CAF, the Andean Paradox

CAF, the Andean Paradox

Corporate & Sovereign Strategy

Enrique Garcia & Hugo Sarmiento of CAF The Andean Development Corp. (CAF) is an unusual organization. It is a development bank with a coveted investment grade, even though it is majority-owned by five poorly rated Andean governments, which are also its principal clients. CAF lends more money to the Andean region, the most turbulent in Latin America, than any other international agency. But, although CAF has almost $7 billion in loans outstanding to these countries, it has never suffered a sovereign default in its 37-year history. Since its member countries - Bolivia, Colombia, Ecuador, Peru and Venezuela - have all experienced seve

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