The Andean Development Corporation (CAF) has approved a financial facility in favour of Venezuelan telecommunications company CANTV for US$275mn, with a partial guarantee from a group of international banks. The risk not covered by the international banks is US$70mn. As CAF’s CEO and president, Enrique Garcia, says: “The telecommunications sector is very important for economic development. It is an area in permanent technological change which requires strong and continuous investment.”
With these approvals, CAF continues with its conceptual and financial support for a renewed and integrated development agenda for the region by stimulating initiatives to promote stability, efficiency and social equity.