Mexico
Press Release

CAF and BBVA sign an agreement for USD 200 million to strengthen the sustainable development portfolio

Bnamericas Published: Tuesday, November 08, 2022

CAF statement

This is an automated translation of the original press release issued in Spanish

In order to support the sustainable development portfolio, economic and social recovery to continue facing the setbacks faced by COVID-19, CAF -development bank of Latin America- and BBVA signed a credit agreement for USD 200 million. These resources will be used to finance initiatives that allow the countries of the region to continue advancing on the path towards sustainable development.

CAF's Director of Institutional Financial Resources, Gloria Gamero , indicated that: "This agreement represents and reiterates the solid relationship we enjoy with BBVA and its important support in our growth in the Latin American and Caribbean region."

For his part, Jose Ramón Vizmanos , head of BBVA's Global Clients Unit, stated: "At BBVA we are very pleased to accompany an institution as important as CAF in carrying out its commitments to boost the growth of the economies of Latin America; especially with regard to sustainability, which is one of BBVA's strategic priorities".

The relationship between CAF and BBVA has made it possible to provide innovative financing solutions to different countries in the region through a portfolio of products that include lines of credit in local and hard currency, support for the issuance of green and social bonds, derivatives, short-term market, private placements, among others, focused on sustainable development, a key axis for CAF.

In December 2021, both entities signed a memorandum of understanding (MOU) to strengthen the mobilization of financial resources in Latin America and the Caribbean and increase cooperation to promote economic recovery in the post-COVID era.

This new agreement reflects CAF's interest in continuing to promote strategic alliances that promote technological and financial innovation in favor of the population of Latin America and the Caribbean, while allowing it to play an important catalytic role by contributing resources, products and experiences from other regions to mitigate the effects of the pandemic, help in the economic recovery of the countries of the region and promote sustainable development. This alliance also implies the mobilization of new resources for green financing, something essential for the countries of the region to migrate towards production schemes and economies with low greenhouse gas emissions.

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