CAF reinforces its commitment to the sustainable development of Peru

The Development Bank of Latin America and the Caribbean, known as CAF, has decided to strengthen its commitment to the sustainable development of Peru through an investment of up to US$ 10 million in Cofide, the Development Financial Corporation. This significant capital injection was recently announced by Sergio Díaz-Granados, Executive President of CAF, who highlighted the importance of supporting the Peruvian private sector to boost the promotion and financing of investments in the country. Díaz-Granados emphasized that CAF and Cofide share the goal of improving Peru's productivity and competitiveness, so this investment will not only strengthen Cofide but also lay the groundwork for establishing mechanisms of support, technical cooperation, and financial assistance that benefit the Peruvian business sector. This strategic alliance between CAF and Cofide has been consolidated over nearly three decades, and will now be enhanced with a common equity participation by CAF. In addition to the financial aspect, the collaboration between CAF and Cofide also involves improvements in the corporate governance and internal management of this financial institution. CAF's presence on Cofide's Board of Directors will provide an additional focus on boosting the reputation and credit rating of the entity, thereby facilitating the mobilization of private resources towards development projects in Peru. In this context, the Deputy Minister of Economy of the Ministry of Economy and Finance, Carlos González Mendoza, highlighted the importance of having a strong development bank in Latin American countries. González mentioned the need to adapt to current realities by venturing into areas such as environmental protection, renewable energies, and support for small and medium-sized enterprises (SMEs) and innovation. He also urged Cofide to take on new responsibilities in line with this development vision. During the event "Modern Development Banking and its Impact on Sustainable Development in Peru," both Díaz-Granados and González expressed optimism about the potential of this collaboration to drive the economic and social development of the country. Institutional renewal and openness to new areas of action are key aspects expected to be strengthened with CAF's presence in Cofide's shareholding. In a scenario where investment in infrastructure and communication routes is essential for Peru's sustainable growth, the approval of additional financing by CAF for the improvement of roads in the country reinforces the commitment of both institutions to the nation's development. This injection of resources will help stimulate the economy and generate new opportunities for the private sector, thus consolidating CAF's position as a strategic ally in promoting progress in Peru. In conclusion, CAF's investment in Cofide marks an important milestone in the collaboration between key financial institutions for Peru's development. With a focus on sustainability, innovation, and support for SMEs, it is expected that this alliance will generate tangible results in terms of economic growth, job creation, and improvement in the quality of life for Peruvians. The shared vision of CAF and Cofide to promote the country's sustainable development opens up new opportunities to strengthen the economy and promote social inclusion in Peru.