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UNIFIER Enrique Garcia

Jul 1, 2003

The Andean Development Corp., which Enrique García has run since 1991, is a remarkable institution. It is a development bank with a coveted investment grade rating, even though it is majority-owned by five poorly rated Andean governments, which are also its principal clients. Although CAF, as it is known by its Spanish acronym, has almost $7 billion in loans outstanding to these countries, it has never suffered a sovereign default in its 37-year history. It lends more money to the Andean region - the most turbulent in Latin America - than any other international agency. It is García's achievement to have transformed CAF into a leading lender in the Andean region, in...

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"[While] it’s good to build more infrastructure and increase investment, you have to be conscious about the macro effects of too big an increase in domestic demand, including of course public expenditure."

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