Mexico Joins CAF as Full Member
The head of the Mexican Tax Ministry’s Public Credit Unit, Jose de la Luna Martinez, announced his government’s decision to incorporate Mexico as a full member of CAF- Development Bank of Latin America, during the event celebrating the institution’s 167th Board of Directors. The provision is expected to give the Aztec Nation access to long-term financial resources, as well as foster technical cooperation for its sustainable development.
CAF Executive President Luis Carranza expressed his satisfaction with the announcement, saying that the event is a “clear demonstration of the trust placed in CAF”, as well as a testament to the political will and interest of the Mexican government in strengthening its bonds with our institution and improving its relations and integration with other Latin American countries.”
In the early 1990s, the presidents of the Andean Community invited the Latin American Integration Association (ALADI) member countries - not yet CAF stockholders at that time - to join as Class-C shareholders. Mexico was incorporated as a Class-C shareholder that year, becoming the first non-Andean country to attend the invitation.
CAF has played a significant role in supporting the venture capital industry in Mexico by investing in a variety of fund, particularly the Investment and Business Development Fund for Small and Medium-sized Enterprises (FIDE), a special CAF-managed institution established with resources from the bank’s profits, with segregated and independent equity. In addition, CAF has provided substantial support through an assortment of rotating lines of credit to Mexico’s Nacional Financiera (NAFIN), as well as the country’s National Foreign Trade Bank (Bancomext) and the Special Fund for Agricultural Financing (FEFA), among others.
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