OREANDA-NEWS. October 12, 2010.  As part of holding an annual session of the International Monetary Fund and the World Bank in the city of Washington, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Corporacion Andina de Fomento (CAF) signed an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo and on behalf of Corporacion Andina de Fomento – by Louis Enrique Garcia.

The Agreement aims to strengthen and promote long-term cooperation between the Russian Federation and CAF member countries in the areas of mutual interest. Under the Agreement the parties will be able in the future to conclude additional agreements on conducting export financing transactions, providing insurance guarantee support and co-financing investment projects.

The parties intend to explore the possibilities of financing  projects jointly in infrastructure, the energy complex as well as projects in education, environment protection, small and medium-sized enterprises.

Corporacion Andina de Fomento (CAF) is an international financial institution founded in 1970. It aims to support sustainable development and economic integration of Latin America and the Caribbean Basin through providing assistance to CAF member countries in diversifying their economies and boosting their competitive edge. CAF member countries are Argentina, Bolivia, Brazil, Venezuela, the Dominican Republic, Spain, Columbia, Costa Rica, Mexico, Panama, Paraguay, Peru, Portugal, Trinidad and Tobago, Uruguay, Chili, Ecuador, Jamaica. CAF also incorporates the 14 most influential banks of the said countries. As of 31.12.2009 CAF’s capital was 5.287 billion US dollars, the amount of its loan portfolio is 11.772 billion US dollars.