares in the Corporation.
The Board of Directors establishes the policies of the Corporation, appoints the Executive President, approves credit operations as well as those involving guarantees or investments, the annual administrative budget and any other operation within CAF's mandate. Approval of certain operations is delegated to the Executive Committee or to the Executive President in accordance with the rules set by the Board of Directors. At least six board members are required to have a quorum.
The Executive President is the Corporation's legal representative and highest-ranking managing and administrative authority. He is in charge of all matters not specifically entrusted to any other organ of CAF. His main duties are to approve the strategic plans for countries and sectors along with the institutional structures and processes under his authority, and financial operations within the limits delegated to him by the Board of Directors. He serves for a five-year term and may be reelected.
He is assisted by an Advisory Council composed of a general adviser and experts from the region's economic, financial and business communities.
Executive President: ... L. Enrique GARCÍA Rodriguez
Executive Vice-President: ... Luis Enrique BERRIZBEITIA
CAF established its headquarters in Caracas, Venezuela, where it opened for business on 8 June 1970. It also maintains Regional Offices in the capitals of its main shareholder countries: Santafé de Bogotá, Quito, Lima and La Paz.
Ave. Luis Roche, Torre CAF
Altamira, Caracas - Venezuela
Fax: (58212) 209-2382
Edf. Multicentro - Torre "B", Piso 9
Calle Rosendo Gutiérrez, Esq. Ave. Arce
La Paz - Bolivia
Fax: (5912) 443049
Edf. Corporación Financiera de Caldas
Carrera 7ª. Nº 74-56, Piso 13
Bogotá - Colombia
Tel.: (571) 3132311
Fax: (571) 3132787
Edf. World Trade Center,
Torre A, Piso 13
Ave. 12 de Octubre Nº 1942 y Cordero
Quito - Ecuador
Tel.: (5932) 224080
Fax: (5932) 222107
Ave. Enrique Canaval Moreyra No. 380
Edf. Torre Siglo XXI, Piso 10, Oficina 1002
San Isidro - Lima 27 - Perú
UPDATED: November 25, 2003
Economic, Commodity and Development Organizations - table