# EDGAR Filing Document

**Accession Number:** 0000947438
**File Stem:** 0001193125-25-242577
**Filing Date:** 2025-10
**Character Count:** 597543
**Document Hash:** cb32e4cf71cd14b5a4841c1efaebf4d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-242577.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001193125-25-242577

**CONFORMED SUBMISSION TYPE**: S-B

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CORPORACION ANDINA DE FOMENTO
- **CENTRAL INDEX KEY:** 0000947438
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-B
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290939
- **FILM NUMBER:** 251401233

**BUSINESS ADDRESS:**
- **STREET 1:** TORRE CENTRAL
- **STREET 2:** AVENIDA LUIS ROCHE ALTAMIRA
- **CITY:** CARACAS VENEZUELA
- **STATE:** X5
- **ZIP:** 999999999

**MAIL ADDRESS:**
- **STREET 1:** TORRE CAF
- **STREET 2:** AV LUIS ROCHE
- **CITY:** CARACAS VENEZUELA
- **STATE:** X5

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on October 17, 2025** 

**Registration No. 333-** 

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**REGISTRATION STATEMENT** 

***UNDER SCHEDULE B***

***OF***

***THE U.S. SECURITIES ACT OF 1933***

## Corporación Andina de Fomento
**(Name of Registrant)** 

***Name and Address of Authorized Agent in the United States:***

**Puglisi & Associates** 

**850 Library Avenue, Suite 204** 

**Newark, Delaware 19711** 

***Copies to:***

---

| | |
|:---|:---|
| **Gabriel Felpeto**<br> **Chief Financial Officer**<br> **Corporación Andina de Fomento**<br> **Torre CAF**<br> **Avenida Luis Roche, Altamira**<br> **Caracas, Venezuela** | **Roderick O. Branch**<br> **Paul M. Dudek**<br> **Latham & Watkins LLP**<br> **1271 Avenue of the Americas**<br> **New York, New York 10020** |

---

**Approximate date of commencement of proposed sale to the public:** From time to time after this Registration Statement becomes effective.

The securities being registered pursuant to this Registration Statement are to be offered on a delayed or continuous basis pursuant to Release Nos. 33-6240 and 33-6424 under the Securities Act of 1933, as amended.

**CALCULATION OF REGISTRATION FEE** 

---

| | | |
|:---|:---|:---|
| **Title of Each Class of<br>Securities to be Registered** | **Proposed<br>Maximum<br>Aggregate<br>Offering Price(1)** | **Amount of<br>Registration Fee** |
|  Debt Securities | (1) |  |
|  Guarantees | (1) |  |
|  Total | USD 5,000,000,000(2) | USD 690,500 |

---

(1) The securities registered shall not have an aggregate offering price which exceeds USD 5,000,000,000 in United
States Dollars or the equivalent in any other currency.

(2) Exclusive of accrued interest, if any.

**This registration statement shall hereafter become effective in accordance with the provisions of Section 8(a) of the Securities Act of 1933, as amended.** 

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##### [**Table of Contents**](#toc)
**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission becomes effective. This preliminary prospectus is not an offer to sell and does not seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**SUBJECT TO COMPLETION** 

**PRELIMINARY PROSPECTUS DATED OCTOBER 17, 2025** 

**USD 5,000,000,000**![LOGO](g38079g06w14.jpg)

## CORPORACIÓN ANDINA DE FOMENTO
**Debt Securities** 

**Guarantees** 

Corporación Andina de Fomento ("CAF") may from time to time offer up to USD 5,000,000,000 (or its equivalent in other currencies) aggregate principal amount of the securities described in this prospectus. The securities may be debentures, notes, guarantees or other unsecured evidences of indebtedness. In the case of debt securities sold at an original issue discount, CAF may issue a higher principal amount up to an initial public offering price of USD 5,000,000,000 (or its equivalent in other currencies).

The securities may be offered from time to time as separate issues. In connection with any offering, CAF will provide a prospectus supplement describing the amounts, prices, maturities, rates, and other terms of the securities it is offering in each issue.

CAF may sell the securities directly to or through underwriters, and may also sell securities directly to other purchasers or through agents.

**Neither the U.S. Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.** 

**Prospectus dated , 2025** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [ABOUT THIS PROSPECTUS](#toc38079_1) | 1 |
|  [FORWARD-LOOKING INFORMATION](#toc38079_2) | 1 |
|  [CORPORACIÓN ANDINA DE FOMENTO](#toc38079_3) | 2 |
|  [LEGAL STATUS OF CAF](#toc38079_4) | 4 |
|  [USE OF PROCEEDS](#toc38079_5) | 5 |
|  [RECENT DEVELOPMENTS](#toc38079_6) | 5 |
|  [CAPITALIZATION AND INDEBTEDNESS](#toc38079_7) | 6 |
|  [CAPITAL STRUCTURE](#toc38079_8) | 7 |
|  [SELECTED FINANCIAL INFORMATION](#toc38079_9) | 15 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#toc38079_10) | 17 |
|  [OPERATIONS OF CAF](#toc38079_11) | 31 |
|  [FUNDED DEBT](#toc38079_12) | 42 |
|  [DEBT RECORD](#toc38079_13) | 44 |
|  [ASSET AND LIABILITY MANAGEMENT](#toc38079_14) | 45 |
|  [ADMINISTRATION](#toc38079_15) | 46 |
|  [THE FULL MEMBER SHAREHOLDER COUNTRIES](#toc38079_16) | 50 |
|  [DESCRIPTION OF THE DEBT SECURITIES](#toc38079_17) | 51 |
|  [DESCRIPTION OF THE GUARANTEES](#toc38079_18) | 57 |
|  [TAXATION](#toc38079_19) | 58 |
|  [PLAN OF DISTRIBUTION](#toc38079_20) | 68 |
|  [VALIDITY OF THE DEBT SECURITIES](#toc38079_21) | 69 |
|  [VALIDITY OF THE GUARANTEES](#toc38079_22) | 69 |
|  [EXPERTS](#toc38079_23) | 69 |
|  [AUTHORIZED REPRESENTATIVE](#toc38079_24) | 69 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#toc38079_25) | 70 |
|  [INDEX TO FINANCIAL STATEMENTS](#toc38079_26) | F-1 |
|  [SUPPLEMENTARY INFORMATION (UNAUDITED)](#toc38079_27) | F-88 |

---

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##### [**Table of Contents**](#toc)
**ABOUT THIS PROSPECTUS** 

This prospectus is part of a registration statement that CAF filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S. Securities Act of 1933, as amended (the "Securities Act") using a "shelf" registration process. Under the shelf registration process, CAF may from time to time sell any combination of the securities described in this prospectus in one or more offerings up to a total dollar amount of USD 5,000,000,000 or the equivalent of this amount in foreign currencies or foreign currency units.

This prospectus provides you with a general description of CAF's business and of the securities it may offer. Each time CAF sells securities, it will provide a prospectus supplement that will contain specific information about the terms of the securities in that offering. The prospectus supplement may also add, update, or change information contained in this prospectus. You should read both this prospectus and any prospectus supplement before purchasing CAF's securities. If the information in any prospectus supplement differs from the information in this prospectus or in the registration statement, you should rely on the information in the prospectus supplement.

The registration statement, any post-effective amendment to the registration statement and their various exhibits contain additional information about CAF, the securities it may issue and other matters. All of these documents may be inspected at the offices of the SEC.

**You should rely only on the information in this prospectus or in other documents to which CAF has referred you in making your investment decision. CAF has not authorized anyone to provide you with information that is different. This prospectus may only be used where it is legal to sell these securities. The information in this prospectus may only be accurate on the date specified on the cover of this prospectus.** 

Except as otherwise specified, all amounts in this prospectus are expressed in United States Dollars ("dollars," "$," "U.S.$", "USD", "US Dollars" or "U.S. dollars").

All discrepancies between totals and the sums of the amounts appearing in this prospectus are due to rounding.

**FORWARD-LOOKING INFORMATION** 

This prospectus may contain forward-looking statements. Statements that are not historical facts are statements about CAF's beliefs and expectations and may include forward-looking statements. These statements are identified by words such as "believe," "expect," "anticipate," "should" and words of similar meaning.

Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual financial and other results may differ materially from the results discussed in the forward-looking statements. Therefore, you should not place undue reliance on them. Factors that might cause such a difference include, but are not limited to, those discussed in this prospectus, such as the effects of economic or political turmoil in one or more of CAF's shareholder countries.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO** 

CAF was established in 1968 pursuant to a Constitutive Agreement establishing the Corporación Andina de Fomento (the "Constitutive Agreement"), an international treaty, and seeks to foster and promote economic development within Latin America and the Caribbean. CAF is a multilateral financial institution, the principal shareholders of which are the current contracting parties to the Constitutive Agreement (each a "full member shareholder country" and collectively, the "full member shareholder countries"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Argentine Republic ("Argentina");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Plurinational State of Bolivia ("Bolivia");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Federative Republic of Brazil ("Brazil");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Chile ("Chile");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Colombia ("Colombia");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Costa Rica ("Costa Rica");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Dominican Republic ("Dominican Republic");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Ecuador ("Ecuador");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of El Salvador ("El Salvador");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Honduras ("Honduras");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Panama ("Panama");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Paraguay ("Paraguay");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Peru ("Peru");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic of Trinidad and Tobago ("Trinidad and Tobago");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Oriental Republic of Uruguay ("Uruguay"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Bolivarian Republic of Venezuela ("Venezuela").

The other shareholder countries of CAF are (each an "associated shareholder country" and collectively, the "associated shareholder countries"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Antigua and Barbuda;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Commonwealth of the Bahamas ("Bahamas");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Barbados;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grenada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jamaica;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the United Mexican States ("Mexico");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Portuguese Republic ("Portugal"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Kingdom of Spain ("Spain").

The full member shareholder countries and the associated shareholder countries are referred to collectively as "shareholder countries."

As of June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the full member shareholder countries collectively accounted for 92.06% of the nominal value of CAF's paid-in capital;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the associated shareholder countries collectively accounted for 7.89% of the nominal value of CAF's paid-in capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thirteen financial institutions based in the full member shareholder countries collectively accounted for 0.05%
of the nominal value of the paid-in capital as of June 30, 2025.

As of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the full member shareholder countries collectively accounted for 92.42% of the nominal value of CAF's paid-in capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• associated shareholder countries collectively accounted for 7.53% of the nominal value of CAF's paid-in capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thirteen financial institutions based in the full member shareholder countries collectively accounted for 0.05%
of the nominal value of the paid-in capital as of December 31, 2024.

CAF commenced operations in 1970. CAF is headquartered in Caracas, Venezuela and has offices in Asunción, Paraguay; Bogotá, Colombia; Brasilia and São Paulo, Brazil; Buenos Aires, Argentina; Mexico City, Mexico; Panama City, Panama; La Paz, Bolivia; Lima, Peru; Madrid, Spain; Montevideo, Uruguay; Port of Spain, Trinidad and Tobago; Quito, Ecuador; San Salvador, El Salvador; Santiago de Chile, Chile; and Santo Domingo, Dominican Republic.

CAF offers financial and related services to the governments of, and public and private institutions, corporations and joint ventures operating in, its shareholder countries. Primarily, CAF provides short-, medium- and long-term loans and guarantees. To a lesser extent, CAF also participates as a limited equity investor in corporations and investment funds, and provides technical and financial assistance, as well as administrative services for certain regional funds.

The Constitutive Agreement generally delegates to the Board of Directors of CAF (the "Board of Directors") the power to establish and direct CAF's financial, credit and economic policies. The Board of Directors has adopted a formal statement of CAF's financial and operational policies. These operational policies provide CAF's management with guidance as to significant financial and operational issues, and they may not be amended by the Board of Directors in any manner inconsistent with the Constitutive Agreement.

CAF promotes a sustainable development model through credit, non-refundable resources, and support in the technical and financial structuring of projects in the public and private sectors of Latin America and the Caribbean.

CAF offers financial and related services to the governments of its shareholder countries, as well as their public and private institutions, corporations, and joint ventures. CAF's principal activity is to provide short, medium, and long-term loans to finance projects, working capital, trade activities and to undertake feasibility studies for investment opportunities in shareholder countries. Furthermore, CAF manages and supervises third-party cooperation funds owned and sponsored by other countries and organizations, destined to finance programs agreed upon with donor countries and organizations which are in line with CAF's policies and strategies.

CAF raises funds to finance its operations from sources both within and outside its shareholder countries.

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##### [**Table of Contents**](#toc)
**LEGAL STATUS OF CAF** 

As an international treaty organization, CAF is a legal entity under public international law. CAF has its own legal personality, which permits CAF to enter into contracts, acquire and dispose of property and take legal action. The Constitutive Agreement has been ratified by the legislature in each of the full member shareholder countries. CAF has been granted the following immunities and privileges in each full member shareholder country:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immunity from expropriation, search, requisition, confiscation, seizure, sequestration, attachment, retention, or
any other form of forceful seizure by reason of executive or administrative action and immunity from enforcement of judicial proceedings by any party prior to final judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• free convertibility and transferability of CAF's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from all taxes and tariffs on income, properties, or assets, and from any liability involving payment,
withholding or collection of any taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from any restrictions, regulations, controls, or moratoria with respect to CAF's property or
assets.

In addition, CAF has entered into agreements with each of its associated shareholder countries. Pursuant to these agreements, each country has agreed to extend to CAF, with respect to its activities in and concerning that country, immunities and privileges similar to those CAF has been granted in the full member shareholder countries. CAF may also enjoy immunities and privileges under the laws of countries other than the full member shareholder countries and associated shareholder countries by virtue of its status as an international treaty organization or the identity of its shareholders.

The governments of some of CAF's shareholder countries historically have taken actions, such as nationalizations and exchange controls, that would be expected to adversely affect ordinary commercial lenders. In light of the immunities and privileges discussed above, CAF has not been adversely affected by these actions.

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##### [**Table of Contents**](#toc)
**USE OF PROCEEDS** 

Unless otherwise specified in the accompanying prospectus supplement, CAF will use the net proceeds of the sale of the securities for general corporate purposes.

**RECENT DEVELOPMENTS** 

**Grenada New Associated Shareholder Country** 

On September 3, 2025, Grenada officially completed the process of becoming an associated shareholder country of CAF, subscribing for 352 Series "C" shares for USD 4,998,400.

**Barbados Approved for Transition to Full Member Shareholder Country** 

On September 2, 2025, CAF approved Barbados' transition to full member shareholder status. Once the process is finalized, the country will be able to acquire a Series "A" share, and its Series "C" shares will be converted to Series "B" shares, granting it access to greater resources and a seat on the Board of Directors.

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##### [**Table of Contents**](#toc)
**CAPITALIZATION AND INDEBTEDNESS** 

The following table sets forth CAF's capitalization and indebtedness as of June 30, 2025, and does not give effect to any transaction since that date.

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| | |
|:---|:---|
|  | **As of June 30,<br> 2025(4)** |
|  | **(in USD millions)** |
|  **Total liabilities(1)(3)** | 46441.47 |
|  **Shareholders' equity** | 16456.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscribed and paid-in capital (authorized capital USD 25.0 billion)(2)(4) | 5883.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 4903.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital | 10787.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Reserves** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandatory reserve pursuant to Article 42 of the Constitutive Agreement | 743.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General reserve | 4624.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total reserves | 5367.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Retained earnings** | 302.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 16456.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and shareholders' equity** | 62898.45 |

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(1) Includes deposits, commercial paper, borrowings from other financial institutions, bonds, accrued interest
payable, derivative financial instruments, and accrued expenses and other liabilities.

(2) Authorized capital also includes callable capital of USD 7.0 billion as of June 30, 2025 and
subscribed capital of USD 10.1 billion less callable capital portion of USD 1.9 billion and less capital subscriptions receivable USD 2.3 billion.

(3) Since June 30, 2025, there have been issuances of bonds. See "Supplementary Information
(Unaudited)" as of June 30, 2025, included elsewhere in this prospectus.

(4) See "Recent Developments" for more information on the most recent changes to CAF's capital
since June 30, 2025.

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##### [**Table of Contents**](#toc)
**CAPITAL STRUCTURE** 

**General** 

As of June 30, 2025, CAF's total authorized capital was USD 25.0 billion, of which USD 18.0 billion was ordinary capital shares and USD 7.0 billion was callable capital shares. On March 8, 2022, the Shareholder Assembly approved a general paid-in capital increase for a total amount of USD 7.0 billion. Several bilateral subscription agreements with each shareholder country have already been negotiated and signed. As of June 30, 2025, USD 642.7 million has been paid by the shareholder countries. See "Capital Structure — Paid-in Capital and Unpaid Capital" for recent capital subscriptions as of June 30, 2025.

CAF's shares are divided into Series "A" shares, Series "B" shares and Series "C" shares.

Series "A" shares may be owned only by the full member shareholder countries. Each full member shareholder country owns one Series "A" share, which is held by the government, either directly or through a government-designated social or public purpose institution. Each of the full member shareholder countries owning a Series "A" share is entitled to elect one Director and one Alternate Director to the Board of Directors.

Series "B" shares are currently owned by the full member shareholder countries and are held by the governments either directly or through designated governmental entities, except for certain Series "B" shares constituting approximately 0.05% of CAF's outstanding shares of CAF as of June 30, 2025, which are owned by thirteen private sector financial institutions of certain full member shareholder countries. CAF offered and sold Series "B" shares to private sector financial institutions in 1989 to obtain the benefit of their views in the deliberations of the Board of Directors. As owners of Series "B" shares, the full member shareholder countries collectively are entitled to elect five additional Directors and five additional Alternate Directors through cumulative voting, and the thirteen private sector financial institutions collectively are entitled to elect one Director and one Alternate Director.

