Uniting a Troubled Region

Uniting a Troubled Region

Bonds Structured Finance

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 Andean countries. However, like the Inter-American Development Bank and the World Bank, CAF has an investment grade rating and a reputation for excellent financial management. It has built on this foundation by expanding into neighboring South American countries. CA

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