Corporacion Andina de Fomento, a Latin American development bank that will lend over $14 billion this year, is seeking to add new members from Europe, the Middle East and Asian countries to finance new projects in the region.
The Caracas-based bank known as CAF, one of Latin America’s largest lenders, is in conversations with several countries including Saudi Arabia, Qatar, India and Korea to join its existing 21 members, President Sergio Diaz-Granados said. The new shareholders could get a stake of as much as 15% of the bank and two seats on its board but CAF will continue to be controlled by Latin American nations, he said.
While CAF has expanded quickly in recent years and now rivals other lenders such as the US-backed InterAmerican Development Bank, it’s seeking new backers that will provide the fresh capital needed to increase loans and improve links with other regions. The US doesn’t have a say in the bank, having historically opted to direct funding to Latin America through the World Bank or the IDB, both based in Washington.
“We have a fluid communication with them but they aren’t interested in CAF and in our case we aren’t interested in the US either,” he said. “This is a piggy bank of Latin America and the Caribbean. This belong to us.
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