Series "C" shares are currently owned by seven associated shareholder countries: Antigua and Barbuda, Bahamas, Barbados, Jamaica, Mexico, Portugal and Spain. CAF makes Series "C" shares available for subscription by countries that are not full member shareholder countries to strengthen relationships between these countries and the full member shareholder countries. Ownership of Series "C" shares by these countries make them eligible to receive loans from CAF. Holders of Series "C" shares collectively are entitled to elect two Directors and two Alternate Directors.

Under the Constitutive Agreement, Series "A" shares may be held by or transferred only to governments or government-designated social or public purpose institutions of full member shareholder countries. Series "B" shares also may be held by or transferred to such entities and, in addition, may be held by or transferred to private entities or individuals in the full member shareholder countries, except that no more than 49% of the Series "B" shares within any country may be held by private entities or individuals. Series "C" shares may be held by or transferred to public or private entities or individuals outside the full member shareholder countries. Unless a shareholder country withdraws, Series "A" and Series "B" shares may only be transferred within such country.

The Constitutive Agreement (i) allows, under certain circumstances, Latin American and Caribbean countries, including those that are currently associated shareholder countries, to own Series "A" shares and become full member shareholder countries, and (ii) includes a formal purpose of supporting sustainable development and economic integration within all of Latin America and the Caribbean, as opposed to within only the Andean region.

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**Process to Become a Full Shareholder Country** 

To become a full member shareholder country, an applicant must fulfill the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subscribe, directly or indirectly, for ownership of a Series "A" share,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange all or any of its callable Series "C" capital shares for Series "B" share
equivalents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet any additional conditions for accession to full member shareholder country status as determined by the
Shareholders Assembly, in its sole discretion (such as the amount of guaranteed capital that the country must subscribe for or the date of the first capital payment), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deposit an instrument of adhesion with the Ministry of Foreign Affairs of Venezuela.

After it has fulfilled the above conditions, an applicant is deemed to have become a full member shareholder country 30 days following a determination of such compliance and fulfillment of all conditions for accession by the Shareholders' Assembly.

**Liquidity Management in Exceptional Situations Program** 

On March 31, 2020, CAF implemented the Support Program for the Liquidity Management in Exceptional Situations (the "Support Program"). The Support Program was formally approved at the Shareholders' Assembly meeting held on March 3, 2020. The Support Program was created to provide shareholder countries with flexibility, resources, and support in the repayment of outstanding debt obligations, particularly for shareholder countries whose economies were expected to be materially and adversely impacted by the COVID-19 pandemic. As such, the Support Program allowed CAF to repurchase outstanding shares of shareholder countries and apply the proceeds to service such country's debt. In order to qualify for the Support Program, shareholders countries were required to have met at least two of the following indicators during at least three consecutive years immediately prior to the Support Program approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a gross domestic product decline of more than 15% per year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual inflation rate above 100%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less than six months of total international reserves of imports of goods and services.

In September 2020, new admissions to the Support Program were terminated as no shareholder country other than Venezuela met the requirements to qualify. Venezuela was the only country admitted. The Support Program has since been discontinued. For further details about its outcome, please refer to the section "Venezuela Loan Portfolio."

**Paid-in Capital and Unpaid Capital** 

As of June 30, 2025, CAF's subscribed paid-in and unpaid capital (excluding callable capital) was USD 8.19 billion, of which USD 5.88 billion was paid-in capital and USD 2.31 billion was unpaid capital. The unpaid capital is receivable in installments according to the agreements subscribed with the shareholder countries. Over the years, CAF has had several increases of subscribed capital.

Since 1990, capital contributions made to CAF (*valor patrimonial*) comprise a premium paid on each Series "B" and Series "C" share purchased and the nominal USD 5,000 per share value established by CAF's Constitutive Agreement. The premium component of such capital contributions is determined at the beginning of each subscription and applies to all payments under that subscription.

Information regarding recent capital subscriptions and annual capital contributions made by shareholder countries as of June 30, 2025, is as follows:

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***Antigua and Barbuda***

In December 2024, Antigua and Barbuda subscribed for an additional USD 14.9 million in Series "C" shares to be paid in one installment, of which it paid USD 14.9 million in 2025.

***Argentina***

In March 2016, Argentina subscribed for an additional USD 572.0 million in Series "B" shares to be paid in seven installments. The final installment was paid in 2023.

In July 2022, Argentina subscribed for an additional USD 807.7 million in Series "B" shares to be paid in ten different annual installments, of which it paid USD 5.0 million in 2023 and USD 97.4 million in 2024.

***Bahamas***

In April 2024, Bahamas subscribed for an additional USD 50.0 million in Series "C" shares to be paid in two different annual installments, of which it paid USD 25.0 million in 2024.

***Barbados***

In November 2023, Barbados subscribed for an additional USD 50.0 million in Series "C" shares to be paid in three different annual installments, of which it paid USD 16.7 million in 2023 and USD 16.7 million in 2024.

***Bolivia***

In October 2009, Bolivia subscribed for an additional USD 105.0 million in Series "B" shares, to be paid in eight installments. The final installment was paid in 2017.

In March 2016, Bolivia subscribed for an additional USD 190.0 million in Series "B" shares, to be paid in six installments. The final installment was paid in 2022.

In July 2022, Bolivia subscribed for an additional USD 269.2 million in Series "B" shares, to be paid in eight different annual installments, of which it paid USD 25.0 million in 2023.

***Brazil***

In July 2017, Brazil subscribed for an additional USD 572.0 million in Series "B" shares, to be paid in eight different annual installments. Brazil paid USD 20.1 million in 2018, and the installment schedule was modified beginning in 2019, under which it paid USD 45.0 million in 2020, USD 26.2 million in 2021, USD 124.8 million in 2022, USD 178.0 million in 2023, USD 75.0 million in 2024, and USD 28.2 million in 2025.

***Chile***

In June 2022, Chile subscribed for an additional USD 1,457.8 million in Series "C" shares, to be paid in fourteen different annual installments, of which it paid USD 132.0 million in 2023 and USD 101.9 million in 2024.

In June 2022, Chile subscribed for USD 122.0 million in callable capital.

In March 2023, Chile became a full member shareholder country after fulfilling all the necessary conditions and obtaining all necessary approvals, converting its Series "C" shares to Series "B" shares, and acquiring a Series "A" share for USD 1.2 million.

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***Colombia***

In June 2012, Colombia subscribed for an additional USD 210.0 million in Series "B" shares to be paid in three installments. The final installment was paid in 2018.

In July 2016, Colombia subscribed for an additional USD 572.0 million in Series "B" shares, which were paid in full in eight different annual installments. The payments were made as follows: USD 5.0 million in 2017, USD 5.0 million in 2018, and USD 93.7 million each year from 2019 to 2024, with the final installment paid in 2024.

In July 2022, Colombia subscribed for an additional USD 807.7 million in Series "B" shares to be paid in ten different annual installments, of which it paid USD 3.0 million in 2023, and USD 14.0 million in 2024.

***Costa Rica***

In September 2019, Costa Rica subscribed for USD 110.0 million in Series "C" shares, which it paid in full in 2019.

In July 2022, Costa Rica subscribed for an additional USD 303.3 million in Series "C" shares, to be paid in five different annual installments, of which it paid USD 62.5 million in 2024.

In November 2024, Costa Rica became a full member shareholder country after fulfilling all necessary conditions and approvals, including converting its Series "C" shares to Series "B" shares and acquiring a Series "A" share for USD 1.2 million.

***Dominican Republic***

In February 2016, the Dominican Republic subscribed for an additional USD 50.0 million in Series "C" shares, to be paid in four installments. The final installment was paid in 2020.

In December 2021, the Dominican Republic subscribed for an additional USD 310.1 million in Series "C" shares to be paid in six different annual installments starting in 2022, of which it paid USD 46.0 million in 2022, USD 48.0 million in 2023, and USD 50.0 million in 2024.

In October 2023, the Dominican Republic became a full member shareholder country. Its Series "C" shares were exchanged into Series "B" shares and it acquired a Series "A" share for USD 1.2 million.

***Ecuador***

In June 2016, Ecuador subscribed for an additional USD 190.0 million in Series "B" shares, to be paid in six installments. The final installment was paid in 2020.

In July 2022, Ecuador subscribed for an additional USD 269.2 million in Series "B" shares to be paid in eleven different annual installments starting in 2022, of which it paid USD 53.8 million in 2022, USD 22.1 million in 2023 and USD 21.9 million in 2024.

***El Salvador***

In December 2021, El Salvador began its process to become a full member shareholder country, subscribed for USD 460.0 million in Series "B" shares to be paid in seven different annual installments, of which it paid USD 65.7 million in 2022, USD 65.7 million in 2023, and USD 65.7 million in 2024.

In December 2021, El Salvador subscribed for USD 36.0 million in callable capital.

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In July 2022, El Salvador became a full member shareholder country after fulfilling all the necessary conditions and obtaining the required approvals, including the acquisition of a Series "A" share for USD 1.2 million.

***Honduras***

In July 2022, Honduras subscribed for USD 460.0 million in Series "B" shares to be paid in eight different annual installments starting in 2023, of which it paid USD 38.2 million in 2023 and USD 42.0 million in 2024.

On October 15, 2023, Honduras became a full member shareholder country, and acquired a Series "A" share for USD 1.2 million.

***Panama***

In February 2016, Panama subscribed for an additional USD 190.0 million in Series "B" shares, to be paid in six installments beginning in 2017. The final installment was paid in 2022.

In October 2022, Panama subscribed for an additional USD 269.2 million in Series "B" shares, to be paid in eight different annual installments, of which it paid USD 25.0 million in 2023, and USD 28.8 million in 2025.

***Paraguay***

In March 2016, Paraguay subscribed for an additional USD 190.0 million in Series "B" shares, to be paid in six installments. The final installment was paid in 2022.

In March 2022, Paraguay subscribed for an additional USD 269.2 million in Series "B" shares, to be paid in eight different annual installments, of which it paid USD 14.2 million in 2023 and USD 19.5 million in 2024.

***Peru***

In March 2016, Peru subscribed for an additional USD 572.0 million in Series "B" shares, to be paid in eight installments. The final installment was paid in 2022.

In June 2023, Peru subscribed for an additional USD 807.7 million in Series "B" shares, to be paid in eight different annual installments, of which it paid USD 60.0 million in 2024.

***Portugal***

In December 2017, Portugal subscribed for USD 6.4 million in Series "C" shares to be paid in three equal installments. The final installment was paid in 2019.

***Spain***

In December 2017, Spain subscribed for an additional USD 173.2 million of paid-in capital to be paid in five installments. The final installment was paid in 2021.

In September 2023, Spain subscribed for an additional USD 302.0 million in Series "C" shares, to be paid in four different annual installments, of which it paid USD 152.1 million in 2024, and USD 57.1 million in 2025.

***Trinidad and Tobago***

In December 2018, Trinidad and Tobago subscribed for an additional USD 190.0 million of paid-in capital to be paid in eight different annual installments, of which it paid USD 20.0 million in 2019, USD 20.0 million in 2020, USD 25.0 million in 2021, USD 31.2 million in 2022, USD 31.2 million in 2024, and USD 31.2 million in 2025.

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In July 2022, Trinidad and Tobago subscribed for an additional USD 269.2 million of paid-in capital to be paid in eight different annual installments, of which it paid USD 5.0 million in 2024, and USD 5.0 million in 2025.

***Uruguay***

In March 2016, Uruguay subscribed for an additional USD 190.0 million in Series "B" shares, to be paid in six different annual installments. The final installment was paid in 2022.

In June 2024, Uruguay subscribed for an additional USD 269.2 million in Series "B" shares, to be paid in eight different annual installments, beginning in 2025.

***Venezuela***

In August 2009, Venezuela subscribed for an additional USD 380.0 million in Series "B" shares to be paid in eight installments. In December 2016, the agreement was amended to provide for payment in nine installments.

Venezuela had paid a total of USD 268.2 million as of September 30, 2017. In March 2018, the agreement was amended to provide for payment in three installments, with the final installment scheduled to be paid in 2020. As of June 30, 2025, USD 111.8 million to be paid under the agreement, as amended in March 2018, are past due. CAF has not approved any new loans to Venezuela since 2018.

In March 2016 and May 2016, Venezuela subscribed for an additional USD 572.0 million in Series "B" shares. On March 2018, the agreement was amended to provide for payment in eight annual installments, with the final installment scheduled to be paid in 2025. As of June 30, 2025, USD 572.0 million to be paid under the agreement, as amended on March 2018, was past due.

On March 31, 2020, CAF implemented the Support Program for liquidity management in exceptional situations, following formal approval by the Shareholders' Assembly on March 3, 2020. The Support Program was created in order to provide shareholder countries with flexibility, resources, and support in the repayment of outstanding debt obligations, particularly for shareholder countries whose economies were expected to be materially and adversely impacted by the COVID-19 pandemic. The Support Program allowed CAF to repurchase the shares of a shareholder country that fulfilled the requirements of the Support Program and apply the proceeds to that country's debt service. CAF notified Venezuela that it had fulfilled the requirements, and Venezuela was admitted to the Support Program in 2020. From the inception of the Support Program until July 4, 2024, CAF repurchased a total of 168,573 shares totaling USD 2,393.74 million (comprised of USD 842.87 million of paid-in capital and USD 1,550.87 million of additional paid-in capital) and applied this amount to repay due and overdue amounts of principal, interests, and fees. The Support Program was completed in July 2024, and as of June 30, 2025, Venezuela holds 105 Series "B" shares and one Series "A" share.

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The following table sets out the nominal value of CAF's subscribed paid-in capital and unpaid capital as of June 30, 2025:

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| | | |
|:---|:---|:---|
| **Shareholders** | **Paid-in Capital** | **Unpaid Capital** |
|  | **(in USD thousands)** | **(in USD thousands)** |
|  **Series "A" Shares:** |  |  |
|  Argentina | 1200 |  |
|  Bolivia | 1200 |  |
|  Brazil | 1200 |  |
|  Chile | 1200 |  |
|  Colombia | 1200 |  |
|  Costa Rica | 1200 |  |
|  Dominican Republic | 1200 |  |
|  Ecuador | 1200 |  |
|  El Salvador | 1200 |  |
|  Honduras | 1200 |  |
|  Panama | 1200 |  |
|  Paraguay | 1200 |  |
|  Peru | 1200 |  |
|  Trinidad and Tobago | 1200 |  |
|  Uruguay | 1200 |  |
|  Venezuela | 1200 |  |
|  **Series "B" Shares:** |  |  |
|  Argentina | 693660 | 248360 |
|  Bolivia | 332775 | 86000 |
|  Brazil | 614380 | 26335 |
|  Chile | 110090 | 430910 |
|  Colombia | 1087995 | 278410 |
|  Costa Rica | 77195 | 84790 |
|  Dominican Republic | 103495 | 58490 |
|  Ecuador | 359935 | 60445 |
|  El Salvador | 69420 | 92565 |
|  Honduras | 28245 | 133740 |
|  Panama | 220095 | 75845 |
|  Paraguay | 210585 | 82955 |
|  Peru | 1105305 | 263270 |
|  Trinidad and Tobago | 176705 | 102290 |
|  Uruguay | 207300 |  |
|  Venezuela | 525 | 240780 |
|  Commercial Banks | 2750 | 190 |
|  **Series "C" Shares:** |  |  |
|  Antigua and Barbuda | 5280 |  |
|  Bahamas | 8805 | 8800 |
|  Barbados | 29350 | 5870 |
|  Jamaica | 910 |  |
|  Mexico | 76835 |  |
|  Portugal | 9600 |  |
|  Spain | 333370 | 32665 |
|  **Total** | **5883805** | **2312710** |

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**Reserves** 

Article 42 of the Constitutive Agreement requires that at least 10% of CAF's net income in each year be allocated to a mandatory reserve until that reserve amounts to 50% of subscribed capital. The mandatory reserve can be used only to offset losses. The mandatory reserve is an accounting reserve. CAF also maintains a general reserve to cover contingent events and as a source of funding of last resort in the event of temporary illiquidity or when funding in the international markets is not available or impractical.

As of June 30, 2025, CAF's reserves totaled USD 5.4 billion. At such date, the mandatory reserve pursuant to Article 42 of the Constitutive Agreement amounted to USD 0.7 billion, or 9.1%, of subscribed paid-in and capital subscriptions receivable, and the general reserve amounted to USD 4.6 billion.

**Callable Capital** 

In addition to CAF's subscribed paid-in and un-paid capital, CAF's shareholder countries have subscribed for callable capital totaling USD 1.9 billion as of June 30, 2025. CAF's callable capital may be called by the Board of Directors to meet the obligations of CAF only to the extent that CAF is unable to meet such obligations with its own resources. For further information regarding subscribed callable capital, see Note 15 ("*Shareholders' Equity*") to CAF's audited financial statements included elsewhere in this prospectus.

The Constitutive Agreement provides that the obligation of CAF's shareholder countries to pay for the shares of callable capital, upon demand by the Board of Directors, continues until such callable capital is paid in full. Thus, CAF considers the obligations of shareholder countries to pay for their respective callable capital subscriptions to be binding obligations backed by the full faith and credit of the respective governments. If the callable capital were to be called, the Constitutive Agreement requires that the call be prorated among CAF's shareholder countries in proportion to their shareholdings.

