Corporación Andina de Fomento
L. Enrique García
President and CEOCorporación Andina de Fomento
October 2008
CAF is a Latin American multilateral financial institution which provides multiple financial services to public and private sector clients in the shareholder countries.
CAF is a competitive and versatile institution, both regionally and globally.
In operation since 1970, its headquarters are located in Caracas, Venezuela, with regional offices in Bogotá, Quito, Lima, La Paz, Madrid, Brasilia and Buenos Aires.
Corporación Andina de Fomento
2008
• Bolivia
• Colombia
• Ecuador
• Peru
• Venezuela
• Argentina
• Brazil
• Costa Rica
• Chile
• Jamaica
• Mexico
• Panama
• Paraguay
• Dominican Rep.
• Trinidad & Tobago
• Uruguay
• Spain
CAF’s Shareholders
• Letter of Intent (Guatemala & Italy)
Sustainable Development
Regional Integration
Pillars of CAF’s mission
Clients: Governments, financial institutions and public or private corporations and joint ventures
Loans
Short, medium and long term
Project finance
Structured finance
Co-financing and A/B loans
Equity investments, especially in Capital Funds
Investment bank and financial advisory services
Guarantees
Treasury products
Technical Cooperation
Strategic programs
Clients, products and services
CAF in figures (US$ million)
12/31/2007
2007 2006 Var (%)
Approvals 6,607 5,521 20%
Disbursment 5,844 2,923 100%
Total portfolio 9,615 8,191 17%
Total assets 12,597 10,439 21%
Loan portfolio 9,622 8,191 17%
Liabilities 8,470 6,747 26%
Bonds 4,637 4,362 6%
Net worth 4,127 3,693 12%
Net income 401 321 25%
ROE 10.5% 9.4%
ROA 3.6% 3.3%
Liq. / Finan. Liabilities 29.7% 29.4%
Non accruals / loan portfolio 0.0% 0.0%
Provisions / assets 1.8% 2.3%
31/12/2007 (US$ millons)
Authorized 5,000
Subscribed 3,157
Paid 2,015
Guaranteed 1,112
CAPITAL
6.534
11.729
13.664
23.681
1970-92 1993-97 1998-02 2003-07
37 year summary
Total Approvals(US$ Million)
Total Disbursements(US$ Million)
Total Portfolio(US$ Million)
4.896
8.203
9.197
14.289
1970-92 1993-97 1998-02 2003-07
845
3.288
6.180
9.615
1992 1997 2002 2007
Last five years of operations
3.303 3.503
4.746
5.521
6.607
2003 2004 2005 2006 2007
1.775 1.888 1.860
2.923
5.844
2003 2004 2005 2006 2007
6.7127.216
7.462
8.191
9.615
2003 2004 2005 2006 2007
Total Approvals(US$ Million)
Total Disbursements(US$ Million)
Total Portfolio(US$ Million)
Loan portfolio distribution
2007: Loan portfolio by country
Brazil8%
Ecuador23%
Peru19%
Colombia17%
Others3%
Venezuela15%
Argentina4%
Bolivia11%
Loan portfolio distribution
2007: Loan portfolio by sector
Economic infrastructure
27%
Integration infrastructure
12%
Structural reforms 13%
Social development
25%
Corporate sector 5%
Financial intermediation*
18%
Infrastructure
39%
* Intermediation toward SMEs through the financial system.
2007 Approvals (USD million)
Main source of multilateral financing for the Andean region...
IADB33%
WB4%
CAF63%
IADB30%
WB14%
CAF56%
2007 Approvals:USD 7,294 million
Approvals 2003-2007:USD 32,638 million
4.278
5.9295.451 5.600
5.854
9.894
1997-2001 2002-2006
IADB WB CAF
… and principal source of financing infrastructure in Latin America…
Approvals infrastructure in Latin America(USD million)
… especially in physical infrastructure of regional integration
During the last decade, CAF has
approved 56 operations of USD
4.553 million for the execution of
47 South American physical
integration projects with a total
investment exceeding USD
12.950 million.
EfficiencyProfitability
(ROE)
6,2
8,2
9,6 9,4
10,5
2003 2004 2005 2006 2007
11,0%
2,9%
1,0%0,7%
0,5%0,64%
0,58%
19
73
-81
19
82
-91
19
92
-96
19
97
-01
20
02
-06
20
06
20
07
Satisfactory financial indicators
Asset Quality
2,2
2,6
3,03,1
3,6
3,2 3,23,2
2,6
2,2 2,3
1,8
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Allowance / Loan portfolio
Consistent and positive evolution of CAF’s credit ratings
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Moody's
S&P
Fitch
JCR
Economic crisisMéxicoAsia
RussiaBrazil
ArgentinaA2/A
A3/A-
Baa1/BBB+
Baa2/BBB
Baa3/BBB-
A1/A+
Aa3/AA-
Ecuador
Subprime
CAF’s investment grade ratings
Costa R./Guatemala/Uruguay
Scale
CAF Chile
Trinidad & Tobago
Ba1Ba2Ba3B1B2B3Caa1Caa2Caa3n.a.Can.a..n.a.Cn.a.
AAAAA+AAAA-A+AA-BBB+BBBBBB-
AaaAa1Aa2Aa3A1A2A3Baa1Baa2Baa3
1
2
3
4
5
6
7
8
9
10
BB+BBBB-B+BB-CCC+CCCCCC-n.a.CCn.a..n.a.Cn.a.S.D
Chile
Mexico / Trinidad & Tobago
BB+BBBB-B+BB-CCC+CCCCCC-n.a.CCn.a..n.a.Cn.a.DDD
Peru
Brazil/ Pan/Colombia
Venezuela / Uruguay
Colombia/C.R/Pan/Brazil/PeruGuatemala
Bolivia Venezuela/Rep. D/Paraguay
Venezuela
Investm
en
t g
rad
e
AAAAA+AAAA-A+AA-BBB+BBBBBB-
Costa Rica
Bolivia / Ecuador
Brazil/Panama
/Argentina/ Ecuador
Jamaica
Bolivia
Non
-in
vestm
en
t g
rad
e
Mexico
Jamaica/UruguayJamaica/Paraguay/Argentina
Chile
Rep. Dom./ArgentinaRep.Dom.
Ecuador
Colombia/Peru
CAF’s special programs
Infrastructure Agenda
IIRSA Puebla-Panamá Plan (PPP) First- Class Ports Program Cross-border Integration and
development Program
Competitiveness, international insertion and public policies Agenda
Competitiveness Program (PAC) Corporate Governance Program Economic and Public Policy Research
Program MSMEs International Insertion Program
Environmental Agenda Latin America Carbon and Clean Energy
Program (PLAC) Cleaner Production Program (CPP) Biodiversity Program (BioCAF) Natural disaster risk management and
prevention Program Program for Sustainable Development in
Financial Institutions
Social Development Agenda
Potable water and sanitationEducationRural development HabitatSocial responsibilityGovernance
http://www.caf.comhttp://www.caf.com
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