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Report: CAF to create new investment funds focused on Argentina's private sector

LatinAmerican development bank Banco DeDesarrollo De América Latina, known as CAF, is expected to announcein the coming days the creation of investment funds totaling up to $500 millionfocused on Argentina's private sector, LaNación reported, citing Rubén Ramírez, Argentina's representative at the institution.

The newfunds could be announced in the context of CAF President Enrique García's expectedvisit to meet with Argentina's President, Mauricio Macri, during the first weekof May, the report said.

The financingwill be mainly aimed at the fintech space, but could also include infrastructure,biotechnology and energy projects, Ramírez said.

The CAFis expected to provide a total of $600 million in financing to Argentina in 2016,up from $400 million in 2015, which is similar to the amount provided by the WorldBank or Inter-American Development Bank, the report said.

However,the creation of funds focused on the private sector is new and follows the exampleof similar funds in Colombia and Uruguay, the report said. The idea of these fundsis to also attract investment from banks and government agencies, including foreignentities, with the CAF responsible for the project's risk management and execution.

CAF'sboard recently tappedArgentine Finance Minister Alfonso Prat-Gay to be its new chairman.