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CDB’s Director of Finance and Corporate Planning Dr. Warren Smith (left) CIFI’s General Manager, Mr. Roldán Trujillo (second from right), signing the MOU. Looking on are Juan José Juste (centre), CDB General Counsel, Yvette Lemonias-Seale (far right) and Legal Counsel, Nicole Jordan (standing).

 
   

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CDB signs US$ 25 million loan agreement with CIFI

6/10/2009

THE Caribbean Development Bank (CDB) signed an agreement this morning to provide a loan equivalent to USD25 million to the Corporación Interamericana para el Financiamiento de Infraestructura S.A. (CIFI) to assist CIFI in expanding its lending programme in CDB’s borrowing member countries.
CDB’s Director of Finance and Corporate Planning, Dr. Warren Smith, signed on behalf of the Bank, while CIFI’s General Manager, Mr. Roldán Trujillo, signed on behalf of his institution. CIFI’s Chief Executive Officer, Mr. Juan José Juste, was present for the signing at CDB’s Headquarters in Barbados, as was CDB’s Vice-President (Operations), Mr. Desmond Brunton, who represents CDB on CIFI’s Board of Directors.
Following the signing, Mr. Trujillo said “I want to thank CDB for this very important initiative. The loan will be used exclusively to finance private sector transactions in the Caribbean. We already have a portfolio in the Region, but we want to increase our presence through close co-operation and a working relationship with CDB”.
CIFI is a financial institution which provides financing to private sector enterprises in Latin American and the Caribbean undertaking infrastructure projects including power, transportation, tourism, social infrastructure and infrastructure-related services, environment, water and sanitation, and telecommunications.
CIFI was established by Caja Madrid, the second largest savings bank in Spain, and the Inter-American Investment Corporation, which is part of the Inter-American Development Bank group. It began commercial operations in July 2002, with support from other multilateral and regional commercial banks interested in financing the infrastructure sector.
The CDB loan to CIFI is expected to contribute to further development of the social and economic infrastructure of the Bank’s borrowing member countries, as well as improved capacity and competitiveness. It is also expected to contribute to poverty alleviation in these countries.

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