CAF to invest $12 billion in Latin American digital transformation

The Development Bank of Latin America and the Caribbean (CAF) has announced plans to invest $12 billion into digital transformation projects across the region over the next five years. This initiative is part of the bank's Digital Transformation Agenda, which aims to double previous financing levels by 2031.

During the International Forum ‘Digitalize to Transform’ held in Santiago, Chile, CAF Executive President Sergio Díaz-Granados urged Latin American and Caribbean nations to coordinate their efforts rather than acting as passive consumers of new technologies. He emphasized that a unified regional approach is necessary to influence global rules regarding artificial intelligence, data governance, computing access, standards, employment, and security.

CAF intends to act as a connector between nations, facilitating knowledge sharing and dialogue to establish a regional agenda. The bank also plans to collaborate with financial allies and the private sector to mobilize additional resources to meet these technological challenges.