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Minister Luis Caputo appointed President of FONPLATA Board of Governors

Last year, the multilateral organization approved financing for USD 218 million for infrastructure projects in the country and there are pending projects for approximately 100 million for next year.

The Minister of Finance, Luis Caputo, was appointed President of the Board of Governors of the Financial Fund for the Development of La Plata Basin (FONPLATA, for its acronym in Spanish) at the XVI Annual Meeting of the multilateral organization developed this morning at the Intercontinental Hotel.

During his speech before the Board, Caputo recognized the worth of the relation with the organization as strategic partner in the process of regional development and he said: “FONPLATA commitment helps us overtake structural gaps of the region. Every project financed by this institution has been a step forward in getting over said gaps, in making progress in the development of our countries and in the opportunities of our citizens”.

In addition, the Minister of Finance ratified the mission and strategic point of view of this multilateral organization: to support the integration of the countries that are part of the Fund and reduce socio-economic inequalities among their citizens; to achieve more loan capacity for FONPLATA and effectiveness for borrowers; and to work for the reduction of poverty.

The Institutional Strategic Plan for the next years was also approved at the meeting where the Minister of Development Planning of Bolivia, Mariana Prado; the Secretary of International Affairs of the Ministry of Planning, Development and Management of Brazil, Jorge Arbache; the Minister of Treasury of Paraguay, Lea Gimenez; and the Minister of Economy and Finance of Uruguay, Danilo Astori, attended.

The Board of Governors is the governing body of the Fund and it is comprised by 5 permanent governors and 5 alternate governors designated by the member countries. Ordinary meetings are held once a year and special meetings whenever it is deemed necessary. The Board’s main duties are the following: to allocate FONPLATA’s profits, to approve the Board of Director’s annual report and duly audited financial statements; to appoint the President of the Board of Governors according to the rules contained in the Articles of Agreement and to appoint external auditors.

FONPLATA is a multilateral organization comprised by 5 countries: Argentina, Bolivia, Brazil, Paraguay and Uruguay, which main purpose is to support the integration of member countries to achieve an inclusive development within the geographical areas of influence of La Plata Basin through credit operations and non-refundable resources of the public sector.