COFIDE and CAF announce major shifts in development and digital financing

The Peruvian development bank COFIDE is undergoing a transformation to redefine its role within the national financial system. Following the implementation of Legislative Decree 1692, the institution is expanding its capacity to co-finance infrastructure projects, mobilize private investment, and increase financing access for micro, small, and medium-sized enterprises (MSMEs). General Manager José Sarmiento stated that the bank aims to act as an investment articulator, connecting state, private, and international resources to fund strategic projects like hospitals and energy networks.

To support MSMEs, COFIDE is promoting the 'Garantías de Cartera' program, which shares credit risk with financial institutions. This initiative is expected to potentially increase the lending capacity of participating entities by up to 40%.

Separately, the Development Bank of Latin America and the Caribbean (CAF) has announced plans to double its financing for digital transformation initiatives, aiming to exceed USD 12 billion over the next five years. During an international forum in Santiago, Chile, CAF Executive President Sergio Díaz-Granados emphasized the need for the region to establish a common position on data governance, computing access, and artificial intelligence to ensure Latin American and Caribbean nations influence the decisions shaping their technological future.