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**SELECTED FINANCIAL INFORMATION** 

The following selected financial information as of and for the years ended December 31, 2024, 2023, and 2022 has been derived from the audited financial statements of CAF for those periods, which are included elsewhere in this prospectus. CAF's financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The following selected financial information as of and for the six-month periods ended June 30, 2025 and 2024 (balance sheet as of June 30, 2024 not included therein) has been derived from CAF's unaudited condensed interim financial information included elsewhere in this prospectus and includes all adjustments, consisting of normal recurring adjustments, that CAF considers necessary for a fair presentation of its financial position at such dates and CAF's results of operations for such periods. The results of the six-month period ended June 30, 2025, are not necessarily indicative of results to be expected for the full year. The selected financial information should be read in conjunction with CAF's audited financial statements and notes thereto, CAF's unaudited condensed interim financial information and the notes thereto and the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," included elsewhere in this prospectus.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024** | **2023** | **2022** | **2025** | **2024** |
|  | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* |
|  **Statements of Income** |  |  |  |  |  |
|  Interest income | 3568555 | 3302423 | 1315283 | 1684505 | 1821993 |
|  Interest expense | 2539867 | 2199286 | 854733 | 1153571 | 1280714 |
|  Net interest income | 1028688 | 1103137 | 460550 | 530934 | 541279 |
|  Provision (credit) for loan losses | 41929 | 439 | (3287) | (17023) | (7285) |
|  Net interest income after provision (credit) for loan losses | 986759 | 1102698 | 463837 | 547957 | 548564 |
|  Non-interest income | 20413 | 58286 | 18941 | 18281 | 20387 |
|  Non-interest expenses | 253074 | 210797 | 203614 | 120869 | 116263 |
|  Income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds | 754098 | 950187 | 279164 | 445369 | 452688 |
|  Unrealized changes in fair value related to other financial instruments | 402 | (20139) | (21195) | (15376) | (3183) |
|  Income before contributions to Shareholders' Special Funds, net | 754500 | 930048 | 257969 | 429993 | 449505 |
|  Contributions to Shareholders' Special Funds | 138000 | 120000 | 89000 | 127828 | 77801 |
|  **Net income** | **616500** | **810048** | **168969** | **302165** | **371704** |
|  **Summarized Balance Sheet Data (end of period)** |  |  |  |  |  |
|  Total assets | 56459953 | 53814263 | 50376742 | 62898449 | 57139075 |
|  Total liabilities | 40470580 | 39084543 | 36657425 | 46441466 | 41984203 |
|  Total shareholders' equity | 15989373 | 14729720 | 13719317 | 16456983 | 15154872 |
|  **Total liabilities and shareholders' equity** | **56459953** | **53814263** | **50376742** | **62898449** | **57139075** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024** | **2023** | **2022** | **2025** | **2024** |
|  | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* | *(in USD thousands, except ratios)* |
|  **Loan Portfolio and Equity Investments** |  |  |  |  |  |
|  Loans before allowance for loan losses and loan commissions, net of origination cost | 33835802 | 33479085 | 30622324 | 36221334 | 33018795 |
|  Allowance for loan losses | 84757 | 56913 | 63192 | 82540 | 49702 |
|  Equity investments | 399765 | 392184 | 381779 | 414904 | 396463 |
|  **Selected Financial Ratios** |  |  |  |  |  |
|  Adjusted return on average total shareholders' equity(1) | 4.91% | 6.68% | 2.07% | 5.64% | 6.22% |
|  Adjusted return on average paid-in capital(2) | 13.20% | 17.08% | 5.09% | 15.49% | 16.28% |
|  Adjusted return on average assets(3) | 1.37% | 1.82% | 0.57% | 1.48% | 1.67% |
|  Administrative expenses divided by average assets | 0.40% | 0.39% | 0.36% | 0.37% | 0.38% |
|  Overdue loan principal as a percentage of loan portfolio (excluding non-accrual loans) | 0.01% | 0.00% | 0.00% | 0.00% | 0.01% |
|  Non-accrual loans as a percentage of loan portfolio | 5.84% | 0.15% | 0.35% | 5.35% | 0.15% |
|  Allowance for loan losses as a percentage of loan portfolio | 0.25% | 0.17% | 0.21% | 0.23% | 0.15% |

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(1) Calculated as income before unrealized changes in fair value related to financial instruments and Contributions
to Shareholders' Special Funds divided by annual average total shareholders' equity. Annual average total shareholders' equity is computed as the arithmetic average of total shareholders' equity as of the beginning and the
end of each period. Data for interim periods has been annualized.

(2) Calculated as income before unrealized changes in fair value related to financial instruments and Contributions
to Shareholders' Special Funds divided by annual average subscribed and paid-in capital. Annual average subscribed and paid-in capital is computed as the
arithmetic average of subscribed and paid-in capital as of the beginning and the end of each period. Data for interim periods has been annualized.

(3) Calculated as income before unrealized changes in fair value related to financial instruments and Contributions
to Shareholders' Special Funds divided by annual average assets. Annual average assets is computed as the arithmetic average of total assets as of the beginning and the end of each period. Data for interim periods has been annualized.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF** 

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

The following discussion should be read in conjunction with CAF's audited financial statements and notes thereto and the unaudited condensed interim financial information and the notes thereto, which are included elsewhere in this prospectus.

**Market Overview and Portfolio Trends** 

During the last year, important global developments have occurred, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• moderate economic growth in Latin America, reflecting ongoing structural challenges and external headwinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• elevated funding costs for sovereign and corporate issuers amid persistently high global interest rates and more
stringent financial conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• despite ongoing inflationary pressures, external financing constraints, and shifts in global risk appetite
affecting Latin American economies; rising geopolitical risks, including uncertainty surrounding U.S. policy on trade and sanctions, as well as broader global conflicts impacting commodity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing trade uncertainty, as shifting global supply chains and discussions on tariffs and trade policies
influence Latin America's export dynamics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deteriorating fiscal balances and debt sustainability concerns in several Latin American countries, driven by
rising public debt levels, elevated interest costs, and increasing fiscal deficits.

Over the past three years CAF's loan portfolio has grown as a result of its strategy to expand its shareholder base in Central America and the Caribbean while maintaining its capitalization ratios. This expansion has been driven primarily by additional paid-in capital contributions from several existing shareholder countries, as well as the issuance of shares to new shareholder countries. These two main drivers have led to loan portfolio growth of 1.0% in 2024, 9.3% in 2023, and 3.5% in 2022.

As of June 30, 2025, CAF's loan portfolio was distributed by country as follows:

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| | |
|:---|:---|
|  Argentina | 13.1% |
|  Ecuador | 12.2% |
|  Brazil | 12.0% |
|  Colombia | 10.8% |
|  Bolivia | 8.4% |
|  Paraguay | 7.2% |
|  Panama | 6.8% |
|  Venezuela | 5.3% |
|  Peru | 4.7% |
|  Uruguay | 4.7% |
|  Trinidad and Tobago | 3.7% |
|  Mexico | 3.6% |
|  Chile | 2.7% |
|  El Salvador | 1.8% |
|  Costa Rica | 1.3% |
|  Dominican Republic | 1.2% |
|  Barbados | 0.5% |

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As of December 31, 2024, CAF's loan portfolio was distributed by country as follows:

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| | |
|:---|:---|
|  Argentina | 14.3% |
|  Ecuador | 12.4% |
|  Colombia | 11.9% |
|  Brazil | 9.5% |
|  Bolivia | 8.2% |
|  Panama | 7.7% |
|  Paraguay | 7.3% |
|  Venezuela | 5.7% |
|  Peru | 5.2% |
|  Uruguay | 4.8% |
|  Trinidad & Tobago | 4.0% |
|  Mexico | 3.1% |
|  Costa Rica | 1.4% |
|  El Salvador | 1.4% |
|  Dominican Republic | 1.3% |
|  Chile | 1.2% |
|  Barbados | 0.6% |

---

Notwithstanding the increasing presence of other state-sponsored development banks in the regions in which CAF operates, CAF does not expect that the growth of its loan portfolio will be materially affected by the activities of other development banks in these regions, since the financing needs of its shareholder countries exceed the current supply of lending resources. CAF believes that the activities of other development banks in the regions in which it operates are complementary to its lending operations.

**Venezuela-Related Sanctions of the United States** 

The Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") administers sanctions in respect of the Government of Venezuela and certain Venezuelan-related individuals and entities, including certain Venezuelan government officials. CAF is not a U.S. Person (as defined by the laws and regulations administered by OFAC, 31 CFR Parts 500-598) and has not been sanctioned; however, the following discussion of the current sanctions administered by OFAC is included because Venezuela is a member shareholder country and minority shareholder of CAF, with which CAF has had transactional activity, including loans to Venezuela.

With regard to any individual or entity who has been added to OFAC's list of Specially Designated Nationals and Blocked Persons ("SDN List") under Venezuela-related sanctions, U.S. persons may not make to such listed persons, or receive from such listed persons, any contribution or provision of funds, goods, or services, or otherwise deal in property or interests in property of such persons. The OFAC-administered sanctions also prohibit, among other things and with certain limited exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions by a U.S. person or within the United States relating to new debt with a maturity greater than
30 days or new equity of the Government of Venezuela, bonds issued by the Government of Venezuela prior to August 25, 2017, and dividend payments or other distributions of profits to the Government of Venezuela from its controlled entities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct or indirect purchases by a U.S. person or within the United States of securities from the Government
of Venezuela (other than new debt with a maturity of 30 days or less).

For purposes of these sanctions, certain amendments to outstanding debt of the Government of Venezuela, such as an extension of the maturity date, could be considered a "new debt" or other prohibited extension of credit. Unless otherwise specified in the relevant prospectus supplement, CAF will use the net proceeds of

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securities issued under the Registration Statement to fund its lending operations. CAF will not earmark the proceeds of particular issuances of securities to fund specific loan commitments or purchase specific investments. Accordingly, CAF believes that purchasers of securities will not acquire a direct or indirect interest in CAF's loans to Venezuela, or any other specific assets of CAF, for purposes of the OFAC sanctions.

Although Venezuela is a member shareholder country and minority shareholder of CAF and two Venezuelan nationals designated by Venezuela serve as directors on the Board of Directors, neither the Government of Venezuela nor any member of the Board of Directors (whether or not a Venezuelan national) exercises control over CAF, has any operational or management role in CAF, or has any authority to negotiate on behalf of CAF or make binding commitments on behalf of CAF. In addition, CAF has implemented a robust business continuity plan that allows all of CAF's operations to be conducted simultaneously from multiple country offices, which CAF believes ensures operational resilience in the event of unexpected disruptions in any specific location, including CAF's office in Caracas.

Although CAF generally is not required to comply with the OFAC sanctions outlined above because CAF is not a U.S. person and does not generally operate in or from the United States, CAF also transacts in the ordinary course with various commercial counterparties in the United States that are required to comply with OFAC sanctions. Some of these U.S. counterparties may serve as correspondent banks or as other intermediaries with potential involvement in funds flows in respect of CAF's loan operations, including CAF's loans to the Government of Venezuela, and to the extent that they are so involved, would be required to comply with the Venezuela-related sanctions of the United States. In addition, U.S. persons may purchase CAF's debt securities. CAF has been monitoring and will continue to monitor OFAC sanctions and restrictions thereunder as applied to U.S. persons, as well as potential sanctions that may be imposed by authorities in other jurisdictions in the future, including the European Union and the United Kingdom, insofar as such sanctions and restrictions may have an effect on CAF's business and operations.

The OFAC sanctions on Venezuela, and any additional sanctions that may be imposed in the future, could make it more difficult for Venezuela to service or renegotiate its outstanding debt, including its outstanding loans from CAF.

In light of the November 2017 downgrade in Venezuela's long-term foreign ratings by Standard & Poor's ("S&P") to selective default from CC and by Fitch Ratings, Inc. to restricted default from C, CAF increased its provisions for loan losses with respect to loans made to Venezuela to USD 28.3 million as of March 31, 2019, from the USD 19.8 million reported in September 2017. The provision for loan losses for Venezuela as of June 30, 2025, was USD 52.9 million, unchanged from December 31, 2024. As of the date of this prospectus, the provision for loan losses for Venezuela is USD 59.3 million. See Note 2(h) ("*Basis of Presentation and Significant Accounting Policies — Loans*") and Note 6 ("*Loans*") to CAF's audited financial statements, and Note 5 ("*Loans*") to CAF's unaudited condensed interim financial information, included elsewhere in this prospectus for further information regarding allowance for loan loss calculations.

On December 29, 2017, CAF granted to the Central Bank of Venezuela a credit facility in a total amount of USD 400.0 million. As of September 30, 2018, the credit facility was disbursed in full. On December 14, 2018, CAF granted to the Central Bank of Venezuela a credit facility in a total amount of USD 500.0 million. As of December 31, 2019, the credit facility was disbursed in full.

On January 25, 2019, President Trump signed an Executive Order amending prior economic sanctions targeting the Maduro government, and on January 28, 2019, Petróleos de Venezuela S.A. ("PDVSA") and certain of its affiliates were designated under Executive Order 13850 and added to the SDN List.

CAF does not have direct lending relationships with PDVSA or its subsidiaries. The sanctions on PDVSA and its affiliates, however, may adversely affect the ability of the Maduro government to receive payment for PDVSA's production and sale of oil and related products and may therefore adversely affect macroeconomic conditions in Venezuela. As a result, Venezuela may find it more difficult to service its outstanding debt, including its outstanding loans from CAF.

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On March 22, 2019, OFAC designated the Economic and Social Development Bank of Venezuela ("BANDES") under Executive Order 13850 for operating in the financial sector of the Venezuelan economy and added it to the SDN List. As a result of that designation, all property and interests in property of BANDES, including any entity that is owned, directly or indirectly, 50% or more by BANDES, located in the United States or in the possession or control of U.S. persons, are blocked and must be reported to OFAC by persons subject to OFAC jurisdiction. As of June 30, 2025, BANDES holds Series "B" shares of CAF and holds approximately 0.0043% of CAF's equity. The designation of BANDES therefore does not extend to CAF. Moreover, CAF is not a U.S. person and, therefore, the current sanctions regulations do not prevent CAF from engaging in transactions or dealings with BANDES that occur outside of U.S. jurisdiction. CAF continues to maintain a control framework aimed at verifying its counterparties against OFAC's SDN List and other applicable sanctions lists.

On April 17, 2019, OFAC designated the Central Bank of Venezuela under Executive Order 13850 for operating in the financial sector of the Venezuelan economy and added it to the SDN List. At the same time, OFAC issued General License 20, which authorizes certain transactions and activities that are for the official business of certain international organizations, including CAF. OFAC has since issued the Venezuela Sanctions Regulations, 31 CFR part 591 ("VSR"), and has included an authorization for the conduct of the official business of CAF and other international organizations and entities, at 31 CFR § 591.510 (Official business of certain international organizations and entities). This provision of the VSR authorizes CAF to conduct transactions and activities involving the Central Bank of Venezuela to the extent they are subject to U.S. jurisdiction and are for CAF's official business, subject to the terms of the authorization. Accordingly, the designation of the Central Bank of Venezuela has not had a material impact on CAF or its relationship with the Central Bank of Venezuela.

On August 5, 2019, President Donald Trump signed Executive Order 13884, which blocks all property and interests in property of the Government of Venezuela that are in or come within the United States or the possession or control of a U.S. person. For purposes of the Executive Order, the term "Government of Venezuela" is defined to include, among others, any person who has acted or purported to act directly or indirectly for or on behalf of the Government of Venezuela or of any political subdivision, agency, or instrumentality thereof, including the Central Bank of Venezuela. The CAF directors appointed by Venezuela as a Series "A" shareholders and by BANDES as a Series "B" shareholders may be considered to fall within the definition of "Government of Venezuela" in the Executive Order. The authorization at 31 CFR § 591.510 of the VSR (Official business of certain international organizations and entities), however, by its terms does not authorize transactions or dealings with any person other than the Central Bank of Venezuela whose property and interests in property are blocked under Executive Order 13850. Nevertheless, CAF has not observed any material adverse effects on CAF following the issuance of Executive Order 13884. CAF does not anticipate that the blocking of the Government of Venezuela will have a material adverse effect on CAF in the future.

When appropriate, CAF consults with OFAC regarding its activities related to Venezuela and believes that CAF is in compliance with U.S. sanctions, to the extent CAF is subject to U.S. jurisdiction. CAF understands that any repurchase of securities of Venezuela under the Support Program should not be affected by sanctions or risk direct or indirect violations of sanctions. Should the repurchase of shares of Venezuela under the Support Program be considered subject to U.S. jurisdiction, CAF believes that the authorization at 31 CFR §591.510 of the VSR (Official business of certain international organizations and entities) may be available to authorize such activity. CAF has also implemented measures to segregate its U.S. Dollar treasury, including funds from the offering, from funds used for distributions to Venezuela, which distributions are made only in non-U.S. currencies. CAF does not source any funds for distribution to Venezuela through any transactions involving U.S. persons, so CAF does not believe that the purchasers of the securities that may be offered by CAF under the Registration Statement and the applicable prospectus supplement face the risk of violating U.S. sanctions as a result of such purchases. CAF has not observed any material adverse effects on CAF following the issuance of Executive Order 13884. CAF does not anticipate that the blocking of the Government of Venezuela will have a material adverse effect on CAF in the future.

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**Venezuela Loan Portfolio** 

On March 31, 2020, following formal approval by the Shareholders' Assembly, CAF implemented the Support Program. The Support Program allowed CAF to repurchase the shares of a shareholder country that fulfilled the requirements and to apply the proceeds to that country's outstanding loans that were already due or overdue. The time frame to apply to the Support Program was six months. The only shareholder country that met the necessary requirements to apply to the Support Program was Venezuela. As part of the Support Program, Venezuela maintained its representation on the Board of Directors but was not allowed to have any new loans approved. From the inception of the Support Program until July 4, 2024, CAF repurchased a total of 168,573 shares totaling USD 2,393.74 million (comprised of USD 842.87 million of paid-in capital and USD 1,550.87 million of additional paid-in capital) and applied this amount to repay due and overdue amounts of principal, interests, and fees. The Support Program was completed in July 2024, and, as of the date of this prospectus, Venezuela currently holds 105 Series "B" shares and one Series "A" share.

As of December 31, 2024, the total amount of delayed payments for operations in Venezuela amounted to USD 287.7 million, including interest. In accordance with CAF´s policies, a loan is considered to be in non-accrual status when a payment is more than 180 days overdue in the case of public sector loans. As of June 30, 2025, and December 31, 2024, all outstanding loans with Venezuela amounting to USD 1,939.3 million were placed in non-accrual status. Additionally, as of December 31, 2024, uncollected interest and commissions amounting to USD 92.2 million were reversed, and the related individually assessed allowance for credit losses was USD 52.9 million.

