Saying he was impressed by the economic development which has taken place in TT over the years, Garcia said the Summit of the Americas provided a historic and unique opportunity to showcase this development and lay the platform for further development. Explaining that CAF is a multilateral financial institution which supports sustainable development and regional integration in Latin America, the Caribbean and Europe, Garcia praised Prime Minister Patrick Manning’s efforts to promote these objectives. He added he was pleased to be signing this agreement following earlier talks with Manning, Nunez-Tesheira and Trade and Industry Minister Mariano Browne. CAF was formed in 1970 in Caracas, Venezuela.
The corporation’s shareholders are Argentina, Brazil, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Jamaica, Mexico, Panama, Paraguay, Peru, Spain, TT, Uruguay and Venezuela. In 2002, TT had a 108 ‘C’ shares in the CAF which were purchased at a cost of US$1 million and nine bonus shares at US$45,000.