• In an event organized jointly with CAF, COFIDE made a presentation describing its new role and strategy of institutional strengthening designed to make it a more efficient development bank

July 19, 2024- In the course of the event, entitled “Modern development banking and its sustainable impact in Peru” COFIDE, Peru’s Development Bank, announced that it had entered into a strategic alliance with CAF – Development Bank of Latin America and the Caribbean.  It went on to describe the new strategic approach it has adopted, which seeks to address existing and future economic, social and environmental challenges.

As specified in  the agenda of the meeting, ALIDE Secretary General, Edgardo Alvarez, served as moderator of the panel “New development banking practices and trends,” with the participation of Claudia Flores, Manager of the CAF Management Portfolio; Matilde Bordón, IFC Andean Regional Manager;  Carla Zacapa, UNDP Deputy Resident Regional Manager for Peru and Eduardo Escobal, COFIDE Business Manager.

Speaking on this panel, Alvarez pointed up the importance of the cooperation existing among the development banks and shared with COFIDE the document entitled «Note for strategic action by the development banking system,” a technical note prepared by ALIDE  containing strategic ideas for the sector, which define the action needed and trends in the finances and management of institutions of this kind.  The speakers, for their part, were in agreement on the importance of joint efforts between the   public and private sectors to meet the needs of the region’s countries and bring about their sustainable economic and social development.

Alliance between CAF and COFIDE

The two institutions announced that the Board of Directors of CAF had approved a new cooperation agreement for an equity investment of up to 10 million U.S. dollars to benefit COFIDE.  The purpose of this financing is to boost Peru’s sustainable development and contribute to the Peruvian development bank’s evolution over the next few years.

«This alliance between COFIDE and CAF will enable us to not only provide COFIDE with more knowledge and capacity, but will also give us a greater capacity to finance sectors that are essential to Peru’s development,” stressed Sergio Diaz-Granados, CAF Executive President.

The Chairman of COFIDE’s Board of Directors, Jorge Velarde, for his part, reported that the capital his institution will be receiving will make it possible to improve its governance and management, as well as to “replicate in Peru the best international development banking practices.”

Velarde explained that COFIDE has proposed objectives for the bank’s conversion into a promotional institution for the development of the country’s markets and ecosystems.  He expects, in this connection, to see COFIDE become an example of sustainability for emulation in the country, by delivering an added value and evaluating the impact of each of its operations.