As of June 30, 2025, the total amount of delayed payments for operations in Venezuela amounted to USD 551.4 million including interest. Uncollected interest and commissions amounted to USD 59.3 million and the related individually assessed allowance for credit losses was USD 52.9 million. Additionally, as of June 30, 2025, overdue interest amounted to USD 8.6 million. As of the date of this prospectus, the related individually assessed allowance for credit losses is USD 59.3 million.

CAF expects to collect all amounts due, including interest and fees. Venezuela is one of the founding shareholders of CAF and has reiterated its commitment and its intention to undertake payments. CAF's management monitors its credit exposure periodically.

**Critical Accounting Policies** 

***General***

CAF's financial statements are prepared in accordance with U.S. GAAP, which requires it, in some cases, to use estimates and assumptions that may affect its reported results and disclosures. CAF describes its significant accounting policies in Note 2 ("*Basis of Presentation and Significant Accounting Policies*") to its audited financial statements included elsewhere in this prospectus. Some of the more significant accounting policies it uses to present its financial results involve the use of accounting estimates that it considers to be critical because they require: (1) significant management judgment and assumptions about matters that are complex and inherently uncertain; and (2) the use of a different estimate or a change in estimate could have a material impact on CAF's reported results of operations or financial condition. Specifically, the estimates CAF uses to determine the allowance for loan losses are critical accounting estimates.

Additionally, other important estimates related to the preparation of CAF's financial statements are those related to revenue recognition and the valuation and classification at fair values of financial instruments. The fair values for some financial assets and liabilities recorded in CAF's financial statements are determined according to the procedures established by the accounting pronouncement ASC 820. As of the date of this prospectus, CAF has not changed or reclassified any asset or liability from one level to another pursuant to the hierarchy reflected in ASC 820, thereby maintaining consistency in the application of accounting principles in this matter.

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**Statements of Income** 

***Interest Income***

*Six Months Ended June 30, 2025 and 2024.* For the six-month period ended June 30, 2025, CAF's interest income was USD 1,684.5 million, representing a decrease of USD 137.5 million, or 7.5%, compared to interest income of USD 1,822.0 million for the corresponding period in 2024. This decrease was primarily driven by a reduction in interest income from loans, which fell by USD 185.2 million, or 14.6%, mainly due to lower interest rates. Interest rates charged on loans accruing interest based on the six-month Secured Overnight Financing Rate ("Term SOFR") and the spread differential were lower in the first six months of 2025 compared to the corresponding period in 2024, averaging 4.21% and 5.25%, respectively.

*2024, 2023 and 2022.* For the year ended December 31, 2024, CAF's interest income was USD 3,568.5 million, representing an increase of USD 266.1 million, or 8.1%, compared to interest income of USD 3,302.4 million for the corresponding period in 2023. This increase was primarily driven by a 36.9% growth in marketable securities, which resulted in an additional USD 160.3 million in interest income compared to 2023, and a 1.0% growth in CAF's loan portfolio, which resulted in an additional USD 97.1 million compared to 2023. Interest rates on loans accruing interest based on Term SOFR and the spread differential were slightly lower in 2024 compared to 2023, averaging 4.92% in 2024 and 5.22% in 2023. Interest income for the year ended December 31, 2023 was USD 3,302.4 million, representing an increase of USD 1,987.1 million, or 151.1%, compared to interest income of USD 1,315.3 million for the year ended December 31, 2022. This increase resulted primarily from higher interest rates charged on loans that accrue interest based on six-month Term SOFR and the spread differential, an 8.92% growth in CAF's loan portfolio, and an increase in investment income from the liquidity portfolio during 2023. Average market interest rates were higher during 2023, when six-month Term SOFR averaged 5.22%, than in 2022, when six-month Term SOFR averaged 2.52%.

***Interest Expense***

*Six Months Ended June 30, 2025 and 2024*. For the six-month period ended June 30, 2025, CAF's interest expense was USD 1,153.6 million, representing a decrease of USD 127.1 million, or 9.9%, compared to interest expense of USD 1,280.7 million for the corresponding period in 2024. This decrease was primarily driven by a reduction in interest expense on bonds (USD 78.5 million), commercial papers (USD 35.5 million), and borrowings from other financial institutions (USD 11.7 million), compared to the corresponding period in 2024. Average market interest rates were lower during the first six months of 2025, with Term SOFR averaging 4.21%, compared to 5.25% in the corresponding period of 2024.

*2024, 2023 and 2022.* For the year ended December 31, 2024, CAF's interest expense was USD 2,539.9 million, representing an increase of USD 340.6 million, or 15.5%, compared to interest expense of USD 2,199.3 million for the corresponding period in 2023. This increase was primarily driven by a 10.7% increase in CAF's bond portfolio, which led to a USD 316.0 million increase in interest expense on bonds, from USD 1,640.1 million in 2023 to USD 1,956.1 million during 2024. Interest expense on deposits also increased by USD 19.4 million, or 11.5%, from 2023 to 2024. Average market interest rates were slightly lower during 2024, with six-month Term SOFR averaging 4.92% in 2024, compared to 5.22% in 2023. Interest expense for the year ended December 31, 2023 was USD 2,199.3 million, representing an increase of USD 1,344.6 million, or 157.3%, compared to interest expense of USD 854.7 million for the corresponding period in 2022. This increase resulted from higher overall funding costs due to the increase in six-month Term SOFR and the spread differential. Average market interest rates were higher during 2023, when six-month Term SOFR averaged 5.22%, than in 2022, when six-month Term SOFR averaged 2.52%.

***Net Interest Income***

*Six Months Ended June 30, 2025 and 2024.* For the six-month period ended June 30, 2025, CAF's net interest income was USD 530.9 million, representing a slight decrease of USD 10.4 million, or 1.9%, compared

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to net interest income of USD 541.3 million for the corresponding period in 2024. Both interest income and interest expense declined in line with lower average market interest rates. However, the decrease in interest income slightly outpaced the reduction in interest expense, leading to a modest decline in net interest income of 1.9% year-on-year. As a result, CAF's net interest margin narrowed to 1.88% for the period, compared to 2.12% in the same period of 2024.

*2024, 2023 and 2022.* For the year ended December 31, 2024, CAF's net interest income was USD 1,028.7 million, representing a decrease of USD 74.4 million, or 6.7%, compared to net interest income of USD 1,103.1 million for the corresponding period in 2023. This decrease was due to higher interest expenses (15.5%) relative to interest income (8.1%). While CAF's loan and investment portfolios continued to generate higher interest revenue, the increase in funding costs outpaced growth. Despite a slight decline in average market rates (4.92% in 2024 compared to 5.22% in 2023), higher funding volumes contributed to rising interest expenses, leading to margin compression. The net interest income margin was 1.97% in 2024, compared to 2.38% in 2023. For the year ended December 31, 2023, CAF's net interest income was USD 1,103.1 million, representing an increase of USD 642.5 million, or 139.5%, compared to net interest income of USD 460.6 million for the year ended December 31, 2022. This increase resulted primarily from higher interest rates, growth in CAF's loan portfolio, and an increase in investment income from the liquidity portfolio.

***Provision for Loan Losses***

*Six Months Ended June 30, 2025 and 2024.* For the six-month period ended June 30, 2025, CAF recorded a credit for loan losses of USD 17.0 million, compared to a credit for loan losses of USD 7.3 million for the corresponding period in 2024. This credit for loan losses was mainly due to recoveries on non-accrual loans during the period.

*2024, 2023 and 2022.* For the year ended December 31, 2024, CAF recorded a provision for loan losses of USD 41.9 million, compared to a provision for loan losses of USD 0.4 million for the corresponding period in 2023. This provision for loan losses was primarily due to CAF's total loan exposure to Venezuela, which is entirely classified as a public sector loan, entering non-accrual status. For the year ended December 31, 2022, CAF recorded a credit for loan losses of USD 3.3 million. This was due to a decrease in private sector loans and improvements in the credit ratings of some shareholder countries.

***Non-Interest Income***

CAF's non-interest income consists mainly of other commissions, dividends arising from equity investments not accounted for using the equity method, its corresponding share of earnings or losses on equity investments, which are accounted for using the equity method, and other income.

*Six Months Ended June 30, 2025 and 2024.* For the six-month period ended June 30, 2025, CAF's non-interest income was USD 18.3 million, representing a decrease of USD 2.1 million, or 10.3%, compared to non-interest income of USD 20.4 million for the corresponding period in 2024. This decrease was primarily due to a reduction in other income, which fell from USD 12.5 million in the prior period to USD 8.8 million, mainly due to foreign exchange differentials. This effect was partially offset by an increase in dividends from equity investments of USD 1.2 million.

*2024, 2023 and 2022.* For the year ended December 31, 2024, CAF's non-interest income was USD 20.4 million, representing a decrease of USD 37.9 million, or 65.0%, compared to non-interest income of USD 58.3 million for the corresponding period in 2023. This decrease was primarily due to a reduction in other income, which decreased from USD 39.7 million in 2023 to USD 4.9 million in 2024, driven by the high comparable base in 2023 of pending interest income from previous years loans and the reversal of provisions for contingencies. For the year ended December 31, 2023, CAF's non-interest income was USD 58.3 million, representing an increase of USD 39.3 million, or 207.7%, compared to non-interest income of USD 18.9 million for the corresponding period in 2022. This increase was mainly due to unrealized changes in fair value related to equity investments.

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***Non-Interest Expenses***

CAF's non-interest expenses consist mainly of administrative expenses, which include salaries and employee benefits, business expenses, telecommunications and technology, depreciation and amortization, logistics and infrastructure, and other expenses.

*Six Months Ended June 30, 2025 and 2024.* For the six-month period ended June 30, 2025, CAF's non-interest expenses totaled USD 120.9 million, an increase of USD 4.6 million, or 4.0%, compared to USD 116.3 million for the corresponding period in 2024. The increase was primarily driven by higher administrative expenses, which amounted to USD 110.3 million for the period ending June 30, 2025, up from USD 103.2 million in 2024, representing a rise of USD 7.0 million, or 6.8%, mainly due to higher business operating costs.

*2024, 2023 and 2022*. For the year ended December 31, 2024, CAF's non-interest expenses were USD 253.1 million, representing an increase of USD 42.3 million, or 20.1%, compared to non-interest expenses of USD 210.8 million for the corresponding period in 2023. This increase was due to an increase in other expenses and administrative expenses. Other expenses were USD 33.4 million for the year ended December 31, 2024, representing an increase of USD 27.8 million or 493.1%, compared to other expenses of USD 5.6 million for the corresponding period in 2023. This increase resulted primarily from other exchange rate adjustments. Administrative expenses were USD 219.6 million for the year ended December 31, 2024, compared to USD 205.2 million for the corresponding period in 2023, representing an increase of USD 14.5 million or 7.1%, which was mainly due to higher depreciation and amortization expenses, as well as other business-related expenses. For the year ended December 31, 2023, CAF's non-interest expenses were USD 210.8 million, representing an increase of USD 7.2 million, or 3.5%, compared to non-interest expenses of USD 203.6 million for the corresponding period in 2022. This increase resulted mainly from an increase in administrative expenses due to several corporate actions taken, such as the decentralization process of employees and new hires.

***Income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds***

*Six Months Ended June 30, 2025 and 2024*. For the six-month period ended June 30, 2025, CAF's income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds was USD 445.4 million, representing a decrease of USD 7.3 million, or 1.6%, compared to an income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds of USD 452.7 million for the corresponding period in 2024. This decrease was primarily driven by lower interest income.

*2024, 2023 and 2022*. For the year ended December 31, 2024, CAF's income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds was USD 754.1 million, representing a decrease of USD 196.1 million, or 20.6%, compared to an income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds of USD 950.2 million for the corresponding period in 2023. This decrease was primarily driven by interest expenses growing faster than interest income during the period. For the year ended December 31, 2023, income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds was USD 950.2 million, representing an increase of USD 671.0 million, or 240.4%, compared to income before unrealized changes in fair value related to financial instruments and contributions to Shareholders' Special Funds of USD 279.2 million for the year ended December 31, 2022. This increase was mainly due to the rise in interest income, as a result of higher average market interest rates and the growth in CAF's loan portfolio.

***Unrealized changes in fair value related to other financial instruments***

*Six Months Ended June 30, 2025 and 2024.* For the six-month period ended June 30, 2025, CAF's unrealized changes in fair value related to other financial instruments resulted in a loss of USD 15.4 million,

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compared with a loss of USD 3.2 million for the corresponding period in 2024. This change was mainly driven by a net loss of USD 16.6 million in the fair value of U.S. Treasury futures and forwards, as well as changes in the fair value of U.S. Treasury Notes, compared to a net gain of USD 3.0 million in the corresponding period of 2024.

*2024, 2023 and 2022*. For the year ended December 31, 2024, CAF's unrealized changes in fair value related to other financial instruments resulted in a gain of USD 0.4 million, compared with a loss of USD 20.1 million for the corresponding period in 2023. This change was primarily driven by a reduction in the net loss from cross-currency swaps on bonds, which decreased to USD 20.5 million in 2024 from USD 71.1 million in 2023, and an increase in the net gain from cross-currency swaps on loans, which rose to USD 43.1 million in 2024 from USD 37.9 million in 2023. For the year ended December 31, 2023, unrealized changes in fair value related to other financial instruments resulted in a loss of USD 20.1 million, primarily due to a net loss in cross-currency swaps. This compares to a loss of USD 21.2 million for the corresponding period in 2022, which was mainly attributable to changes in the fair value of U.S. Treasury futures, U.S. Treasury forwards, and U.S. Treasury notes.

***Net Income***

*Six Months Ended June 30, 2025 and 2024.* For the six-month period ended June 30, 2025, CAF's net income was USD 302.2 million, representing a decrease of USD 69.5 million, or 18.7%, compared to net income of USD 371.7 million for the corresponding period in 2024. This decrease was primarily driven by unrealized changes in the fair value of other financial instruments, resulting in a net loss of USD 15.4 million for the six-month period ended June 30, 2025, compared to a loss of USD 3.2 million in the corresponding period of 2024. In addition, contributions to Shareholders' Special Funds rose 64.3% to USD 127.8 million for the same period in 2025, up from USD 77.8 million in 2024.

*2024, 2023 and 2022*. For the year ended December 31, 2024, CAF's net income was USD 616.5 million, representing a decrease of USD 193.5 million, or 23.9%, compared to net income of USD 810.0 million for the corresponding period in 2023. This decrease was mainly due to interest expenses growing at a faster rate than interest income during the period, as well as an increase of USD 18.0 million, or 15%, in contributions to Shareholders' Special Funds compared to 2023. For the year ended December 31, 2023, CAF's net income was USD 810.0 million, representing an increase of USD 641.1 million, or 379.4%, compared to net income of USD 169.0 million for the corresponding period in 2022. This increase was mainly due to an increase in interest income as a result of higher average market rates that generated higher income in CAF's loan portfolio and investment portfolio.

**Balance Sheet** 

***Assets***

*June 30, 2025*. As of June 30, 2025, CAF's total assets were USD 62.9 billion, representing an increase of USD 6.4 billion, or 11.4%, compared to total assets of USD 56.5 billion as of December 31, 2024. The increase in total assets was driven by USD 2.4 billion, or 7.1%, growth in net loans compared to December 31, 2024, as well as higher liquidity assets. Specifically, marketable securities — trading increased by USD 2.7 billion, or 19.7%, and other investments rose by 144.4%. The growth in liquidity assets was mainly attributable to marketable securities with maturities of less than one year and other investments in U.S. dollar deposits with banks maturing in more than 90 days.

*2024 and 2023*. As of December 31, 2024, CAF's total assets were USD 56.5 billion, representing an increase of USD 2.7 billion, or 5.0%, compared to total assets of USD 53.8 billion as of December 31, 2023. The increase in total assets was primarily due to an increase in liquidity assets, specifically marketable securities — trading that grew by 36.9%, compared to December 31, 2023. Among these marketable securities, the majority of the increase came from U.S. securities, including Treasury Notes and U.S. Treasury Bills, which rose by USD 3.4 billion, or 132.8%, compared to the corresponding period in 2023.

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***Liabilities***

*June 30, 2025.* As of June 30, 2025, CAF's total liabilities were USD 46.4 billion, representing an increase of USD 5.9 billion, or 14.6%, compared to total liabilities of USD 40.5 billion as of December 31, 2024. The increase in liabilities was primarily due to an increase in the outstanding amount of bonds, which grew by 19.2% compared to December 31, 2024.

*2024 and 2023.* As of December 31, 2024, CAF's total liabilities were USD 40.5 billion, representing an increase of USD 1.4 billion or 3.6%, compared to total liabilities of USD 39.1 billion as of December 31, 2023. The increase in liabilities was primarily due to an increase in the outstanding amounts of bonds, which grew by 10.7%, compared to December 31, 2023.

***Shareholders' Equity***

*June 30, 2025*. As of June 30, 2025, CAF's total shareholders' equity was USD 16.5 billion, representing an increase of USD 0.5 billion, or 3.1%, compared to total shareholders' equity of USD 16.0 billion as of December 31, 2024. The increase in CAF's total shareholders' equity was mainly due to an increase in reserves.

*2024 and 2023.* As of December 31, 2024, CAF's total shareholders' equity was USD 16.0 billion, representing an increase of USD 1.3 billion, or 8.8%, compared to total shareholders' equity of USD 14.7 billion as of December 31, 2023. The increase in CAF's total shareholders' equity was principally due to an increase in reserves and additional paid-in capital.

**Asset Quality** 

***Overdue Loans***

*June 30, 2025.* As of June 30, 2025, there were no loans in overdue status (not including non-accrual loans in overdue status).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2024.* As of December 31, 2024, there was one loan in overdue status for USD 1.7 million (not including non-accrual loans in overdue status).

