OREANDA-NEWS. The Executive President of CAF, Development Bank of Latin America, received the distinction for his contribution to the country's sustainable development during the past decades. During his visit to Asuncion, Garcia will meet with Horacio Cartes, President of the Republic, and other high authorities 

Chancellor Loizaga highlighted the noble leadership of Mr. Garcia and the projection, as a citizen of America, that he has shown at a global level. Loizaga said that Garcia is a humble man and, with dedication and effort, has built a truly Latin American institution, a determination that has been rewarded in various investment projects in several countries of the continent, contributing to social development. 

At the same time, President Garcia expressed his gratitude for the recognition and stated, "I am very honored by this award. It is a great satisfaction for those of us who have worked for years for the sustainable development and integration of the region to see the advances that countries such as Paraguay have made along the way". 

The ceremony included the attendance of top officials of the executive, legislative, and judicial powers, as well as members of the diplomatic corps of CAF's member countries in Asuncion, and special guests. 

During his two day visit to Paraguay, Garcia will have an intense agenda that includes a conference today at 6:00 p.m. in the Auditorium of the Central Bank of Paraguay, entitled "Los desaf?os estructurales de Am?rica Latina en el actual contexto internacional" (The structural challenges of Latin America in the current international context); on Thursday at 8:00 a.m. he will meet with Horacio Cartes, President of the Republic; later he will visit diverse projects in the Paraguayan Chaco accompanied by authorities from the executive power; and finally in the afternoon he will receive a homage from the Paraguayan Industrial Union). 

In the past five years (2011-2015), CAF approved operations in favor of Paraguay for USD 1.228 billion, which represents an average of USD 246 million per year. During the first semester of 2016, direct approvals reached USD 207.1 million and third party resources reached USD 194.8 million. Fifty-six percent (USD 224.8 million) of the total approved for Paraguay correspond to sovereign risk operations, and 44 percent (USD 177 million to non-sovereign risk operations.

Among the projects approved in the past few years, the following stand out: Construction of the Yacyreta - Villa Hayes line; improvement of local roads and bridges in the Eastern Region; more recently, the improvement of the Electricity Transmission and Distribution System of Paraguay's Metropolitan System, for USD 150 million. In addition, co-financing for USD 43 million by FONPLATA was settled for the Rehabilitation Project for the Paved Roadway Network, for which CAF approved USD 100 million in 2015, with the purpose of financing CREMA Projects (Spanish Acronym that stands for Construction, Rehabilitation, and Maintenance). These approvals provide continuity to CAF's strategic financing for the roadway and energy sectors in Paraguay, framed within the National Development Plan.