In order to promote and disseminate best practices in the public and private road sector, CAF—development bank of Latin America—and PIARC (World Road Association) signed a Memorandum of Understanding to collaborate, bolster cooperation and create the best conditions for improving the quality of road infrastructure and road management in Latin American and Caribbean countries.

The mission of CAF - development bank of Latin America - is to promote sustainable development and regional integration by financing public and private sector projects, providing technical cooperation and other specialised services. Established in 1970 and currently made up of 19 countries - 17 from Latin America and the Caribbean, together with Spain and Portugal - and 14 private banks, it is one of the main sources of multilateral financing and an important generator of knowledge for the region.

Both institutions will promote the dissemination of best practices and innovative road technologies through joint training initiatives in Latin America and the Caribbean, thus promoting an ongoing, mutually beneficial knowledge exchange between experts by integrating CAF officials into 13 PIARC International Technical Committees.

Upon signing the memorandum, CAF executive president Luis Carranza Ugarte noted: “Our close relationship with government agencies in shareholder countries, our in-depth knowledge of the sector in the region and the ability to identify impactful initiatives are complemented by PIARC’s expertise in developing knowledge associated with high-quality road infrastructure and promoting best practices in this area.”

Furthermore, PIARC President Claude Van Rooten said: “The Memorandum of Understanding between PIARC and CAF allows us to coordinate and pool our efforts to better serve our member countries, some of which are members of both organizations. PIARC’s expertise in roads and road transport policies and practices, together with CAF-funded operational projects, makes for a great combination that will benefit our member countries and the international road sector.”

The benefits of this partnership include the invitation to CAF to participate in PIARC Advisory Group meetings, where international organizations share their experiences, discuss industry trends and participate in the development of the PIARC Strategic Plan. In addition, CAF invites PIARC to participate in external consultations related to road transport and road infrastructure it funds in the region, and in the development of online courses on road infrastructure to be offered by CAF.