The Development Bank of Latin America and the Caribbean (CAF) has inaugurated its new headquarters in Madrid, located within the Torre Picasso building on Paseo de la Castellana. This facility serves as the seat for the bank's newly created Vice Presidency of Cooperation, Alliances, and Mobilization. The strategic move aims to strengthen ties with Europe, the Middle East, and Asia while expanding the institution's capacity to mobilize resources for projects across Latin America and the Caribbean.
During the opening ceremony, CAF Executive President Sergio Díaz-Granados drew a parallel between the bank's evolution over the last 25 years and the artistic reinvention of Pablo Picasso, after whom the building is named. Díaz-Granados noted that what began as a subregional representation office has grown into an international presence. He emphasized that this new office should be viewed as a starting point rather than a final destination, expressing confidence in the institution's ability to further expand its aspirations.
The organizational change is backed by specific financial objectives. In the past five years, CAF's Madrid delegation has helped channel approximately $9 billion toward Latin America and the Caribbean. For this new phase, the bank aims to raise that figure to $15 billion by mobilizing both public and private European capital. These funds are intended to finance sustainable infrastructure, clean energy, and social inclusion initiatives in the region.
Alicia Montalvo has been appointed to lead this new stage of operations. Twenty-five years ago, while serving as Director General of Commercial Policy for the Spanish government, she participated in negotiations that led to Spain's accession to CAF. Now returning to Madrid, Montalvo described the inauguration as a journey back to Ithaca, noting that while it is a return home, her professional focus remains on Latin America. She stressed that during times of uncertainty, multilateral organizations must reinforce cooperation.
Nadia Calviño, President of the European Investment Bank (EIB) and former First Deputy Prime Minister of Spain, also addressed the event. She highlighted the role of development banks in turning political commitments into tangible reality, stating that they provide funding where others only offer words. Calviño linked the inauguration to the recent U.S. midterm elections, advocating for multilateralism and progressive policies. She argued that the axis formed by Spain and Latin America, grounded in shared history, values, culture, and language, must be central to building the global order.
Sara Aagesen, Third Deputy Prime Minister and Minister for Ecological Transition, supported CAF's ambition to become a bank capable of mobilizing resources for climate resilience and sustainable development. Participants at the event agreed on Spain's role as a nexus between Europe and Latin America, extending beyond institutional and financial links. Díaz-Granados highlighted the social dimension, noting that nearly 1.2 million Latin American citizens currently contribute to the Spanish Social Security system.
On the economic front, the CAF president recalled that over the last decade, Spanish companies have secured more than 100 contracts in the Latin American region worth over $7.5 billion in infrastructure, water, sanitation, energy, and technology projects. The aerospace industry was cited as a prime example of this regional cooperation. Díaz-Granados pointed out that while Airbus currently operates around 900 aircraft in Latin America and the Caribbean, the region will require more than 2,000 new planes in coming years, with parts manufactured in industrial centers such as the one located in Getafe, Madrid.
Sources: El País Economía.