CAF Encourages SME Development in Paraguay

In an effort to promote the development of small and medium-sized enterprises(SMEs) to help boost Paraguay's competitiveness and mitigate the effects of the pandemic, CAF- Development Bank of Latin America, together with private banking institutions and other entities, is promoting programs to provide technical assistance and loans to these companies, in addition to promoting clusters in thecountry.

This was one of the main issues addressed in the meetings held in Asuncion by CAF executive president Luis Carranza Ugarte with foreign minister Euclides Acevedo and finance minister Oscar Llamosas Díaz. The representatives also spoke about giving direction to the challenges facing CAF and the region this year, and reiterated the institution's commitment to economic recovery and the promotion of sustainable development through financing projects related to roads, water and sanitation, as well as improvements to the electrical system, among others.

The meetings reviewed the priorities in terms of technical assistance, studies and knowledge products that CAF has been developing in coordination with the government. CAF has a very important portfolio of operations in Paraguay, with the support for the emergency plan to mitigate the effects of the pandemic in 2020 among the most relevant, approving and providing credits for $350million. The bank also played an important role in the country’s economic recovery through funding of public works in the amount of $277 million.