ICO and CAF sign a 100 million USD financing agreement to promote sustainable and digital development in Latin America and the Caribbean
26 May 2022
- This is the eighth agreement under the active collaboration that ICO and CAF have maintained for over 20 years, which has made it possible to mobilise 900 million dollars for Latin American projects involving Spanish companies
25 May 2022. The Chairman of Instituto de Crédito Oficial (ICO), José Carlos García de Quevedo, and the Executive President of CAF - the Development Bank of Latin America-, Sergio Díaz-Granados, have signed a new agreement worth 100 million dollars to finance projects of Spanish interest that promote sustainable and digital development in Latin America.
This is the eighth financing agreement within the ICO – CAF collaboration that has mobilised 900 million dollars to date. The initiatives benefiting from these resources cover strategic sectors such as climate change, water and sanitation, renewable energies and sustainable cities, thus expanding the regions served by the ICO Canal Internacional facility.
The Chairman of ICO, José Carlos García de Quevedo, highlighted that “this new financing agreement highlights ICO's commitment to financing operations that contribute to the transition towards an inclusive, digital and environmentally responsible economy. It also consolidates the joint work we carry out with CAF to promote the growth and international activity of Spanish companies in Latin America”.
In turn, the Executive President of CAF, Sergio Díaz-Granados, stated that “the region faces great challenges in terms of sustainable development. Our challenge as the green bank of Latin America and the Caribbean is to support countries in the region in responding at the speed and scale that these challenges demand, and to set them back on the path towards sustainable and inclusive development. This agreement will make it possible to identify and promote investment opportunities in sectors of common interest that foster a sustainable and inclusive economic recovery and contribute to the fight against climate change”.
Instituto de Crédito Oficial (ICO - www.ico.es) is a corporate state-owned entity attached to the Spanish Government’s Ministry of Economy and Business. ICO has become a benchmark in the financing of both SMEs and large investment projects. ICO contributes to inclusive and sustainable growth, promoting those economic activities that, due to their social, cultural, innovative or ecological importance, deserve promotion and development.
About the CAF:
The Development Bank of Latin America (Banco de Desarrollo de América Latina - CAF) (www.caf.com/) aims to promote sustainable development and regional integration, through financing projects in both the public and private sectors, providing technical cooperation and other specialised services. Formed in 1970 and now consisting of 19 countries (17 in Latin America and the Caribbean, along with Spain and Portugal) and 13 private banks, the CAF is one of the main sources of multilateral financing and an important generator of knowledge for the region.