$300 million to Fund Spanish Companies in Latin America

The Development Bank of Latin America has provided a loan of $300 million to the Spanish Official Credit Institute for promoting business development between Spain and Latin America.

Thursday, April 11, 2013

From a press release issued by the Development Bank of Latin America (CAF):

CAF (Development Bank of Latin America) and the Official Credit Institute (ICO) today signed the granting of a loan for $300 million for the financing and provision of guarantees for Spanish and Latin American companies.

The aim of this operation is to extend support to Spanish companies that are in the process of expanding their business in Latin America, as well as Latin American companies wishing to increase their operations in Spain. This agreement is part of the program announced by the chief executive of CAF, Enrique García, at the Summit of Heads of State and Government, held in Cadiz in November.

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CAF -the development bank of Latin American is providing funding in the amount of $100 million to the Electricity Transmission Company SA (ETESA) to contribute to efforts to increase the power transmission capacity of the National Interconnected System (SIN) of Panama.

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Enrique García, executive president of the Andean Development Corporation (CAF), stated that “operations such as this show the role that CAF plays in Latin America, strengthening those institutions which foster external trade, working capital and investment in low risk, high value-added sectors”.

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