Development Bank to build regional office in Uruguay

The Development Bank, former Andean Development Corporation (AFD) will invest US$ 70 million to build its regional headquarters for the South Cone in Montevideo.

The project includes 12,000 square meters of office space for the organization and another 6,000 square meters for public areas, including three cinemas, and is located on the border between the City Center and Ciudad Vieja.

Through an agreement with the city government of Montevideo, the Development Bank, with headquarters in Caracas, will be assigned the Mercado Central Municipal [Central Municipal Market] of the capital which will be totally remodeled.

According to the AFD representative in Uruguay, Gladis Genua, the headquarters’ building process will take approximately two years.

The organization’s mission is to promote sustainable development and regional integration through the financing of projects both public and private, the provision of technical cooperation and other specialized services.

It was established in 1970 as the Andean Development Corporation and currently comprises 14 Latin American and Caribbean countries apart from Spain, Portugal and more than ten private banks.

It is considered one of the primary sources of multilateral financing in the region.

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