Mexico joins the Development Bank of Latin America
The Secretary of the Treasury reported that an agreement was reached for the North American country to become a full member of CAF
The Mexican Secretary of Finance, Arturo Herrera, and the Executive President of the Development Bank of Latin America (CAF), Luis Carranza, signed an agreement for the North American country to become a full member of CAF.
In the framework of the 50th anniversary of the institution, both representatives sealed the agreement after three decades of joint work, which will allow the country greater access to long-term financial resources and a permanent chair on the Board of the multilateral.
During the signing ceremony, Carranza highlighted that “this is a very clear example of the trust placed in CAF and of the will and political interest of the Government of Mexico in deepening working ties with the institution, as well as strengthening its relationship and integration. with the countries of Latin America, which is especially relevant in the situation in which we find ourselves due to Covid-19“.
For his part, Herrera highlighted the importance of strengthening the international agenda in current times where the pandemic has made visible the need for greater cooperation between nations and institutions. “CAF is an extraordinarily noble institution with the idea of contributing to the development of the countries.”
Mexico was the first non-Andean country to join CAF as a Series C shareholder in 1990, when the presidents of the Andean Community invited the member countries of the Latin American Integration Association (ALADI) to join the bank.
K. Tovar
Source: Forbes