***Impaired Loans and Non-accrual Loans***

*June 30, 2025.* As of June 30, 2025, the total principal amount of CAF's impaired loans was USD 1,939.3 million, or 5.4%, of the total loan portfolio. This represents CAF's total loan exposure to Venezuela, all of which is classified as public sector and is currently under non-accrual status. The related individually assessed allowance for credit losses is USD 52.9 million. CAF considers a loan to be impaired when it is in non-accrual status.

*2024 and 2023.* As of December 31, 2024, the total principal amount of CAF's impaired loans was USD 1,975.5 million, or 5.84%, of the total loan portfolio. This increase, compared to December 31, 2023, is primarily due to CAF's total loan exposure to Venezuela, all of which is classified as public sector, entering non-accrual status after a payment became more than 180 days overdue. Uncollected interest and commissions amounting to USD 92.2 million were reversed, and the related individually assessed allowance for credit losses was USD 52.9 million. CAF considers a loan to be impaired when it is in non-accrual status.

***Restructured Loans***

*June 30, 2025*. As of June 30, 2025, there were no newly restructured loans.

*2024 and 2023.* As of December 31, 2024, there were no newly restructured loans. As of December 31, 2023, there were no newly restructured loans.

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***Loan Write-offs and Recoveries***

*June 30, 2025.* As of June 30, 2025, there were recoveries for USD 14.8 million (non-sovereign) and no loans were written off.

*2024 and 2023.* As of December 31, 2024, there were loans written-off for USD 14.2 million and USD 0.08 million in recoveries. As of December 31, 2023, there were loans written-off for USD 34.5 million and USD 27.7 million in recoveries.

**Exposure Exchange Agreements** 

On May 23, 2025, as part of its balance sheet optimization strategy, CAF entered into an Exposure Exchange Agreement ("EEA") to reduce its sovereign-guaranteed loan portfolio risk concentration. Through an EEA, Multilateral Development Banks ("MDB") reduce portfolio concentration by simultaneously exchanging coverage for potential nonaccrual events for sovereign exposures from borrowing countries in which an MDB is concentrated, to countries in which an MDB has no, or low, exposure.

As of June 30, 2025, CAF executed a bilateral EEA transaction with another MDB. In this transaction, CAF is the "EEA Seller" (*i.e.*, CAF provided a financial guarantee for its counterparty) and the EEA Buyer (received a financial guarantee from its counterparty) for the following countries and exposure amounts:

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| | | |
|:---|:---|:---|
|  | **EEA Seller** | **EEA Seller** |
| **Country** | **Amount**<br>**(in USD millions)** | **S&P Rating** |
|  Costa Rica | 90.0 | BB- |
|  Dominican Republic | 150.0 | BB |
|  El Salvador | 250.0 | B- |
|  Honduras | 210.0 | BB- |
|  **Total** | 700.0 | N/A |

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| | | |
|:---|:---|:---|
|  | **EEA Buyer** | **EEA Buyer** |
| **Country** | **Amount**<br>**(in USD millions)** | **S&P Rating** |
|  Argentina | 100.0 | CCC |
|  Brazil | 250.0 | BB |
|  Colombia | 136.0 | BB |
|  Ecuador | 214.0 | B- |
|  **Total** | 700.0 | N/A |

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The carrying amount under the guarantees received or provided amounted to USD 36.2 million. The final maturity date under the EEA is May 2040. As of June 30, 2025, no non-accrual events have occurred.

As of June 30, 2025, CAF recognized USD 0.16 million as Other expenses and USD 0.2 million as other income related to the allowance for current expected credit losses of the guarantees exchanged.

**Liquidity** 

CAF's liquidity policy requires it to maintain sufficient liquid assets to cover at least 12 months of net cash requirements.

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Net cash requirements under the policy are calculated as follows:

(+) Scheduled loan collections

(+) Committed paid-in capital payments

(-) Scheduled debt service

(-) Committed disbursements

CAF's investment policy requires that at least 90% of CAF's liquid assets be held in the form of investment grade instruments rated A-/A3/A- or better by a U.S. nationally recognized statistical rating organization. The remaining portion of CAF's liquid assets may be invested in non-investment grade instruments rated B-/Ba3/B or better by a U.S. nationally recognized statistical rating organization. CAF's investment policy emphasizes security and liquidity over yield.

As of June 30, 2025, CAF's liquid assets consisted of USD 22.3 billion in cash due from banks, deposits with banks, marketable securities and trading and other investments, of which 95.3% were invested in investment grade instruments rated A-/A3/A- or better by a U.S. nationally-recognized statistical rating organization; 25.7% of CAF's liquid assets were invested in U.S. Treasury Notes, 25.5% in time deposits in financial institutions, 17.0% in certificates of deposit, 16.5% in commercial paper, 9.5% in corporate and financial institution bonds, and 5.8% in other instruments, including deposits in cash.

As of June 30, 2025, CAF's liquid assets were distributed by country as follows:

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| | |
|:---|:---|
|  United States | 38.5% |
|  Supranationals(1)(2) | 11.5% |
|  Japan | 5.9% |
|  Germany | 5.6% |
|  Saudi Arabia | 5.2% |
|  Switzerland | 5.2% |
|  Chile | 4.7% |
|  China | 3.6% |
|  United Arab Emirates | 3.1% |
|  Qatar | 3.1% |
|  France | 2.4% |
|  Kuwait | 2.0% |
|  Republic of Korea | 1.9% |
|  Canada | 1.6% |
|  Singapore | 1.3% |
|  United Kingdom | 1.2% |
|  Others | 3.1% |

---

(1) Entities formed by multiple countries that operate beyond national boundaries with their own legal framework.

(2) African Development Bank, Asian Development Bank, Bank for International Settlements, Central American Bank for
Economic Integration, Foreign Trade Bank of Latin America, International Bank for Reconstruction and Development, Latin American Reserve Fund, and New Development Bank.

As of December 31, 2024, CAF's liquid assets consisted of USD 18.1 billion in cash due from banks, deposits with banks, marketable securities and trading and other investments, of which 94.6% were invested in investment grade instruments rated A-/A3/A- or better by a U.S. nationally-recognized statistical rating organization; 32.7% of CAF's liquid assets were invested in U.S. Treasury Notes, 22.5% in time deposits in financial institutions, 14.1% in commercial paper, 12.5% in corporate and financial institution bonds, 11.1% in certificates of deposit, and 7.2% in other instruments, including deposits in cash.

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##### [**Table of Contents**](#toc)
As of December 31, 2024, CAF's liquid assets were distributed by country as follows:

---

| | |
|:---|:---|
|  United States | 47.8% |
|  Supranationals(1)(2) | 10.2% |
|  Japan | 5.4% |
|  Qatar | 4.6% |
|  Germany | 4.5% |
|  Switzerland | 4.1% |
|  Chile | 3.9% |
|  United Arab Emirates | 3.9% |
|  France | 2.8% |
|  China | 2.5% |
|  Canada | 1.6% |
|  South Korea | 1.6% |
|  Kuwait | 1.5% |
|  Saudi Arabia | 1.2% |
|  Spain | 1.1% |
|  United Kingdom | 0.7% |
|  Others | 2.6% |

---

(1) Entities formed by multiple countries that operate beyond national boundaries with their own legal framework.

(2) African Development Bank, Asian Development Bank, Bank for International Settlements, Central American Bank for
Economic Integration, Foreign Trade Bank of Latin America, International Bank for Reconstruction and Development, Latin American Reserve Fund, and New Development Bank.

As of December 31, 2023, CAF's liquid assets were distributed by country as follows:

---

| | |
|:---|:---|
|  United States | 29.7% |
|  Supranationals(1)(2) | 14.0% |
|  Switzerland | 8.4% |
|  United Arab Emirates | 7.4% |
|  Chile | 5.2% |
|  Japan | 5.2% |
|  China | 5.1% |
|  Germany | 4.4% |
|  France | 4.3% |
|  Qatar | 3.3% |
|  Canada | 3.1% |
|  South Korea | 2.3% |
|  Kuwait | 1.9% |
|  United Kingdom | 1.8% |
|  Denmark | 1.2% |
|  Australia | 0.7% |
|  Others | 2.0% |

---

(1) Entities formed by multiple countries that operate beyond national boundaries with their own legal framework.

(2) African Development Bank, Asian Development Bank, Bank for International Settlements, Central American Bank for
Economic Integration, Foreign Trade Bank of Latin America, International Bank for Reconstruction and Development, Latin American Reserve Fund, and New Development Bank.

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##### [**Table of Contents**](#toc)
***Commitments and Contingencies***

CAF enters into commitments and contingencies in the normal course of its business to facilitate its business and objectives. Commitments and contingencies include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit agreements subscribed and pending loan disbursements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lines and letters of credit for foreign trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equity investment agreements subscribed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partial credit guarantees.

See Note 17 ("*Commitments and Contingencies*") to CAF's unaudited condensed interim financial information and Note 20 ("*Commitments and Contingencies*") to CAF's audited financial statements included elsewhere in this prospectus.

**Strategy and Capital Resources** 

CAF's business strategy is to provide financing for projects, trade, and investment in the shareholder countries. Management expects CAF's assets to grow in the future, which will increase its need for additional funding. Likewise, maturing debt obligations will need to be replaced. In addition to scheduled capital increases, CAF's management anticipates a need to increase funds raised in the international capital markets and to maintain funding through borrowings from multilateral and other financial institutions. While the substantial majority of CAF's equity will continue to be held by full member shareholder countries, CAF intends to continue offering equity participation to associated shareholder countries through the issuances of Series "C" shares to such countries. See "Capital Structure*.*"

CAF intends to continue its programs to foster sustainable growth within the shareholder countries, and to increase its support for the private sector within its markets, either directly or through financial intermediaries.

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##### [**Table of Contents**](#toc)
**OPERATIONS OF CAF** 

CAF's purpose is to foster and promote economic and social development and integration within the shareholder countries through the efficient use of financial resources in conjunction with both private sector and public sector entities. To accomplish its objective, CAF primarily engages in short-, medium- and long-term loans and guarantees. To a lesser extent, CAF makes limited equity investments in funds and companies, and provides technical and financial assistance, as well as administrative services for certain regional funds.

CAF also provides lending for projects in associated shareholder countries, including but not limited to projects that promote trade or integration with full member shareholder countries.

**Business Management of CAF** 

CAF's business management is composed of client relationship management and financial management.

***Client Relationship Management***

CAF's client relationship management function is conducted by a group of relationship managers and sector and product specialists who are responsible for the development, structuring, appraisal, and implementation of its lending activities. Clients are identified through direct contact, referrals from CAF's representative offices and referrals from third parties such as shareholders, multilateral institutions, international financial institutions, and other clients.

CAF's client relationship management function is currently fulfilled by the following Vice- Presidencies and management group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Corporate Vice Presidency of Strategic Programming;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Private Sector Vice Presidency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Resource Mobilization and Global Partnerships Management.

The client relationship management group is also responsible for reviewing and developing lending policies and procedures and for monitoring the quality of the loan portfolio on an ongoing basis. In these duties, the client relationship management group is assisted by the Credit Administration Office and the Corporate Comptroller Office.

***Financial Management***

CAF's financial management group is responsible for managing its funded debt, as well as its liquid assets. This group is responsible for developing, structuring, appraising, and implementing CAF's borrowing activities. It is also responsible for reviewing and developing policies and procedures for the monitoring of CAF's financial well-being and for the proper management of liquidity. The financial management group is headed by the Vice President of Finance.

The asset distribution group is a part of the financial management group, and it has two basic responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• structuring "A/B" loan transactions in which CAF loans a portion of the total amount and other
financial institutions loan the remainder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling loans to international banks interested in increasing their exposure in the shareholder countries.

The staff of CAF's financial management group works in close coordination with its client relationship managers. CAF's client relationship management group and financial management group are supported by the financial control and budget, human resources, information systems and legal departments.

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##### [**Table of Contents**](#toc)
**Loan Portfolio** 

CAF extends medium-term and long-term loans to finance both public sector and private sector projects in the shareholder countries, either directly to a project or through a financial institution in a shareholder country that lends the funds to the appropriate project. To a lesser extent, CAF also provides loans to finance trade by and among the shareholder countries. Loans may be used for any component of a project, subject to exceptions relating to, among other things, the acquisition of land and the payment of taxes. CAF endeavors to concentrate its lending activities on national and multinational economic development projects, especially those involving electricity, gas, and water supply, transport, or communications in two or more shareholder countries and those that generate foreign exchange.

CAF provides credit lines to financial institutions in the shareholder countries. The purpose of these credit lines is to enable these institutions to finance projects that fall within CAF's overall objectives, but that are not sufficiently large to justify CAF being directly involved in the project. The relevant financial institutions are thereby provided with funds that enable them to strengthen their financial resources within parameters previously agreed to with CAF. Under such multi-sectoral credit lines, CAF takes the credit risk of the financial intermediary and also has recourse to the underlying borrowers. The financial intermediaries are responsible for repayment of their loans from CAF regardless of whether the underlying borrower repays the financial intermediary.

CAF endeavors to strengthen trade by and among shareholder countries and to assist companies in the shareholder countries to access world markets. CAF's trade-financing activities are complementary to those of the export credit agencies of shareholder countries because it finances qualifying import or export operations, whereas those agencies generally are limited to providing financing only for goods exported from the respective countries. Through trade-financing, CAF finances the movement of merchandise. CAF also provides credit support to trade activities through the confirmation of letters of credit in situations where the issuing local bank would not be perceived as sufficiently creditworthy by financial institutions in the beneficiary's country.

In 1997, CAF began making a portion of its loans through an "A/B" loan program, where CAF acts as lender of record for the entire loan and sells non-recourse participations in the "B" portion of the loan to financial institutions. The "A" portion of the loan is made directly to the borrower by CAF. Under the "B" portion, other financial institutions provide the funding and assume the credit risk; CAF does not provide funding under the "B" portion and, therefore, does not assume any credit risk. Because CAF acts as the lender of record for the entire loan, thereby operating as the one official lender in the transaction, the borrower receives an interest rate that is generally lower than the rate available in the commercial markets. The lower interest rate is a result, among other factors, of the reduced inherent risk resulting from CAF's status as a multilateral financial institution.

CAF's loan pricing is typically based on its cost of funds plus a spread to cover operational costs and credit risks. All sovereign-risk loans are made at the same spread for comparable maturities. Generally, CAF's loans are made on a floating interest rate basis. Under certain exceptional circumstances, loans may be made at fixed interest rates, provided that the corresponding funding is obtained at fixed interest rates. CAF generally charges a loan origination fee of up to 0.85% of the total loan amount and a commitment fee equal to 0.35% per annum on undisbursed loan balances. Substantially all loans are denominated in U.S. dollars.

CAF generally requires that the majority of loans to public sector entities have the benefit of sovereign guarantees. Loans to private sector entities other than banks generally must have the benefit of bank or other guarantees, or other collateral acceptable to CAF.

As of December 31, 2024, CAF's total assets were USD 56.5 billion, of which USD 33.8 billion, or 59.8%, were disbursed and are outstanding loans. As of December 31, 2024, the "B" loan portion of CAF's "A/B" loan transactions totaled USD 1.0 billion. The tables on loan exposure that follow reflect only the "A" portion of the respective "A/B" loan transactions since CAF only assumes the credit risk of the "A" loan portion. CAF's management expects further loan growth to be funded by additional borrowings and deposits, retained earnings, and planned capital increases.

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##### [**Table of Contents**](#toc)
**Loans to Public and Private Sector Borrowers** 

CAF's total loan portfolio outstanding, classified by public sector and private sector borrowers, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** | **2022** |
|  | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** |
|  Public Sector | 95.8% | 32600.0 | 32327.7 | 29791.0 |
|  Private Sector | 4.2% | 1430.1 | 1393.9 | 1168.1 |
|  | 100% | 34030.1 | 33721.6 | 30959.1 |
|  Fair value adjustments |  | (194.3) | (242.5) | (336.8) |
|  |  | 33835.8 | 33479.1 | 30622.3 |

---

**Geographic Distribution of Loans** 

CAF's total loan portfolio outstanding, classified on a country-by-country basis, according to the location of the borrower, was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2022** | **2022** | **2022** |
|  | **Public** | **Private** | **Total** | **Public** | **Private** | **Total** | **Public** | **Private** | **Total** |
|  | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** |
|  Argentina | 4827.9 | 46.6 | 4874.5 | 5485.3 | 18.4 | 5503.6 | 3961.4 | 20.0 | 3981.4 |
|  Barbados | 188.0 |  | 188.0 | 175.0 |  | 175.0 | 181.1 |  | 181.1 |
|  Bolivia | 2768.2 | 12.2 | 2780.4 | 2917.3 | 31.1 | 2948.5 | 3085.5 | 15.2 | 3100.7 |
|  Brazil | 3129.0 | 89.0 | 3218.0 | 2833.0 | 137.7 | 2970.8 | 2560.2 | 73.1 | 2633.3 |
|  Chile | 200.0 | 208.7 | 408.7 | 100.0 | 144.0 | 244.0 |  | 192.5 | 192.5 |
|  Colombia | 3746.0 | 314.5 | 4060.5 | 3667.5 | 174.9 | 3842.4 | 3538.6 | 187.6 | 3726.3 |
|  Costa Rica | 455.5 | 30.0 | 485.5 | 497.6 |  | 497.6 | 533.9 |  | 533.9 |
|  Dominican Republic | 442.6 | 3.3 | 445.9 | 435.1 | 10.0 | 445.1 | 412.6 |  | 412.6 |
|  Ecuador | 4063.7 | 166.6 | 4230.3 | 4147.0 | 100.0 | 4247.0 | 4212.2 | 20.0 | 4232.2 |
|  El Salvador | 469.1 |  | 469.1 | 302.0 |  | 302.0 | 75.0 |  | 75.0 |
|  Mexico | 1062.5 |  | 1062.5 | 980.0 |  | 980.0 | 935.0 | 20.0 | 955.0 |
|  Panama | 2415.7 | 215.0 | 2630.7 | 2345.2 | 237.5 | 2582.7 | 2510.3 | 181.6 | 2691.9 |
|  Paraguay | 2416.9 | 71.5 | 2488.4 | 2345.0 | 28.9 | 2373.9 | 2020.8 | 38.3 | 2059.1 |
|  Peru | 1628.7 | 122.7 | 1751.4 | 1492.1 | 344.7 | 1836.9 | 1188.6 | 285.1 | 1473.7 |
|  Trinidad and Tobago | 1372.2 |  | 1372.2 | 1305.5 |  | 1305.5 | 1217.2 |  | 1217.2 |
|  Uruguay | 1474.7 | 150.0 | 1624.7 | 1164.7 | 166.8 | 1331.4 | 845.9 | 134.6 | 980.5 |
|  Venezuela | 1939.3 |  | 1939.3 | 2135.4 |  | 2135.4 | 2512.6 |  | 2512.6 |
|  | 32600.0 | 1430.1 | 34030.1 | 32327.7 | 1393.9 | 33721.6 | 29791.0 | 1168.1 | 30959.1 |
|  Fair value adjustments |  |  | (194.3) |  |  | (242.5) |  |  | (336.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  |  | **33835.8** |  |  | **33479.1** |  |  | **30622.3** |

---

**Loans Approved and Disbursed by Country** 

CAF's loan approval process is described under "— Credit Policies." After approval, disbursements of loan proceeds in accordance with the contractual conditions of the loan agreement.

