Latin American Bank Turns to Asia, Middle East for Fresh Capital - Bloomberg
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.
“We are in this process of seeking partners that contribute to the bank without the bank losing its essence,” Diaz-Granados told reporters in Mexico City on Friday. “The idea is to double the size of the bank by 2030, and you can do that basically with capitalization by the countries.”
The process of expanding the bank to new members will take time, with CAF more immediately focused on adding some Caribbean nations to reach between 27 and 28 members. Spain and Portugal are currently the only two members that aren’t from the region.
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