Development Bank of Latin America (CAF)
Banco de Desarrollo de América Latina
Banco de Desenvolvimento de América Latina
1968-02-07 Bogota Colombia
7 Feb 1968, Bogota (Colombia), as a development institution responsible for cooperation in carrying out projects of common interest in accordance with agreements mentioned in the Declaration of Bogota, following approval of Annex to the Declaration, Aug 1966, by Presidents of Chile, Colombia and Venezuela and representatives of Presidents of Ecuador and Peru. Set up on signature of Agreement by representatives of these 5 countries, which subsequently formed the Andean Group, following approval of draft agreement by 5th Session of Joint Commission of Representatives of Signatory States of the Bogota Declaration. Government of Bolivia joined 1967. Declaration of Bogota, considered as cornerstone of CAF and Andean Group, approved immediate action programme for Andean countries and Chile, for the application of economic integration measures and policy coordination among participating countries in trade, industry, finance and technical cooperation areas. A Joint Commission was formed to address these issues, and a proposal was made to set up a Development Corporation. In 1967, the Joint Commission mapped out CAF basic principles, and on 7 Feb 1968, member countries signed its Establishing Agreement, Bogota. Corporation was conceived as a multi-purpose bank and agency for promoting Andean development and integration. Agreement entered in force 30 Jan 1970; formal commencement of operations, 8 Jun 1970. Original title: Corporación Andina de Fomento (CAF) -- Société andine de développement -- Andean Development Corporation.
T-XT6969 - Andean Subregional Integration Agreement (Cartagena Agreement), signed May 1969, created political framework for the Andean sub-regional group and proposed the adoption of a joint economic, social and trade development model for countries with similar characteristics and willing to obtain the benefits which, according to the regional integration scheme at the time (LAFTA - Latin American Free Trade Association), tended to be reserved for the larger nations. The agreement adopted common strategies for industrial, energy and agricultural development, as well as research, technology transfer, capital investment, construction of physical infrastructure and mouvement of persons, among others. Under the Cartagena Agreement and subsequent agreements, the Corporation is an Andean integration organ of the F-XF4919 - Sistema Andino de Integración (SAI) within the F-XD0055 - Andean Community. Since all matters relating to the establishment of CAF were kept separate from the agreement on economic integration, Venezuela was able to sign the agreement establishing CAF, even though it did not sign the Cartagena Agreement as an original contracting party. Chile withdrew from participation as a shareholder in Oct 1977. CAF is sometimes referred to by English initials ADC. Statutes registered in UNTS 1/110917.
'Mission': promote sustainable development and regional integration by efficiently attracting capital resources to provide a wide range of financial services, with high value added, to the public and private sectors of shareholders' countries.
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A financial institution with Latin American and Caribbean shareholders. Shareholders' Assembly (annual), consisting of holders of ordinary shares or their representatives or agents. Board of Directors, comprising 12 members. Executive Committee, comprising 6 Directors. Executive President. Headquarters in Caracas (Venezuela); regional offices in the other 4 Andean capitals.
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