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##### [**Table of Contents**](#toc)
Set forth below is a table of the amount of loans approved and loans disbursed, classified by country, for each of the years indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Approved(1)(2)** | **Approved(1)(2)** | **Approved(1)(2)** | **Disbursed(3)** | **Disbursed(3)** | **Disbursed(3)** |
|  | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** |
|  | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** |
|  Argentina | 867 | 2815 | 1469 | 893 | 2078 | 761 |
|  Barbados | 76 | 0 | 25 | 24 | 4 | 18 |
|  Bolivia | 589 | 1112 | 617 | 201 | 163 | 627 |
|  Brazil | 2208 | 2895 | 1841 | 1516 | 1489 | 606 |
|  Chile | 1783 | 923 | 581 | 560 | 395 | 151 |
|  Colombia | 1744 | 1743 | 1784 | 836 | 509 | 1141 |
|  Costa Rica | 16 | 15 | 115 | 20 | 5 | 0 |
|  Dominican Republic | 578 | 195 | 21 | 29 | 51 | 319 |
|  Ecuador | 1828 | 1252 | 968 | 1406 | 578 | 611 |
|  El Salvador | 792 | 296 | 300 | 168 | 227 | 75 |
|  Honduras | 352 | 0 | 0 | 0 | 0 | 0 |
|  Mexico | 1101 | 801 | 800 | 1522 | 1182 | 838 |
|  Panama | 684 | 480 | 576 | 392 | 165 | 480 |
|  Paraguay | 527 | 333 | 838 | 288 | 444 | 620 |
|  Peru | 1458 | 1264 | 1717 | 315 | 792 | 308 |
|  Trinidad and Tobago | 286 | 75 | 196 | 121 | 136 | 101 |
|  Uruguay | 465 | 351 | 101 | 394 | 428 | 182 |
|  Venezuela | 1 | 1 | 1 | 1 | 14 | 28 |
|  Others(4) | 500 | 333 | 403 | 431 | 245 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **15856** | **14886** | **12351** | **9118** | **8904** | **7234** |

---

(1) Loans approved for disbursement in a given year may be disbursed, in whole or in part, in the current year or
at a later date. The amount of loans disbursed and the timing of any individual disbursement, including the quantum of disbursement, are a function of the type of project and loan being financed.

(2) A gradual methodological change was initiated in 2024 in order to stop accounting for line-of-credit renewals as new approvals. Instead, loan approvals that are actually granted under these lines or facilities will be accounted for. In 2024, sovereign liquidity
line of credit renewals were no longer accounted for, and as of 2025, the transition with the lines of credit of private commercial banking will begin. Historical approval figures since 2020 have been corrected to reflect the new methodology, i.e.
without accounting for sovereign liquidity line of credit renewals.

(3) Includes short-term loans in the amounts of USD 5,171.3 million, USD 5,715.8 million and USD
4,060.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.

(4) Includes Spain, Jamaica, Portugal and multinational operations. Loans outside the full member shareholder
countries for the years ended December 31, 2024, 2023, and 2022.

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##### [**Table of Contents**](#toc)
As of December 31, 2024, the increase (decrease) of CAF's loan portfolio by country compared to the year ended December 31, 2023, was as follows:

---

| | |
|:---|:---|
|  Argentina | (11.4)% |
|  Barbados | 7.4% |
|  Bolivia | (5.7)% |
|  Brazil | 8.3% |
|  Chile | 67.5% |
|  Colombia | 5.7% |
|  Costa Rica | (2.4)% |
|  Dominican Republic | 0.2% |
|  Ecuador | (0.4)% |
|  El Salvador | 55.3% |
|  Mexico | 8.4% |
|  Panama | 1.9% |
|  Paraguay | 4.8% |
|  Peru | (4.7)% |
|  Trinidad and Tobago | 5.1% |
|  Uruguay | 22.0% |
|  Venezuela | (9.2)% |

---

The growth of the loan portfolio reflects loan approvals as a result of higher demand from shareholder countries and its increased share of infrastructure financings in the region. Loans to associated shareholder countries holding Series "C" shares totaled USD 1,250.4 million in 2024, compared to loans to associated shareholder countries holding Series "C" shares totaling USD 1,652.7 million in 2023.

Management anticipates that CAF's loan portfolio will continue to grow as a result of its strategy to expand its shareholder base, both by issuing shares to new shareholder countries and by additional capital subscriptions by existing shareholder countries, which may result in increased loan demand for projects in such countries.

**Distribution of Loans by Industry** 

As of December 31, 2024, CAF's loan portfolio outstanding was distributed by country and industry as follows:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sector** | **Argentina** | **Bolivia** | **Brazil** | **Colombia** | **Costa<br>Rica** | **Dominican<br>Republic** | **Ecuador** | **Mexico** | **Panama** | **Paraguay** | **Peru** | **Uruguay** | **Venezuela** | **Others(2)** | **Total by<br>Sector** | **% of<br>Total** |
|  Agriculture, hunting and forestry (in USD millions) | 53594 | 3036 |  |  |  |  |  |  |  |  |  |  |  |  | 56630 | 0.17% |
|  Supply of electricity, gas and water (in USD millions) | 735784 | 450419 | 730004 | 188918 |  | 84773 | 448580 |  | 507205 | 476707 | 219585 | 463409 | 891651 | 60888 | 5257923 | 15.45% |
|  Transport, warehousing and communications (in USD millions) | 1835723 | 1088355 | 1654484 | 176440 | 15324 |  | 979101 |  | 892218 | 829143 | 387267 | 241506 | 144444 | 893548 | 9137554 | 26.85% |
|  Financial intermediaries(1) (in USD millions) |  | 12165 | 323072 | 400000 | 15000 | 3297 | 397723 | 500000 | 65000 | 71519 |  |  |  | 648698 | 2436474 | 7.16% |
|  Social and other infrastructure programs (in USD millions) | 2249448 | 1144844 | 482587 | 3295077 | 435484 | 357866 | 2404906 | 562500 | 1016258 | 1111001 | 1144571 | 919811 | 903220 | 1029207 | 17056782 | 50.12% |
|  Other activities (in USD millions) |  | 6615 | 27846 |  |  |  |  |  |  |  |  |  |  | 50283 | 84744 | 0.25% |
|  **Total (in USD millions)** | **4874549** | **2705434** | **3217993** | **4060435** | **465808** | **445936** | **4230310** | **1062500** | **2480681** | **2488370** | **1751423** | **1624726** | **1939315** | **2682624** | **34030107** | **100.00%** |

---

(1) Multi-sectoral credit lines to public sector development banks, private banks, and other institutions.

(2) This column includes loans outside the full member shareholder countries as of December 31, 2024.

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##### [**Table of Contents**](#toc)
**Maturity of Loans** 

As of December 31, 2024, CAF's outstanding loans were scheduled to mature as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2026** | **2026** | **2027** | **2027** | **2028** | **2028** | **2029** | **2029** | **2030 and<br>beyond** | **2030 and<br>beyond** |
|  | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** |
|  Principal amount |  | 5171.3 |  | 3367.3 |  | 3533.7 |  | 3199.3 |  | 3160.2 |  | 15598.4 |

---

**Ten Largest Borrowers** 

The following table sets forth the aggregate principal amount of loans to CAF's ten largest borrowers, and the percentage such loans represented of the total loan portfolio, as of December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Borrower** | **Amount** | **As a Percentage<br>of Total Loan<br>Portfolio** |
|  | **(in USD millions)** | |
|  Argentina | 4214.6 | 12.4% |
|  Ecuador | 3471.9 | 10.2% |
|  Colombia | 3396.6 | 10.0% |
|  Bolivia | 2693.3 | 7.9% |
|  Panama | 2367.7 | 7.0% |
|  Paraguay | 1944.2 | 5.7% |
|  Peru | 1628.8 | 4.8% |
|  Trinidad and Tobago | 1372.2 | 4.0% |
|  Venezuela | 1268.7 | 3.7% |
|  State of Sao Paulo | 885.9 | 2.6% |
|  | **23243.9** | **68.3%** |

---

**Selected Projects** 

Set out below are examples of projects approved by CAF during 2024 and the respective loan approval amounts. The selected projects represent a mix of its loan portfolio in the different sectors and activities in which CAF participates, including both public and private sector projects. They have been selected based on the relevance to each shareholder country and are representative of CAF's lending activities in each such country.

***Argentina***

Food Provisioning Support Program*.*** Amount: USD 400.0 million.

***Bolivia***

Resilient Dams Program*.*** Amount: USD 240.0 million.

***Brazil***

Social and Territorial Inclusion Program of Salvador*.*** Amount: USD 150.0 million.

***Chile***

Expansion and Modernization of the Santiago Subway System. Amount: USD 300.0 million.

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##### [**Table of Contents**](#toc)
***Colombia***

Support Program for Descentralizing and Biodiversity in Territories. Amount: USD 350 million.

***Dominican Republic***

Construction Project of the Alto Mao Canal, Valverde Province. ****Amount: USD 250.0 million.

***Ecuador***

Cumbayá-Tumbaco Wastewater Treatment Plant, Municipal Public Company Drinking Water and Quito Sanitation*.*** Amount: USD 75.0 million.

***Mexico***

Sustainable Finance Strategy Drive Program. ****Amount: USD 300.0 million.

***Panama***

Sanitation System Improvement and Expansion Program. Amount: USD 491.0 million.

***Trinidad and Tobago***

Resilient Educational Infrastructure Program and Spanish as a Foreign Language Teaching Improvement Program*.*** Amount: USD 100.0 million.

***Uruguay***

Bank Pensions and Retirement Savings and Loan*.*** Amount: USD 300.0 million.

**Other Activities** 

*Treasury Operations* 

CAF's investment policy requires that at least 90% of its liquid assets be held in the form of investment grade instruments rated A-/A3/A- or better by a U.S. nationally recognized statistical rating organization. The remaining portion may be invested in non-investment grade instruments rated B-/B3/B- or better by a U.S. nationally recognized statistical rating organization. As of December 31, 2024, CAF's liquid assets amounted to USD 18.1 billion, consisting of cash and due from banks, deposits with banks, marketable securities, and trading and other investments. Of this total, 94.6% was invested in investment-grade instruments rated A-/A3/A- or better by a U.S. nationally recognized statistical rating organization. The portfolio allocation was as follows: 32.7% in U.S. Treasury Notes, 22.5% in time deposits in financial institutions, 14.1% in commercial paper, 12.5% in corporate and financial institutions bonds, 11.1% in certificates of deposit, and 7.1% in other instruments, including deposits in cash.

*Equity Shareholdings* 

CAF may acquire equity shareholdings in new or existing companies within the shareholder countries, either directly or through investment funds focused on Latin America. CAF's equity participation in any one company is limited to 1% of its shareholders' equity. CAF's policies do not permit it to be a company's largest individual shareholder. In addition, the aggregate amount of CAF's equity investments cannot exceed 10% of its shareholders' equity. As of December 31, 2024, the carrying value of CAF's equity investments totaled USD 399.8 million, representing 2.5% of its shareholders' equity. As of December 31, 2024, 69.9% of CAF's equity portfolio was held through investment funds.

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*Credit Guarantees* 

CAF has developed its credit guarantee product as part of its role of attracting international financing for its shareholder countries. As such, CAF may offer guarantees of private credit agreements, or it may offer public guarantees of obligations of the securities of third-party issuers. CAF generally offers only partial credit guarantees with the intention that private lenders or holders of securities share the risk along with CAF.

The emphasis of the credit guarantees is to aid in the financing of public sector projects, though CAF does not have any internal policies limiting its credit guarantees to public sector projects. Also, although CAF generally intends to guarantee approximately 25% of the financing for a given project, CAF may guarantee up to the full amount of the financing, subject to its other credit policies. CAF's internal policies limit the aggregate outstanding amount of its credit guarantees to a maximum amount equivalent to 20% of its total equity. The amount of credit guarantees outstanding was USD 273.5 million as of December 31, 2024. Those credit guarantees represent 1.7% of CAF's total equity and included guarantees issued for public sector projects in Peru and El Salvador and for several private sector companies that are operating in Brazil, Mexico, and Peru.

*Promotion of Regional Development* 

As part of CAF's role in advancing regional integration, it evaluates on an ongoing basis new investment opportunities intended to benefit the shareholder countries. CAF also provides technical and financial assistance for the planning and implementation of binational and multinational projects, helps obtain capital and technology for these projects, and assists companies in developing and implementing modernization, expansion, and organizational development programs.

**Fund Administration** 

In 2024, CAF acted as fund administrator for several funds funded by third parties and by CAF's shareholders, the net assets of which totaled USD 535.9 million as of December 31, 2024. CAF has no residual interest in the net assets of the special funds.

Each year, the Shareholders' Assembly approves a maximum amount to be contributed to Shareholders' Special Funds during the fiscal year, which contributions are recognized as expenses.

In March 2024, the Shareholders' Assembly approved a contribution of up to a maximum amount of USD 138.0 million to some Shareholders' Special Funds for 2024. Subsequently, for the year ended December 31, 2024, based on the analysis of the new commitments contracted or the resources required by the Shareholders' Special Funds, CAF's Executive President directly or by delegation of the Shareholders' Assembly authorized CAF to make contributions of USD 97.0 million, USD 34.0 million, USD 4.5 million and USD 2.5 million to Compensatory Financial Fund ("FFC"), Technical Cooperation Fund ("FCT"), Human Development Fund ("FONDESHU") and Fund for the Development of Small and Medium Enterprises ("FIDE"), respectively. For the year ended December 31, 2024, CAF recognized USD 138.0 million as an expense.

In March 2023, the Shareholders' Assembly approved the contribution of up to a maximum amount of USD 120.0 million to some Shareholders' Special Funds for 2023. Subsequently, for the year ended December 31, 2023, based on the analysis of the new commitments contracted or the resources required by the Shareholders' Special Funds, CAF recognized contributions of USD 85.0 million, USD 31.5 million, and USD 3.5 million to FFC, FCT and FIDE, respectively. For the year ended December 31, 2023, CAF recognized USD 120.0 million as an expense and, as of December 31, 2023 recognized an unconditional obligation (accounts payable) for USD 13.5 million, which was paid in January 2024.

As of December 31, 2024, the principal funds to which CAF made contributions were FFC, FIDE, FCT and FONDESHU.

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*Compensatory Financing Fund (FFC)* 

As of December 31, 2024, FFC had a balance of USD 261.4 million. This fund was created to provide interest rate compensation of certain loans granted by CAF when a project providing social or developmental benefits is otherwise unable to sustain market interest rates.

*Fund for the Development of Small and Medium Enterprises (FIDE)* 

As of December 31, 2024, FIDE had a balance of USD 67.0 million. The purpose of this fund is to finance and, in general, support initiatives that aid the development of an entrepreneurial class in CAF's shareholder countries.

*Technical Cooperation Fund (FCT)* 

As of December 31, 2024, FCT had a balance of USD 100.3 million. The purpose of this fund is to finance research and development studies that may lead to the identification of project investment opportunities and, on occasion, to provide grants to its shareholder countries, that are typically less than USD 100,000 each, to facilitate the implementation of those projects.

*Human Development Fund (FONDESHU)* 

As of December 31, 2024, FONDESHU had a balance of USD 3.4 million. This fund is devoted to assisting projects intended to promote sustainable development in socially excluded communities, as well as to support micro-enterprises through the financing of intermediary institutions that offer direct loans to rural and urban micro-entrepreneurs.

See Note 22 ("*Special Funds and Others Under Management*") to CAF's audited financial statements included elsewhere in this prospectus.

**Credit Policies** 

The Constitutive Agreement limits the total amount of disbursed and outstanding loans, guarantees and equity investments to 4.0 times shareholders' equity. CAF's actual ratio as of December 31, 2024 was 2.1 times shareholders' equity.

CAF applies commercial banking standards for credit approvals and maintains policies and procedures regarding risk assessment and credit policy. Relationship managers perform an initial screening of each potential client and transaction to ensure that the proposed extension of credit falls within CAF's policies. Proposed project loans are evaluated in accordance with CAF's operational policies, which set out detailed eligibility and evaluation guidelines. Loans to a private sector borrower are approved taking into consideration both the individual loan and the total exposure to the borrower.

