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Uniting a Troubled Region

Nov 7, 2003

The Andean Development Corporation (CAF) is one of the most effective development agencies serving Latin America. Last year, it disbursed $3.3 billion in loans to clients in the continent's most troubled countries. Yet CAF is also highly profitable. It increased its 2002 net profits to $127 million, up from $113 million in 2001.

Unlike the better-known Washington institutions, CAF is owned by its main clients, five impoverished...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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