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The desire to create a financial institution that would promote and foster the integration of the Andean region was always present in the minds of the pioneers of this effort. The initiative that led to CAF’s creation began to take shape in 1966, following the historic signing of the Declaration of Bogotá, by its architects, Carlos Lleras Restrepo, President of Colombia, Eduardo Frei Montalva, President of Chile, the former president of Venezuela, Raúl Leoni and the representatives of Ecuador and Peru. The Government of Bolivia would join later, in 1967.
The Bogota Declaration, a document considered to be the backbone of CAF and the Andean Group, approved a program of immediate action for the Andean countries and Chile, which included economic integration and policy coordination measures in the areas of commerce, industry and technical cooperation services, which would be implemented in the participating countries. The Joint Committee that was designated to handle these functions proposed the creation of a Development Corporation.Initial Operations
During 1967, the Joint Committee clearly outlined CAF’s groundwork. On February 7, 1968, the governments of the member countries signed the Articles of Agreement at the San Carlos Palace in Bogota. This document described the organization as a multi-purpose bank and an agency for promoting Andean development and integration.
The Cartagena Agreement, which was approved in May 1969, a year after the execution of CAF’s Articles of Agreement, established the political framework of the Andean sub-regional group. It proposed the adoption of a joint model of economic, social, and trade development between countries having similar characteristics and seeking benefits that LAFTA, the regional integration plan of the time, could not provide, as they were reserved for larger nations.
Two years later, on June 8, 1970, CAF formally began operations, establishing its headquarters in Caracas, Venezuela. Worth noting is the importance of the futuristic vision of the drafters of the Agreement. They gave the Corporation the ability to act with the necessary flexibility to adapt to changes in the regional and global environment and continuously align internal management with business growth. More Opportunities for Latin America
The funding policies, investment projects, and strategic guidelines that CAF has maintained over the years have permitted the broadening of its fields of responsibility and have established the corporation as a cornerstone for the development of its shareholder countries.
The size and scope of CAF’s operations have expanded significantly to activities related to integration and economic growth, with the transfer of knowledge and technology, competitiveness, governance, democracy, the reassertion of ethical values, state modernization, decentralization, strengthening of financial systems and privatization.
With the amendment of CAF’s Articles of Agreement, other Latin American and Caribbean nations have been incorporated as members with the same rights as the founding nations. Under this amendment to the Agreement, which was executed in 2007, Argentina, Brazil, Panama, Paraguay, and Uruguay became member countries. CAF AdministrationsAdolfo Linares Arraya (1970 - 1976)
Julio Sajinés Goytia (1976 - 1981)
José Corsino Cárdenas (1981 - 1986)
Galo Montaño Pérez (1986 - 1991)
Enrique García Rodríguez (1991 - 2016) (Reelected for a fifth five-year term) |
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