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The Development Bank of Latin America (CAF), is a development finance institution that finances development projects and promotes a sustainable development model in Latin America and the Caribbean through credit operations, non-reimbursable resources, and technical assistance. CAF was established in 1970 and currently has 17 members. Its sovereign portfolio finances projects in the public sector.
CAF came second-last in the sovereign assessment with a score of 9.3 out of 100. It came in the bottom two for all components. There was limited project-level information in CAF’s investment database.
CAF came second-last in the Core Information component with a score of 2.88 out of 30. CAF only scored points in two organisation-level indicators, disclosure/access to information policy and annual report. It also only scored points for four project-level indicators, which were project identification, location, project costs, and progress dates.
CAF also came second-last in the Impact Management component with a score of 2 out of 30. It only scored points for the impact measurement approach indicator. It did not publish any project-level impact data.
CAF came last in the ESG and Accountability to Communities component with a score of 3.67 out of 30. It failed the majority of organisation-level questions and did not provide any information at the project level.
CAF came joint last in the Financial Information component, scoring 0.75 out of 10. It only scored for the financial reports/statements indicator and did not provide any project-level information.
- CAF is planning to disclose an access to information policy in 2023, it should include the data points from Publish What You Fund’s DFI Transparency Tool.
- CAF is currently redeveloping its data portal. It should ensure that it passes the accessibility indicator for this by disclosing detailed disaggregated data, publishing data under an open licence, and providing a free, bulk export of data.
- CAF should become an IATI publisher and disclose all investments to the IATI Standard.
- CAF should publish more Core Information for its projects, including status, project description, sovereign/non-sovereign, sector, investment instrument, funding source, client, contacts, E&S risk category, and loan agreements/contracts.
- It should provide more organisation-level information for Impact Management, including its impact management approach, sector/country strategies, and evaluations.
- It should start publishing ESG information about its projects, especially summary of E&S risks and E&S project plans/assessments.
- It should create an independent accountability mechanism (IAM) and have a policy to disclose it to communities. It should also have a policy for project grievance mechanisms (PGMs) to be disclosed to communities.
- CAF should provide assurance that community disclosure has taken place.
- It should publish financial information of its investments, including currency of investment, co-financing, and instrument-specific disclosure.