By Clint Chan Tack Wednesday, April 15 2009

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SIGNING ON THE DOTTED LINE: Finance Minister Karen Nunez-Tesheira (left) and CAF president and CEO Enrique Garcia sign an investment agreement in the ...

ANDEAN DEVELOPMENT Corporation (CAF) president and CEO Enrique Garcia yesterday hailed the Fifth Summit of the Americas as “a very good occasion” for Trinidad and Tobago to heighten its profile within the Americas and expand its economic linkages with other nations in the hemisphere. Garcia made this statement after signing an agreement with Finance Minister Karen Nunez-Tesheira to increase Government’s investment in the CAF from US$770,000 to US$6 million over a three year-period. The signing of this agreement took place at Level 20 of the Eric Williams Financial Complex in Port-of-Spain.

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.