FONPLATA Development Bank, formerly known as
Río de la Plata Basin Financial Development Fund, is a multilateral financial entity formed by the five countries of this South America sub-region: Argentina, Bolivia, Brazil, Paraguay, and Uruguay.
History
FONPLATA was established on June 12, 1974 by the Fourth Meeting of Plata Basin Foreign Affairs Ministries. It started operations in 1977 in the city of
Sucre
Sucre () is the Capital city, capital of Bolivia, the capital of the Chuquisaca Department and the List of cities in Bolivia, 6th most populated city in Bolivia. Located in the south-central part of the country, Sucre lies at an elevation of . T ...
(Bolivia). In 2002 it relocated to
Santa Cruz de la Sierra
Santa Cruz de la Sierra (; "Holy Cross of the Mountain Range"), commonly known as Santa Cruz, is the largest city in Bolivia and the capital of the Santa Cruz Department (Bolivia), Santa Cruz department.
Situated on the Pirai River (Bolivia), P ...
in the same country.
FONPLATA Development Bank aims to support its members' integration by financing medium and small-sized projects, prioritizing rural and border areas, and to complement development efforts by national institutions and other international cooperation agencies. In addition to loans, the institution also finances grants and technical cooperations.
Since September 27, 2016,
Standard & Poor's
S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is con ...
has ranked FONPLATA Development Bank with A−, stable outlook.
Moody's Investors Service
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...
has rated the institution with A2.
In November 2018, it was consolidated under the name of FONPLATA Development Bank through the Constitutive Agreement's modification, to allow strategic alliances with new member countries, other agencies, and multilateral credit banks with shared institutional values and development objectives.
Structure
Its governing bodies are:
* the Governors' Assembly: 5 members, one for each member country;
* the Executive Board, also composed of 5 members; and
* the Chief Executive Officer (CEO), which is elected by the Assembly. The incumbent FONPLATA CEO is
Juan E. Notaro, from Uruguay.
Projects
Most FONPLATA Development Bank's projects refer to infrastructure improvement, prioritizing intra and inter-regional connectivity, urban development, and environment. It has also supported productive and cultural development projects consistent with its mission of mitigating economic and social asymmetries.
FONPLATA Development Bank develops
corporate social responsibility
Corporate social responsibility (CSR) is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethicall ...
projects. It has supported the International Festival of
Renaissance
The Renaissance ( , ) , from , with the same meanings. is a period in European history marking the transition from the Middle Ages to modernity and covering the 15th and 16th centuries, characterized by an effort to revive and surpass ideas ...
and
Baroque
The Baroque (, ; ) is a style of architecture, music, dance, painting, sculpture, poetry, and other arts that flourished in Europe from the early 17th century until the 1750s. In the territories of the Spanish and Portuguese empires including t ...
Music, and the Santa Cruz de la Sierra International Theatre Festival, both of them organized by the Bolivian Association for Art and Culture (APAC for its acronym in Spanish).
The institution has also been a sponsor of
TECHO, an international
NGO, and the Santa Cruz International Film Festival (FENAVID).
See also
*
CAF – Development Bank of Latin America
The Corporacion Andina de Fomento (CAF) – Banco de Desarrollo de América Latina ( pt, Corporação Andina de Fomento (CAF) – Banco de Desenvolvimento da América Latina, is a development bank that has a mission of stimulating sustainable deve ...
*
Central American Bank for Economic Integration
The Central American Bank for Economic Integration - CABEI ( BCIE in Spanish) was founded in 1960. It is an international multilateral development financial institution. Its resources are invested in projects that foster development to reduce pov ...
*
Inter-American Development Bank
The Inter-American Development Bank (IDB or IADB) is an international financial institution headquartered in Washington, D.C., United States of America, and serving as the largest source of development financing for Latin America and the Caribb ...
References
External links
* {{official, www.fonplata.org
Supranational banks
Multilateral development banks
International development organizations
Development in South America