CAF’s Executive President steps down from his position, making way for a new administration

Next April, Luis Carranza Ugarte, executive president of CAF -development bank of Latin America-, will finish his term of office. The culmination will take place almost a year ahead of schedule, but it will leave a strengthened institution thanks to a structure that corresponds to the reality of CAF's size, objectives and responsibilities. 

These four years of management close a cycle that represents a turning point on itself given that Carranza's goal was to preserve CAF's institutional framework, increase its efficiency and respond to the challenges faced by our countries. 

The incorporation of Mexico and Costa Rica as full members of CAF, the virtual training program, initiated in 2017 and now strengthened, and a 28% growth in the consolidated portfolio, are some of the current administration’s milestones, achieved with the support from the Board of Directors and all its collaborators. 

However, when it comes to development, we talk about people. This is where CAF puts its focus, what is in the institution’s DNA. This translates into credits that have been generated to achieve, for example, 3,196,870 people benefited from a new or improved drinking water and/or sewage systems, 163,164 m2 of educational infrastructure built or rehabilitated, 99,680 students benefited from education projects, 5,563 kilometers of roads built, improved or rehabilitated, among many others. 

"An organizational restructuring was carried out, which allowed us to reach these achievements and objectives. From the creation of new areas, such as the Risk Vice-Presidency, to the implementation of an austerity plan, that allowed us to reduce travel expenses by 40%. We were committed to the organization’s digital transformation and a more efficient operational management, establishing strategic goals with measurable indicators. All of these to achieve our objective: to put resources where they are most needed, supporting the development of Latin America and reaching the people," says Carranza Ugarte. 

Likewise, during the pandemic, CAF acted quickly and effectively with record approvals of more than USD 14 billion, directed primarily to support countries in their efforts to address this difficult situation. 

CAF is one of the few success stories of regional integration in Latin America, a success that has been achieved because its member countries have supported the strengthening of the institution's equity and maintained its institutional independence, which is key from the perspective of the current administration. While Carranza states that the "decision has not been easy", he believes it is time to step aside, "allowing the organization to continue its work independently, preserving its institutionalism away from politicization".