The Development Bank of Latin America and the Caribbean (CAF) approved more than $16 billion in 2023, in order to promote sustainability and inclusive growth in the region. The resources are allocated to initiatives in early childhood, health, education, gender equality, social inclusion, infrastructure and the environment.
Regional integration, a pillar of CAF’s mission, was one of the protagonists of the year. For the first time in history, the 60 Ministers of Economy and Finance of the European Union (EU) and Latin America and the Caribbean met in Santiago de Compostela to promote commercial, economic, financial and cooperation relations between two essential blocks for global sustainability. Organized by the Government of Spain and CAF, the meeting endorsed the investment agenda of 45,000 million euros, advanced in July at the EU-CELAC Business Summit of Heads of State, held in Brussels.
Likewise, CAF promotes the “Routes for integration” initiative together with the BNDES, the IDB and FONPLATA, a program that aims to mobilize USD 10,000 million for infrastructure projects that facilitate trade and services between the countries of South America.
It should also be noted that more than a third of the bank’s sovereign approvals in the year were allocated to projects with a regional integration component.
These are examples of the advancement of CAF’s corporate strategy with a view to 2026 to be the green bank and sustainable and inclusive growth, which also contemplates allocating USD 25,000 million in green projects; USD 4 billion for water security projects; and USD 1.25 billion to protect the oceans; among others.
Executive President of CAF, Sergio Díaz-Granados stated:
“In 2023 we made significant progress in our objective of positioning Latin America and the Caribbean as a region of solutions to face major global challenges, such as the climate crisis and the loss of biodiversity, or the migration and food crises. These efforts make us the green bank and sustainable and inclusive growth through new environmental solutions, strengthening regional integration, working with regional and local governments, promoting the private sector in development issues and consolidation. of strategic alliances to improve the quality of life of our people.”
