Enrique Garcia, president and CEO of the Andean Development Corporation (CAF), and Giampaolo Bettamio, sub-secretary of state for foreign affairs of the ministry of foreign affairs of Italy, have signed a memorandum of understanding to develop technical and financial cooperation aimed at increasing their capacities to undertake joint projects and programs in the social, environment, infrastructure and rural development areas.
The memorandum is based on the fact that the signatories accept the millennium development goals and recognise the benefits that mutual efforts and increased coordination offer to achieve these goals. “In CAF we know that the cofinancing of operations that emerge from this signing will improve the terms of our funds and increase financial flows into social and environmental projects and programs,” Garcia says.
The areas of cooperation between both institutions will be implemented through trust funds for technical cooperation and cofinancing agreements. The contributions for technical cooperation will be in the form of donations from the Italian ministry destined to finance technical assistance, preparation of studies and execution of cofinanced projects. The cofinancing operations will be used for development projects and programmes of interest to both institutions and governments of the beneficiary countries in a joint effort to promote the social and economic development of Latin American.