Loan to CIFI
December 12, 2008 No. 42/08-BD CDB APPROVES USD25 MILLION LOAN TO CIFI The Corporaci√≥n Interamericana para el Financiamiento de Infraestructura S.A. (CIFI) is to receive a loan equivalent to USD25 million from the Caribbean Development Bank (CDB) to assist in expanding its lending programme in CDB's borrowing member countries. 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 project is expected to contribute to further development of the social and economic infrastructure of CDB's borrowing member countries, as well as improved capacity and competitiveness. It is also expected to contribute to poverty alleviation in these countries.