Spain signs capital increase in CAF with 302 million dollars

The first vice president and acting minister of Economic Affairs and Digital Transformation of Spain, Nadia Calvino, and the executive president of CAF -Development Bank of Latin America and the Caribbean-,Sergio Diaz-Granados, have signed today an agreement for the subscription of shares of the Kingdom of Spain in the capital increase of the institution for an amount of 302 million dollars.

Spain, which has participated in capital increase processes of this development bank previously and is participating in the entire increase, thus maintains its commitment to one of the main development banks in Latin America, reinforcing its financial capacity, which will allow it promote development projects in Latin America and the Caribbean.

The signing ceremony for the subscription of shares in CAF's capital increase by Spain took place on the sidelines of the informal meeting of the Ecofin, which is held this Friday and Saturday in Santiago de Compostela and brings together for the first time the ministers of Economy and finance and governors of the national banks of the European Union with their counterparts from Latin America and the Caribbean.

In March 2022, the CAF Board of Directors approved by consensus the tenthasset strengthening of the institution, the largest in its history, with a capital increase for a total amount of 7,000 million dollars. This constitutes a vote of confidence from the shareholder countries regarding the value proposition presented by the administration to convert the multilateral organization into the green bank and inclusive and sustainable growth.

In the last 30 years, CAF has increased the size of its portfolio nearly 50 times and has become an important ally and strategic partner for the development of Latin America and the Caribbean. With this new capital contribution, the institution will be able to double its portfolio by 2030.