CAF and KFAED will co-finance food security, energy, education, and infrastructure initiatives in Latin America and the Caribbean
October 13, 2022
The two organizations signed a Memorandum of Understanding to promote the co-financing of initiatives for sustainable development in Latin America and the Caribbean in strategic sectors such as infrastructure, water, health, education, food security, and energy.
The Kuwait Fund for Arab Economic Development (KFAED) and CAF, Development Bank of Latin America, signed an agreement to strengthen collaboration in development cooperation and catalyze additional resources that will enable the institutions to maximize the impact of their operations, generating greater added value for the countries of the region.
This agreement will contribute to the development of joint projects aimed at the development of Latin America and the Caribbean in the sectors of transportation and communications infrastructure, clean energy, health, water and sanitation, food security, and education. The document signed today will facilitate access to additional resources in the form of co-financing for operations and initiatives that integrate the strategic objectives of CAF and the Kuwait Fund.
The Memorandum of Understanding, signed by Sergio Díaz-Granados, CAF's Executive President, and Marwan A. Al-Ghanem, Director General of the KFAED, represents another important alliance for the region in the search for integration and sustainable development opportunities for the reactivation of its economies.
The Director General, Mr. Al-Ghanem, emphasized that “we are indeed very excited to initiate this collaborative effort with the Development Bank of Latin America as this MoU will officially formalize our mutual objective in supporting the countries of the region and beyond in their development efforts. We believe that both of our institutions have complementary advantages that will prove greatly beneficial for our Client Countries and we look forward to implementing our partnership with CAF.”
Díaz-Granados said that "our region has a lot of opportunities for the development of sustainable infrastructure, given the challenges we face in closing the gaps in areas such as water and sanitation, education, health, and infrastructure. This agreement will allow us to identify and develop investment opportunities in these sectors to promote sustainable economic recovery.