Representation of Venezuela in Multilateral organisations .

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Third Business Forum of the Wider Ca
ribbean Association of Caribbean States (ACS)
THE ROLE OF BANDES IN PROMOTING THE OPEC FUND FOR
INTERNATIONAL DEVELOPMENT IN THE WIDER CARIBBEAN
San José - Costa Rica 24 September 2002 Vict
or Mejías Moronta
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BANDES
It is an autonomous, self-financing, legal
entity, which is separate from the National
Treasury. It comes under the purview of the
Ministry of Planning and Development, with
authority to operate in Venezuela and abroad.
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Mission

• We are the Bank that promotes sustainable
  economic and social development of the country,
  through the provision of technical and financial
  assistance.

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Vision

• To be the leading bank for sustainable
  development in the country.

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Values

• Commitment to country
• Transgenerational responsibility
• Transparency
• Integrity
• Team work
• Solidarity
• Loyalty

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Operations and Services

• Management of Multilateral Projects
• Support to micro, small and medium-sized
  enterprises
  
• Trust and repository of public sector resources
• Support for investment
• Consultancy to public sector bodies which engage
  in processes to inject private capital into
  business, programmes and projects
  
• Custodial service

• Financing
• Enterprise development using risk capital
• International Financial Cooperation
• Financing for Regional Funds
• Concessions and non-reimbursable operations
• Credit contracts
• Independent Funds

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International Cooperation Programmes

• Bilateral
• OBJECTIVE To finance projects and programmes
  geared towards economic and social development of
  the beneficiary countries
  
• San José Accord
• Special Fund for the Caribbean

• Multilateral
• OBJECTIVE To represent the country in
  organisations and international cooperation
  initiatives
  
• OPEC Fund for International Development
• Association of Caribbean States
• Caribbean Development Bank (CDB)
• Fondo Internacional de Desarrollo Agrícola
  (FIDA)
  

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BANDES and International Financial Cooperation

• We provide a window for the promotion and
  execution of International Cooperation
  programmes, ensuring quality, efficiency and
  relevance.

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Background on Venezuelas representation in
International Organisations

• ESTABLISHMENT OF BODIES OPEC Fund, CDB and FIDA
  1970s, in the context of South-South cooperation,
  resulting from a pooling of existing resources in
  the face of increased oil prices
• OBJECTIVE OF THESE BODIES To fund projects and
  programmes geared towards the sustainable social
  and economic development of the beneficiary
  countries

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Processes and Functions

• Representation of Venezuela in Multilateral
  organisations
  
• Follow-up of operational, financial and
  management activities
  
• Technical support to official representative
  through analysis and recommendations for
  decision-making
  
• Assessment of world trends in cooperation and
  finance for development
  

• Strategic Alliances
• Establish links with cooperation bodies
• Negotiate Cooperation Agreements
• Draft and follow-up action plans and programmes
  for the execution of the Cooperation Agreements
  
  
• Promote co-financing of projects

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Strategic Plan for the ACS Special Fund

• Approved at the 11th Meeting of the Council of
  National Representatives of the Special Fund
  (July) and intended to implement the activities
  agreed to in the Plan of Action adopted at the
  Third Summit of Heads of State and/or Government
  of the ACS (Dec. 2001), to include the following
  
• Strengthen existing mechanisms for international
  cooperation with ACS
  
• Develop the Strategy to mobilise resources for
  the Wider Caribbean Region
  

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Activities linked to the objectives of the Plan
of Action of the Special Fund

• Establishment of a network of focal points
  responsible for cooperation within the ACS
  
• Institutional strengthening in the management of
  cooperation initiatives at the ACS Secretariat
  
• Analysis and use of existing funding
  opportunities as part of the cooperation
  agreements signed by the ACS
  
• Negotiation with cooperation agencies and donor
  organisations
  
• Participation at all fora involving Cooperation
  Agencies and Donor Organisations for Latin
  America and the Caribbean
  

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Involvement of BANDES in the ACS

• 6th Ordinary Meeting of the ACS Ministerial
  Council (chaired by Venezuela Honduras,
  December 2002). Venezuela was elected to chair
  the Executive Board of the Council of National
  Representatives of the Special Fund of the ACS
  for 2001
• One of the activities proposed by Venezuela
  during its mandate on the Ministerial Council was
  the promotion of the signature of a Cooperation
  Agreement between the OPEC Fund and the ACS
  Special Fund, with a view to funding special
  projects in the Wider Caribbean region.
• Pursuant to the linkage between BANDES
  (previously FIV) and the OPEC Fund, BANDES was
  appointed to chair the ACS Special Fund
  
• Within the context of the Third ACS Summit of
  Heads of State and/or Government (December 2001),
  BANDES AEC OPEC Fund signed a Cooperation
  Agreement and Venezuela was re-elected to the
  Chairmanship of the Fund for 2002.

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Expected outcomes from the use of existing
funding opportunities in Cooperation Agreements
signed by the ACS

• Strengthen cooperation links with ACS Observer
  Countries and other cooperation agencies
  
• Promote the OPEC Fund for International
  Development in the Wider Caribbean

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Action to be taken by BANDES in the OPEC
Fund in the context of the Cooperation Agreement
signed in December 2001

• Purpose of the Agreement To develop and
  facilitate joint action, through loans and other
  types of investment activity to support public
  and private sector enterprise, in countries in
  which the parties have the mandate to function
  (whenever the Parties agree on their respective
  objectives and their needs coincide).
• Immediate action
• Formulate a joint strategy to deal with the issue
  of funding for development in the Caribbean and
  Central American region
  

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Multilateral Organisations
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Financial Aspects
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Financial Contributions by Venezuelato
Multilateral Organisations (US/MM)

• FIDA
• US 164.5
• Total US 8.87
• To be documented
• Additional US 4.6

CBD US 54,9 Trust Fund (1975-2000)
US 12.5 y Bs. 53.7

OPEC FUND US 342.7 Total US 5.4
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Opportunities and Challenges

• Identify technical and financial cooperation for
  economic and social development of the country in
  keeping with the mission and activities of
  BANDES
• Tap resources to fund projects in the country
• Obtain increased financing for the countries in
  the Latin American and Caribbean region
  
• Maintain a critical role in policy-making to
  facilitate decision-making
  
• Follow-up operational and financial polices of
  organisations on the basis of national interest
  (committed resources and potential
  opportunities)

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• Our Web page
• www. bandes. gov.ve
• v.mejias_at_bandes.gov.ve
• Tel. [phone]
• Fax [phone]

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• Thank You