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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