Agreement Establishing Caf

The agreement was signed by CAF President Ahmad Ahmad, while Minister of Youth and Sports Ashraf Sobhy on behalf of the Egyptian State was signed in the presence of Egyptian Prime Minister Mostafa Madbouly. The agreement recognizes the FCA`s international legal personality as an international non-governmental organization. The contract has a term of 10 years and is automatically renewed. Under this agreement, caF enjoys several advantages, immunities and privileges equivalent to those granted to international organizations and diplomatic missions. CAF is headquartered in Caracas, Venezuela. It also has representative offices in Madrid, Lima, Brasilia, Bogota, Buenos Aires, Quito, Panama, Montevideo, Asuncion, Mexico City, Port Spain and La Paz. The Cartagena agreement was signed in May 1969, a year after the founding agreement of the CAF, which created the political framework of the Andean sub-regional group. CAF began operations with a subscribed capital of $25 million. The CAF was founded in 1966 in the decency of the Bogota Declaration in the presence of its Colombian President Carlos Lleras Restrepo, Chilean President Eduardo Frei Montalva, Venezuelan President Raél Leoni and personal representatives of the Presidents of Ecuador and Peru. The Bolivian government joined us in 1967. In 1967, a joint commission dealing with regional issues signed the basic principles of the CAF and, on 7 February 1968, the governments of the Member States signed their founding agreement at the San Carlos Palace in Bogota. The Corporation was conceived as a multi-purpose bank and an agency promoting the development and integration of the Andes.

Two years later, on June 8, 1970, after the opening of the headquarters in Caracas, Venezuela, CAF officially began operating. In 1971, Bolivia and Ecuador were the first countries to obtain loans for projects: a rice storage network (US$1.3 million) and a fishing complex for fishing and freezing tropical tuna (US$0.5 million). [2] The Corporacion Andina de Fomento (CAF) – Banco de Desarrollo de América Latina (Portuguese: Corporao Andina de Fomento (CAF) – Banco de Desenvolvimento da América Latina is a development bank that has the mission to promote sustainable development and regional integration by funding public and private projects in Latin America and providing other technical services. Established in 1970, CAF currently has 19 member countries in Latin America, the Caribbean and Europe, as well as 13 private banks, and is one of the main sources of multilateral financing and an important source of knowledge for the region. [2].

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