British Government to finance development projects in Latin America through CAF
UK Export Finance (UKEF) approved a cooperation agreement with CAF-development bank of Latin America- which includes a USD200 million credit line to foster sustainable development projects in Latin America with services or goods to be provided by British companies.
The agreement between the two institutions includes structuring, co-financing and guarantee of projects that promote commercial development and the improvement of infrastructure in countries like Argentina, Barbados, Brazil, Chile, Colombia, Ecuador, Panama, Dominican Republic and Uruguay, and whose implementation will be supported by British companies.
The partnership also calls for the promotion of knowledge management activities in the areas of knowledge transfer, organization of events and workshops, joint research and publications, communications, among others.
“With the implementation of UKEF funds, we are helping to channel international financial resources to boost projects that benefit the Latin American population and have a direct impact on inclusive development,” said Luis Carranza, CAF executive president.
“We are interested in improving the trade relationship between the United Kingdom and Latin America and the Caribbean as a priority for the Government of the United Kingdom, as we move forward in our export strategy to increase exports by 35% of the GDP. I am therefore highly pleased that UKEF is working with CAF to bring the British experience and finance to support the development of priority infrastructure across the continent,” said Baroness Fairhead, Minister of State for Trade and Export Promotion of the United Kingdom.
The specific scope of each project and their terms and conditions will be subject to specific negotiations and agreements between the two institutions, taking into consideration OECD cooperation guidelines.
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