The Loans and Investments Committee (the "Committee") recommends approvals of loans and investments. The members of this Committee are the Vice Presidents and the Chief Risk Officer. The Committee is chaired by the Executive Vice President. The Secretary of the Committee is the Corporate Manager for Countries. The Vice President of Strategic Programming, the Vice President of the Private Sector, the Vice President of Finance, and the Corporate Risk Manager have a vote in the Committee. The General Counsel, a representative from the Office of the Executive President, and the Planning and Impact on Development Manager also provide input to the Committee. The Executive President, upon the recommendation of the Committee, may approve (a) loans of up to USD 75.0 million for sovereign credits, (b) loans of up to USD 50.0 million for private credits, (c) investments of up to USD 25.0 million in the case of equity investments, (d) investments of up to 1% of total liquid assets of any issuer (unless the issuer is: (i) at least investment grade, in which case the investment may be

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up to 5% of the issuer's total liquid assets, (ii) a government or governmental institution with an investment grade rating of at least AA+, in which case the investment may be up to 7% of the issuer's total liquid assets, or (iii) the U.S. Treasury or the Bank for International Settlements, in which case CAF's investment in notes, bills or bonds may be up to 50% of total liquid assets for each issuer), and (e) technical cooperation credits of up to USD 1.0 million. Amendments and waivers and approvals for mobilization of third party-funds connected to projects are approved by the Committee and extensions and renewals are also approved by the Committee.

CAF's policies also impose limitations on loan concentration by country and by type of risk. Loans to entities in any one full member shareholder country may not exceed either 25% of CAF's loan portfolio or 100% of its shareholders' equity. Aggregate loans to entities in any associated shareholder country currently may not exceed eight times the total of such country's paid-in capital contribution to CAF plus any assets entrusted by the country to it under a fiduciary relationship. This limit does not apply to trade loan financing with full member shareholder countries. Additionally, no more than four times the country's paid-in capital contribution to CAF plus any assets entrusted to it under a fiduciary relationship may be committed to operations essentially national in character. The same limitation applies to CAF's total loan portfolio in relation to its shareholders' equity. Loans to a public sector or mixed-capital entity not considered a sovereign risk are limited in the aggregate to 15% of CAF's shareholders' equity. Additionally, the exposure to any individual private sector entity or to an economic group is limited to 2.35% and 3.5%, respectively, of CAF's total loan portfolio.

Operations in which CAF extends credit to entities in Series "C" shareholder countries must generally be related to activities of such entities in, or related to, the full member shareholder countries. Notwithstanding the above, the aggregate total of outstanding loans in all such countries may not exceed 15% of CAF's total loan portfolio.

CAF's policies allow it to provide up to 100% of the total project costs with respect to short-term loans. For medium- and long-term loans, CAF determines the appropriate level of financing on a case-by-case basis; however, limited-recourse financing in such loans may not exceed 50% of project costs. In practice, however, CAF typically limits its loans to a smaller percentage of total project costs and generally require a larger percentage of financial support by the borrower than required by its credit policies.

**Asset Quality** 

CAF classifies a loan as overdue whenever payment is not made on its due date. CAF charges additional interest on the overdue payment from the due date and immediately suspend disbursements on all loans to the borrower and to any other borrowers of which the overdue borrower is a guarantor. The entire principal amount of a loan is placed in non-accrual status when collection or recovery is doubtful or when any payment, including principal, interest, fees, or other charges in respect of the loan, is more than 90 days overdue in the case of a private sector loan or more than 180 days overdue in the case of a public sector loan. Interest and other charges on non-accruing loans are included in income only to the extent that payments have actually been received by CAF.

As of December 31, 2024, there were USD 1.7 million of loans overdue and USD 1,975.5 million of loans in non-accrual status. As of December 31, 2023, there were no loans overdue and USD 50.3 million of loans in non-accrual status.

For the year ended December 31, 2024, there were USD 14.2 million of loan write-offs. CAF believes it has not suffered any individually significant losses on its loan portfolio. Although CAF's loans do not enjoy any legal preference over those of other creditors, CAF enjoys a de facto preferred creditor status arising from its status as a multilateral financial institution and from the interest of its borrowers in maintaining their credit standing with it.

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**Quality of Loan Portfolio** 

The following table shows CAF's main loan portfolio quality indicators and their corresponding amounts:

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** | **2022** |
|  | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** |
|  Total loan portfolio | 34030.1 | 33721.6 | 30959.1 |
|  Overdue accrual loans | 1.7 |  |  |
|  Loans in non-accrual status | 1975.5 | 50.3 | 107.9 |
|  Loans written-off during period | 14.2 | 34.5 | 11.1 |
|  Allowance for loan losses | 84.8 | 56.9 | 63.2 |
|  Troubled debt restructured |  |  | 23.1 |
|  Overdue accrual loans as a percentage of loan portfolio (excluding non-accrual loans) | 0.01% | 0.00% | 0.00% |
|  Non-accrual loans as a percentage of loan portfolio | 5.84% | 0.15% | 0.35% |
|  Allowance for loan losses as a percentage of loan portfolio | 0.25% | 0.17% | 0.21% |

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**FUNDED DEBT** 

**Funding Strategy** 

CAF raises funds for operations primarily in the international financial markets, although a relatively small part is raised within its shareholder countries. CAF's strategy with respect to funding, to the extent possible under prevailing market conditions, is to match the maturities of its liabilities to the maturities of its loan portfolio. In order to diversify CAF's funding sources and to offer potential borrowers a wide range of credit facilities, CAF raises funds through bond issues in both the shareholder countries and the international capital markets. CAF also takes deposits and obtains loans and credit lines from central banks, commercial banks and, to the extent of imports related to projects funded by CAF, export credit agencies.

Within the shareholder countries, CAF raises funds from central banks and financial institutions and by means of regional bond issues. Outside Latin America and the Caribbean, CAF obtains funding from public sector development and credit agencies, from development banks, from various North American, European, and Asian commercial banks, from capital markets and from the U.S. and European commercial paper markets.

**Sources of Funded Debt** 

The breakdown of CAF's outstanding funded debt, both within and outside the shareholder countries, at each of the dates indicated below, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** | **2022** |
|  | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** |
|  Within the shareholder countries: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 3497.3 | 4144.5 | 4662.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other institutions | 25.2 | 28.7 | 27.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2185.8 | 2050.4 | 1902.8 |
|  | 5708.3 | 6223.6 | 6592.6 |
|  Outside the shareholder countries: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper | 3249.1 | 4653.5 | 4618.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other institutions | 2151.8 | 2096.3 | 2164.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 27739.0 | 24197.9 | 22413.2 |
|  | 33139.9 | 30947.7 | 29196.7 |
|  Variation effect between spot and original FX rate | (1850.4) | (556.5) | (1434.3) |
|  Fair value adjustments on hedging activities | (723.2) | (1003.8) | (1742.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination costs | (7.2) | (6.6) | (5.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | **36267.4** | **35604.4** | **32607.4** |

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**Maturity of Funded Debt** 

The breakdown of CAF's outstanding funded debt, by instrument and maturity, at each of the dates indicated below was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** | **2022** |
|  | **(in USD millions)** | **(in USD millions)** | **(in USD millions)** |
|  Term deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up to 1 year | 3497.3 | 4144.5 | 4662.2 |
|  Acceptances, advances, and commercial paper and repurchase agreements: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up to 1 year | 3249.1 | 4653.5 | 4618.8 |
|  Borrowings from other institutions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up to 1 year | 430.5 | 432.2 | 192.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between 1 and 3 years | 462.4 | 621.0 | 832.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between 3 and 5 years | 393.8 | 344.0 | 371.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 5 years | 890.3 | 727.8 | 795.3 |
|  | **2177.0** | **2125.0** | **2192.3** |
|  Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up to 1 year | 5213.8 | 3331.9 | 4781.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between 1 and 3 years | 10101.3 | 10705.4 | 8173.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between 3 and 5 years | 8331.5 | 7576.1 | 6256.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 5 years | 6278.2 | 4634.9 | 5104.3 |
|  | **29924.8** | **26248.3** | **24316.1** |
|  Totals: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Up to 1 year | 12390.7 | 12562.1 | 14255.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between 1 and 3 years | 10563.7 | 11326.4 | 9006.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between 3 and 5 years | 8725.3 | 7920.1 | 6627.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More than 5 years | 7168.5 | 5362.7 | 5899.6 |
|  | **38848.2** | **37171.3** | **35789.4** |
|  Variation effect between spot and original FX rate | (1850.4) | (556.5) | (1434.3) |
|  Fair value adjustments on hedging activities | (723.2) | (1003.8) | (1742.0) |
|  Originating costs | (7.2) | (6.6) | (5.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | **36267.4** | **35604.4** | **32607.4** |

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CAF's financial liabilities are primarily U.S. dollar-based: 47.4% of CAF's total financial liabilities, or 98.8% of financial liabilities after swaps, were denominated in U.S. dollars as of December 31, 2024.

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The principal amount of non-U.S. dollar financial liabilities outstanding as of December 31, 2024 included:

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| |
|:---|
|  9,199 million Euros |
|  2,200 million Swiss Francs |
|  2,525 million Australian Dollars |
|  1,135 million Sterling Pounds |
|  23,913 million Mexican Pesos |
|  180,100 million Japanese Yen |
|  4,137 million Hong Kong Dollars |
|  28,200 million Indian Rupees |
|  1,462,023 million Colombian Pesos |
|  3,900 million Norwegian Kroner |
|  115,240 million Costa Rican Colons |
|  1,067 million Brazilian Reais |
|  2,675 million Turkish Lira |
|  641,900 million Paraguayan Guaraníes |
|  271 million Polish Zlotys |
|  93 million New Zealand Dollars |
|  383 million Chinese Yuan Renminbi |
|  2,102 million Uruguayan Pesos |
|  40 million Canadian Dollars |
|  4,000 million Jamaican Dollars |
|  250 million Czech Koruna |
|  15 million Bolivian Bolivianos |

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All of these non-U.S. dollar financial liabilities are swapped or otherwise hedged into U.S. dollars.

**DEBT RECORD** 

CAF has never had an event of default declared with respect to the payment of principal of, or premium or interest on, any debt security it has issued, and has always met all of its debt obligations on a timely basis.

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**ASSET AND LIABILITY MANAGEMENT** 

CAF reduces its sensitivity to interest rate risk by extending its loans on a floating rather than a fixed interest rate basis. As of December 31, 2024, 3.8% of CAF's outstanding loans were based on the LIBOR and 86.4% based on Term SOFR and subject to interest rate adjustments at least every six months. The liabilities that fund these loans are also contracted at, or swapped into, SOFR floating interest rates. When CAF makes loans at fixed interest rates, it also obtains the corresponding funding on a fixed interest rate basis.

CAF requires that counterparties with which it enters into swap agreements be rated "A+/A1" or better by two U.S. nationally recognized statistical rating organizations or have signed a credit support agreement (resulting in the corresponding exchange of collateral), at the time of entering into the swap agreement. As of December 31, 2024, CAF was party to swap agreements with an aggregate notional amount of USD 33.6 billion.

CAF seeks, to the extent possible under prevailing market conditions, to match the maturities of its liabilities to the maturities of its loan portfolio. As of December 31, 2024, the weighted average life of CAF's financial assets was 4.4 years, and the weighted average life of its financial liabilities was 3.9 years.

CAF's management expects the weighted average life of CAF's financial assets to increase gradually, as it makes more long-term loans for infrastructure development and similar purposes. At the same time, CAF's management expects that the weighted average life of its liabilities will also increase as a result of its strategy of increasing its presence in the international long-term bond market as market conditions permit.

As of December 31, 2024, 96.1% of CAF's assets and 52.3% of its liabilities were denominated in U.S. dollars, with the remainder of its liabilities being denominated principally in Euro, Swiss Francs, Australian Dollars, Sterling Pounds, Mexican Pesos, Japanese Yen, Hong Kong Dollars, Indian Rupees, and Colombian Pesos, which liabilities were swapped. After swaps, 98.8% of CAF's liabilities were denominated in U.S. dollars as of December 31, 2024. Generally, funding that is contracted in currencies other than the U.S. dollar is swapped into U.S. dollars. In some cases, CAF extends its loans in the same non-U.S. dollar currencies as debt is incurred in order to minimize exchange risks. CAF's shareholders' equity is denominated entirely in U.S. dollars.

CAF's treasury asset and liability management involves managing liquidity, funding, interest rate and exchange rate risk arising from non-trading positions through the use of on-balance sheet instruments. CAF's external asset managers use derivatives to hedge the interest and exchange rate risk exposures of its non-U.S. dollar denominated investments. CAF's policy is that its total exposure on trade derivatives should not exceed 3% of liquid investments. See Note 17 ("*Derivative Financial Instruments and Hedging Activities*") to CAF's audited financial statements included elsewhere in this prospectus.

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**ADMINISTRATION** 

CAF is governed and administered by the bodies and officials detailed below:

**Shareholders' Assembly** 

The Shareholders' Assembly is the ultimate decision-making body within CAF. Shareholders' Assemblies can be ordinary or extraordinary and are governed by the requirement for the presence of a quorum of at least 80% Series "A" shareholders and a simple majority of the other shareholders, and compliance with other conditions set out in the Constitutive Agreement.

Ordinary general Shareholders' Assembly meetings are held once a year, within 90 days of the close of the financial year, and are convened by the Executive President. In ordinary general meetings the Shareholders' Assembly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considers the Board of Directors' annual report and CAF's financial statements, receives the
independent auditors' report and allocates CAF's net income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constitutes special funds for particular purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• elects the Board of Directors according to the Constitutive Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoints external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determines compensation for the Board of Directors and the external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may consider any other matter expressly submitted to it which is not within the purview of any other body of CAF.

Extraordinary general Shareholders' Assembly meetings may be convened after a call has been made at the initiative of the Board of Directors, or the Executive President, or at least 40% of Series "A" shareholders or any shareholders representing at least 25% of paid-in capital. In extraordinary general meetings the Shareholders' Assembly may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase, reduce or replenish CAF's capital in accordance with the Constitutive Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dissolve CAF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the headquarters of CAF when the Board of Directors so proposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider any other matter that has been expressly submitted to it that is not within the purview of any other
body of CAF.

Resolutions presented at ordinary general meetings of the Shareholders' Assembly are passed by the votes of at least 60% of Series "A" shareholders, together with a majority of the votes of the other shares represented at the meeting. Resolutions presented at extraordinary general meetings of the Shareholders' Assembly (including a decision to dissolve CAF) are passed by the votes of 80% of Series "A" shareholders, together with a majority of the votes of the other shares represented at the meeting, except for resolutions concerning modifications to the structure of the Board of Directors, which require the affirmative vote of all Series "A" shareholders and a majority of the votes of the other shares represented at the meeting. In the event of adjournment for lack of a quorum, two Series "A" shareholders, plus a majority of the other shares represented at the meeting, may deliberate and approve decisions at a reconvened meeting.

**Board of Directors** 

CAF's Board of Directors is composed of 24 directors, each of whom is elected for a term of three years and may be re-elected. Each of the Series "A" shareholders is represented by one director. Five directors represent

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the governments or governmental institutions holding Series "B" shares and one director represents the private financial institutions holding Series "B" shares. Holders of Series "C" shares are entitled to elect two directors. In the event of a vacancy in a director position, the corresponding alternate director serves as director until such vacancy has been filled. Responsibilities of the Board of Directors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing and directing CAF's credit and economic policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving CAF's budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving CAF's borrowing limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving credits granted by CAF in excess of a specified limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing or modifying internal regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing the Executive President.

As of the date of this prospectus, the Directors (and their Alternates) representing Series "A" shareholders are:

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| | | |
|:---|:---|:---|
| Argentina | Pablo Quirno <br>(Matías Mana) | Secretary of Finance, Ministry of Economy (Subsecretary of International Financial Relations for Development) |
| Bolivia | Sergio Cusicanqui <br>(Antonio Mullisaca) | Minister of Development Planning <br>(Vice Minister of Public Investment and External Financing) |
| Brazil | Viviane Vecchi<br>(João Luís Rossi) | Secretary for International Affairs and Development (A), Ministry of Planning and Budget <br>(Director of International Organizations and Development, Ministry of Planning and Budget) |
| Chile | Nicolás Grau <br>(Heidi Berner) | Minister of Finance <br>(Deputy Secretary of Finance) |
| Colombia | Germán Ávila Plazas <br>(Carlos Betancourt Galeano) | Minister of Finance and Public Credit <br>(Technical Vice-Minister (A)-Ministry of Finance and Public Credit) |
| Costa Rica | Rudolf Lücke <br>(Róger Madrigal López) | Minister of Finance <br>(President — Central Bank of Costa Rica) |
| Dominican Republic | Magin Javier Díaz Domingo <br>(María José Martínez) | Ministry of Finance <br>(Vice-Minister of Public Credit) |
| Ecuador | Sariha Belén Moya Angulo<br>(Maricela Benites Loor) | Chairwoman (A) of the Board of Directors of Corporación Financiera Nacional <br>(General Manager (A) of Corporación Financiera Nacional) |
| El Salvador | Jerson Posada <br>(Luis Enrique Sánchez Castro) | Minister of Finance <br>(Vice-Minister of Finance) |
| Honduras | Roberto Carlos Ramírez<br> (Jacobo Herrera) | Subsecretary of Credit and Public Investment<br> (Deputy Director of Public Credit, General Directorate of Public Credit) |

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|:---|:---|:---|
| Panama | Felipe Chapman <br>(Javier Carrizo) | Minister of Economy and Finance <br>(General Manager — Banco Nacional de Panamá) |
| Paraguay | Carlos Fernández Valdovinos <br>(Felipe González) | Minister of Economy and Finance <br>(Vice-Minister of Economy and Planning) |
| Perú | Raúl Pérez Reyes <br>(Rodolfo Acuña Namihas) | Minister of Economy and Finance <br>(Vice-Minister of Finance) |
| Trinidad and Tobago | Davendranath Tancoo <br>(Larry Howai) | Minister of Finance <br>(Governor — Central Bank of Trinidad and Tobago) |
| Uruguay | Gabriel Oddone <br>(Diego Cánepa) | Minister of Economy and Finance <br>Representative of the República Orienta del Uruguay |
| Venezuela | Christiam Hernández | Vice-Minister of Finance and Public Budget (A). Ministry of the People's Power for Economy and Finance |
|  | (Román Maniglia) | (President — Banco de Venezuela) |

---

As of the date of this prospectus, the Directors (and their Alternates) representing Series "B" shareholders are:

---

| | | |
|:---|:---|:---|
| Bolivia | Marcelo Montenegro Gómez | Minister of Economy and Public Finance |
|  | (To be appointed) | (Vice Minister of Treasury and Public Credit) |
| Colombia | Diana Marcela Morales | Minister of Commerce, Industry and Tourism |
|  | (Natalia Molina Posso) | (General Manager — Department of Planning) |
| Ecuador | Sariha Belén Moya Angulo | Minister of Economy and Finance |
|  | (To be appointed) | (Monetary and Financial Regulation Board — Central Bank of Ecuador) |
| Peru | Jorge Velarde | President of the Board of Directors of Corporación Financiera de Desarrollo (COFIDE) |
|  | (Erick Lahura) | (Vice-Minister of Economy) |
| Venezuela | Anabel Pereira Fernández | Presidente (A) — Banco de Desarrollo Económico y Social de Venezuela (BANDES) |
|  | (Luis Pérez González) | (Executive Vice President — Banco de Desarrollo Económico y Social de Venezuela (BANDES)) |
| Private Financial Institutions | Nelson Iván Andrade <br>(Martín Naranjo) | Executive President — Banco del Pacífico <br>(President — Association of Banks of Peru) |

---

As of the date of this prospectus, the directors representing the Series "C" shareholders are Carlos Cuerpo, Minister of Economy, Commerce and Business of Spain and Edgar Amador Zamora, Secretary of Finance and Public Credit of Mexico. Their alternates are Ana Barreto, Director of the Department of Cooperation and International Affairs, Bureau of Political Economy and International Affairs (GPEARI) of Portugal, and Ryan Straughn, Minister of Finance and Economic Affairs of Barbados, respectively.

