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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