Corporación Andina de Fomento (2018-2021 SEC Filings)

Date issued: Oct. 18 2021

Last substantive commentary amendment:
Mar. 11 2024

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TURBOFAC Commentary (1143 words)

Notes:

[3-11-24 update - see Corporación Andina de Fomento (2024 SEC Filing)]

1) BACKGROUND

The Corporación Andina de Fomento (CAF) – Banco de Desarrollo de América Latina (development bank of Latin America) is a multilateral development bank of which ~90% of the ownership is accounted for by 11 governments, of which the blocked Government of Venezuela is one (see p. 39 of the 2021 filing at the external link). The primary function of the bank is the making of loans to shareholder countries. Loans to the Central Bank of Venezuela, which was blocked pursuant to EO 13884 and EO 13850 as of the time of the 2021 SEC filing, accounted for 3.2% of the overall loan portfolio of CAF (p. 26, 2021 filing). Venezuela as a whole accounted for 11.4% of CAF’s total loan...