On July 5, the Board of Directors of CAF – Development Bank of Latin America – elected Sergio Díaz-Granados as the new Executive President of the institution by majority, in a blended meeting held at the National Palace of Mexico. Colombian Díaz-Granados will take office on September 1, 2021 for a period of 5 years.

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The Development Bank of Latin America, formerly known as Corporación Andina de Fomento (CAF), is a leading multilateral financial institution in Latin America whose mission, according to its website, is to support the sustainable development of shareholder countries and integration regional. Since 1970, the institution has served the public and private sectors, supplying multiple financial products and services to a wide portfolio of clients, made up of the governments of the shareholder states, financial institutions, and public and private companies.

CAF’s Board of Directors appointed Sergio Díaz-Granados as the institution’s new Executive President on July 5 at a blended meeting that took place at the National Palace of Mexico. In the election, the Colombian Díaz-Granados surpassed the Argentine candidate Christian Asinelli, current undersecretary of International Financial Relations for Development of the Secretariat of Strategic Affairs of the Presidency, who will occupy one of the vice-presidencies of the entity.

The election of the new president comes after the resignation of the previous Executive President, the Peruvian Luis Carranza, who retired from the entity a year before the end of his term amid allegations of abuse of power, forced resignations and strong internal in the multilateral credit organization.

Sergio Díaz-Granados, is a prominent lawyer who currently serves as Executive Director for Colombia in the IDB Group. He has an extensive career in public and private service, both nationally and internationally, with special emphasis on issues of development and regional integration. Throughout his career, Diaz-Granados has served as Minister of Commerce, Industry and Tourism of Colombia, Vice Minister of Business Development and President of the Boards of Directors of Bancóldex and ProColombia. He has also been a congressman and chairman of the Economic Affairs Committee of the House of Representatives.

More information:

Author:
Juliet Boretti

Contact:
Gonzalo Roza – Coordinator of the Global Governance Area
gon.roza@fundeps.org