Annual Report 2016
For Latin America, 2016 was a year marked by profound political and economic changes. In comparison with other areas ofthe emerging world, the region’s economic performance wasweaker. For the second consecutive year, the gross domesticproduct (GDP) of Latin America and the Caribbean in 2016 remained negative, although the prospects for 2017 are more promising. Again, the heterogeneous behavior among countries and subregions was the distinctive mark of the regional economic events. Given this complex global scenario, marked by a high dose of uncertainty, CAF –Development Bank for Latin America has decided this year to wholeheartedly fulfill its mission of promoting sustainable development and regional integration. The annual balance sheet shows positive data. In 2016, CAF approved 156 operations for a total of USD 12.4 billion, which represents a record figure since the creation of the entity in 1970. In addition, rating agencies maintained their recognition of the credit quality and of the relevance that CAF has acquired as one of the main multilateral agencies in the region. In this regard, Fitch Ratings Japan Credit Ratings, Moody’s Investors Service, and Standard & Poor’s reaffirmed CAF’s ratings. This reflects the strength and stability of CAF’s financial indicators, the wise management of its credit policies, the independence with which it undertakes its operations, and the support it has always received from its shareholder countries.