Sergio Díaz-Granados begins his term as CAF's Executive President
Along with Iván Duque Márquez, president of Colombia, and as his first public act as president of CAF, Sergio Díaz-Granados analyzed the role of multilateral banks in supporting the economic reactivation of countries in the region and the need for them to expand their impact on Latin American development.
During the event, which was held at Casa de Nariño, Duque and Díaz-Granados highlighted the importance of a Colombian occupying the presidency of CAF for the first time in history, and predicted a new era based on a more dynamic institution with greater impact on regional integration and international development.
"Our institution is the most valuable asset in the field of regional integration, something that obliges me to assume this responsibility with the purpose of expanding such a vital collective heritage, so that we may be increasingly effective in the search for our peoples’ well-being ," said Díaz-Granados, CAF's executive president.
Meanwhile, Iván Duque weighed up Díaz-Granados’ capabilities and professional career and assured us that his nomination was an example of the consensus that Latin America needs.
"We need a CAF for all countries, regardless of political differences. Today there is no doubt that debt levels of emerging countries exceed 95% of GDP. We have yet to emerge from the pandemic, and the demand for resources will continue to increase," Duque said.
In this regard, he assured us that "the capitalization of the institution is a duty. We must do this by opening up innovative instruments that will allow non-borrowing countries to have a greater subscribed capital and therefore a greater credit capacity".
According to Díaz-Granados, CAF's challenges in the coming years are to consolidate and strengthen the relationship with member countries and invite new partners to join Latin American development, as well as to get closer to the private sector in order to channel new investments.
CAF is a leading institution in Latin America and one of the main sources of multilateral funding for the region, with annual approvals in excess of USD 14 billion for inclusive development and regional integration. Since it started operations in 1970, the institution has approved more than USD 200 billion aimed at improving quality of life for Latin Americans.
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