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##### [**Table of Contents**](#toc)
The business address of each of the directors and each of the alternate directors listed above is Torre CAF, Piso 9, Avenida Luis Roche, Altamira, Caracas, Venezuela.

The Board of Directors annually elects a Chairman to preside over the meetings of the Board of Directors and the Shareholders' Assembly. Davendranath Tancoo is the current Chairman until March 31, 2026.

**Executive President** 

The Executive President is CAF's legal representative and chief executive officer. He is empowered to decide all matters not expressly reserved to the Shareholders' Assembly and the Board of Directors. The Executive President is elected by the Board of Directors for a period of five years and may be re-elected.

In accordance with the procedures established in the Constitutive Agreement, on April 10, 2021, Mr. Renny Lopez was designated as the interim Executive President. Mr. Renny Lopez remained in such position until Mr. Sergio Diaz-Granados assumed as Executive President for the next five year period (September 2021 to August 2026), following the appointment made by the Board of Directors on July 5, 2021. In September 2021 Mr. Diaz-Granados decided to move CAF's executive presidency to Panama.

**Officers** 

As of the date of this prospectus, the Executive Officers of CAF are:

---

| | |
|:---|:---|
| Sergio Diaz-Granados | Executive President |
| Gianpiero Leoncini | Executive Vice President |
| Christian Asinelli | Corporate Strategic Programming Vice President |
| Antonio Silveira | Vice President of Private Sector |
| Gabriel Felpeto | Vice President of Finance and Chief Financial Officer |
| Jorge Silva | General Counsel |
| Alejandra Claros | General Secretary |
| Iván Haas | General Auditor |

---

**Employees** 

As of June 30, 2025, CAF employs 879 professionals. ****The senior positions of Executive Vice President, Vice President of Finance, Corporate Strategic Programming Vice President, and Vice President of Private Sector are appointed by the Executive President, subject to ratification by the Board of Directors.

CAF's management believes that the salaries and other benefits of its professional staff are competitive and that the local support staff is paid at levels above the prevailing local rates. Although CAF is not subject to local labor laws, CAF provides its employees with benefits and safeguards at least equivalent to those required under the law of the country where they normally work and reside. CAF offers technical and professional training opportunities through courses and seminars for its employees. CAF's management considers the relationship with its employees to be good. There is no employee union and there have been no strikes in the history of CAF.

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##### [**Table of Contents**](#toc)
**THE FULL MEMBER SHAREHOLDER COUNTRIES** 

Certain of the following information has been extracted from publicly available sources. CAF has not independently verified this information. The region occupied by the full member shareholder countries is bordered by the Atlantic Ocean on the east, the Caribbean Sea on the north and the Pacific Ocean on the west.

**<u>Selected Demographic and Economic Data<sup>(3)</sup></u>**

The following table presents selected demographic and economic data for the full member shareholder countries for the years indicated:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Argentina** | **Bolivia** | **Brazil** | **Chile** | **Colombia** | **Costa<br>Rica** | **Dominican<br>Republic** | **Ecuador** | **El<br>Salvador** | **Honduras** | **Panama** | **Paraguay** | **Peru** | **Trinidad<br>and<br>Tobago** | **Uruguay** | **Venezuela** |
|  **Population<br>(in millions)(1)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 45.5 | 12.2 | 211.1 | 19.7 | 52.3 | 5.1 | 11.3 | 18.0 | 6.3 | 10.6 | 4.5 | 6.8 | 33.8 | 1.4 | 3.4 | 26.7**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45.4 | 12.1 | 210.3 | 19.6 | 51.7 | 5.1 | 11.2 | 17.8 | 6.3 | 10.5 | 4.4 | 6.8 | 33.5 | 1.4 | 3.4 | 26.9**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 45.3 | 11.9 | 209.6 | 19.5 | 51.2 | 5.1 | 11.1 | 17.7 | 6.3 | 10.3 | 4.3 | 6.7 | 33.2 | 1.4 | 3.4 | 27.6**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | 45.2 | 11.8 | 208.7 | 19.4 | 50.6 | 5.0 | 11.0 | 17.5 | 6.2 | 10.1 | 4.3 | 6.6 | 32.8 | 1.4 | 3.4 | 27.9**<sup>(2)</sup>** |
|  **GDP (USD<br>in billions)(1)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 646.1 | 45.1 | 2173.7 | 335.5 | 363.5 | 86.5 | 121.4 | 118.8 | 34.0 | 34.4 | 83.3 | 43.0 | 267.6 | 27.4 | 77.2 | 102.4**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 632.8 | 44.0 | 1951.9 | 302.1 | 345.3 | 69.2 | 113.5 | 116.6 | 32.0 | 31.4 | 76.3 | 42.0 | 246.5 | 30.1 | 70.2 | 89.0**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 486.6 | 40.4 | 1670.6 | 315.5 | 318.5 | 65.0 | 94.2 | 107.4 | 29.0 | 28.1 | 67.4 | 40.0 | 226.4 | 24.5 | 60.8 | 56.6**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | 385.7 | 36.6 | 1476.1 | 254.0 | 270.3 | 62.4 | 78.8 | 95.9 | 24.9 | 23.4 | 57.1 | 35.4 | 201.4 | 20.8 | 53.7 | 42.8**<sup>(2)</sup>** |
|  **GDP per capita<br>(USD)(1)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14187.5 | 3686.3 | 10294.9 | 17067.8 | 6947.4 | 16942.0 | 10717.6 | 6609.8 | 5391.1 | 3231.7 | 18686.4 | 6276.4 | 7906.6 | 20016.2 | 22797.8 | 3828.5**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13935.7 | 3643.9 | 9281.3 | 15451.1 | 6674.6 | 13625.9 | 10109.5 | 6541.0 | 5093.5 | 3003.3 | 17332.4 | 6205.6 | 7363.3 | 22004.2 | 20692.0 | 3306.9**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10738.0 | 3384.8 | 7972.5 | 16216.6 | 6222.6 | 12838.1 | 8472.5 | 6075.8 | 4642.6 | 2735.1 | 15509.8 | 5976.9 | 6827.0 | 17912.5 | 17888.2 | 2052.3**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | 8535.6 | 3099.9 | 7074.2 | 13114.8 | 5339.7 | 12394.0 | 7162.3 | 5463.6 | 3997.2 | 2307.6 | 13290.6 | 5365.5 | 6133.3 | 15224.5 | 15789.7 | 1532.6**<sup>(2)</sup>** |
|  **Gross reserves (excluding gold) (USD in millions)(1)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 18986.8 | 241.1 | 346424.4 | 46361.1 | 58730.7 | 13225.0 | 15509.0 | 2698.9 | 2988.2 | 7497.3 | 6756.7 | 9342.4 | 69095.5 | 6126.4 | 16250.1 | 9814.0**<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 41197.9 | 1274.9 | 317118.7 | 39088.0 | 56431.6 | 8554.0 | 14489.8 | 6490.9 | 2614.9 | 8369.9 | 6876.1 | 9041.4 | 70307.9 | 6719.2 | 15120.9 | 9921.0**<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36448.4 | 2242.4 | 354623.1 | 51237.8 | 57745.1 | 6921.2 | 13091.3 | 6082.6 | 3345.8 | 8626.2 | 8832.2 | 9181.8 | 76560.9 | 6765.9 | 16956.8 | 10914.0**<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | 35650.0 | 2662.4 | 351518.5 | 39151.2 | 58247.8 | 7231.5 | 10810.2 | 5235.6 | 2999.4 | 8096.5 | 9613.8 | 8704.2 | 72853.6 | 6835.7 | 16244.2 | 6364.0**<sup>(3)</sup>** |
|  **Customer price index growth(1)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 211.4 | 2.6 | 4.6 | 7.6 | 11.7 | 0.5 | 4.8 | 2.2 | 4.0 | 6.7 | 1.5 | 4.6 | 6.5 | 4.6 | 5.9 | 190.0**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 94.8 | 1.7 | 9.3 | 11.6 | 10.2 | 8.3 | 8.8 | 3.5 | 7.2 | 9.1 | 2.9 | 9.8 | 8.3 | 5.8 | 9.1 | 234.0**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 50.9 | 0.7 | 8.3 | 4.5 | 3.5 | 1.7 | 8.2 | 0.1 | 3.5 | 4.5 | 1.6 | 4.8 | 4.3 | 2.1 | 7.7 | 686.4**<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | 36.1 | 0.9 | 3.2 | 3.0 | 2.5 | 0.7 | 3.8 | -0.3 | -0.4 | 3.5 | -1.6 | 1.8 | 2.0 | 0.6 | 9.8 | 2959.8**<sup>(2)</sup>** |
|  **Exports of Goods (f.o.b.) (USD in millions)(1)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 66836.2 | 10793.4 | 343819.1 | 94557.4 | 52641.9 | 18886.3 | 12931.9 | 31484.0 | 5520.6 | 5985.2 | 19095.5 | 16125.5 | 67518.1 | 10378.3 | 15122.5 | 7531.4**<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 88514.6 | 13541.2 | 340201.1 | 98556.6 | 59473.5 | 16646.6 | 13750.2 | 33033.3 | 5841.6 | 6149.9 | 20434.7 | 12815.5 | 66167.1 | 16687.1 | 17625.4 | 4731.8**<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 77986.6 | 11145.7 | 283964.6 | 94604.2 | 42735.6 | 14826.5 | 12486.4 | 26967.6 | 5247.6 | 5213.8 | 16840.0 | 13223.0 | 63114.1 | 11082.0 | 15940.9 | 4192.5**<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | 54945.5 | 7013.1 | 210690.5 | 74024.4 | 32309.0 | 12066.7 | 10301.9 | 20569.5 | 3919.6 | 4291.6 | 11603.0 | 10954.9 | 42825.6 | 6002.9 | 10160.6 | 2815.3**<sup>(4)</sup>** |
|  **Imports of Goods (f.o.b.) (USD in millions)(1)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 69773.1 | 10531.9 | 251543.7 | 79234.0 | 59449.5 | 22044.7 | 28823.1 | 29277.2 | 14385.3 | 14340.5 | 30180.8 | 15429.2 | 49840.1 | 6615.7 | 13030.3 | 14265.2**<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 76162.5 | 10728.2 | 288679.3 | 94827.2 | 71651.7 | 21313.0 | 30912.6 | 30489.1 | 15410.4 | 14320.1 | 27143.4 | 14744.1 | 56000.7 | 7506.2 | 13533.1 | 13617.6**<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 59291.1 | 8216.1 | 241652.5 | 84298.8 | 56719.2 | 17671.0 | 24282.0 | 23975.0 | 13186.0 | 12018.9 | 20318.5 | 12594.3 | 47999.2 | 6370.1 | 11211.2 | 10345.7**<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | 40314.8 | 6333.9 | 175026.9 | 55107.5 | 41178.8 | 14085.0 | 17105.0 | 17091.9 | 8945.1 | 8123.2 | 14406.7 | 9729.2 | 34724.0 | 5018.8 | 7903.6 | 9061.5**<sup>(4)</sup>** |

---

(1) Source: World Development Indicators, World Bank

(2) Source: World Economic Outlook, International Monetary Fund, April 2025

(3) Source: CAF calculations based on Central Bank of Venezuela

(4) Source: International Merchandise Trade Statistics, International Monetary Fund

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##### [**Table of Contents**](#toc)
**DESCRIPTION OF THE DEBT SECURITIES** 

The following description sets forth certain general terms and provisions of the debt securities to which any prospectus supplement may relate. The particular terms of the debt securities being offered and the extent to which such general provisions may apply will be described in a prospectus supplement relating to such debt securities.

The debt securities will be issued pursuant to a fiscal agency agreement, dated as of March 17, 1998, between CAF and The Bank of New York Mellon (as successor in interest to JPMorgan Chase Bank), as fiscal agent. The following statements briefly summarize some of the terms of the debt securities and the fiscal agency agreement (a copy of which has been filed as an exhibit to the registration statement). These statements do not purport to be complete and are qualified in their entirety by reference to all provisions of the fiscal agency agreement and such debt securities.

**General** 

The debt securities will constitute the direct, unconditional, unsecured, and general obligations of CAF. The debt securities will rank equally with all of CAF's other unsecured Indebtedness, other than such obligations as may be preferred by provisions of law that are both mandatory and of general application. "Indebtedness" means all of CAF's indebtedness in respect of monies borrowed by CAF and guarantees given by it for monies borrowed by others.

The accompanying prospectus supplement will describe the following terms of the debt securities, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price or prices at which CAF will issue the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any limit on the aggregate principal amount of the debt securities or the series of which they are a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currency or currency units for which the debt securities may be purchased and in which payments of principal
and interest will be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which principal and interest will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates at which any of the debt securities will bear interest, the date or dates from which any
interest will accrue, and the record dates and interest payment dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the place or places where principal and interest payments will be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the time and price limitations on redemption of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAF's obligation, if any, to redeem or purchase the debt securities at the option of the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the denominations in which any of the debt securities will be issuable, if other than denominations of
USD 1,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the amount of principal or interest on any of the debt securities is determinable according to an index or a
formula, the manner in which such amounts will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and under what circumstances CAF will issue the debt securities as global debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other specific terms of the debt securities.

Certain debt securities will be treated for U.S. federal income tax purposes as having been issued with original issue discount ("Discount Securities") if the excess of the debt security's "stated redemption price at maturity" over its issue price is more than a "*de minimis* amount" (as defined for U.S. federal income tax purposes). See "Taxation — United States Taxation" for more information regarding the U.S. federal income tax consequences of the ownership and disposition of Discount Securities. If applicable, the prospectus supplement also may describe certain U.S. federal income tax considerations that may be relevant to a beneficial owner of Discount Securities and any other special rules regarding debt securities.

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##### [**Table of Contents**](#toc)
**Denominations, Registration and Transfer** 

The debt securities of each series will be issuable only in fully registered form, without coupons, and, unless otherwise specified in the prospectus supplement, only in denominations of USD 1,000 and integral multiples thereof.

At the option of the holder, subject to the terms of the fiscal agency agreement and the limitations applicable to global debt securities, debt securities of each series will be exchangeable for other debt securities of the same series of any authorized denomination and of a like tenor and aggregate principal amount.

Debt securities may be presented for exchange and for registration of transfer in the manner, at the places and subject to the restrictions set forth in the debt securities and as summarized in the prospectus supplement. Such services will be provided without charge, other than any tax or other governmental charge payable in connection therewith, but subject to the limitations provided in the terms of the debt securities.

If any definitive notes are issued and at that time the notes are listed on the Luxembourg Stock Exchange, CAF will appoint a transfer agent in Luxembourg, which it anticipates being the same entity that serves as CAF's Luxembourg paying agent. In such circumstances, transfers or exchanges of any definitive notes may be made at the office of CAF's Luxembourg transfer agent (in addition to the corporate trust office of the fiscal agent).

**Global Debt Securities** 

Some or all of the debt securities of any series may be represented, in whole or in part, by one or more global debt securities that will have an aggregate principal amount equal to that of the debt securities they represent. If applicable, each global debt security will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• registered in the name of a depositary or its nominee identified in the prospectus supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deposited with the depositary or nominee or the depositary's custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• printed with a legend regarding the restrictions on exchanges and registration of transfer of the security, and
any other matters required by the fiscal agency agreement and the terms of the debt securities and summarized in the prospectus supplement.

**Payment and Paying Agent** 

Unless otherwise indicated in the prospectus supplement, CAF will make payments of principal and interest on debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through the fiscal agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the person in whose name the debt securities are registered at the close of business on the regular record
date for the payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the office of the paying agent or agents designated by us; *unless* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at CAF's option, payment is mailed to the registered holder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the request of a registered holder of more than USD 1,000,000 principal amount of the securities, payment
is made by wire transfer.

Unless otherwise indicated in the prospectus supplement, CAF's sole paying agent for payments on the debt securities will be the corporate trust office of the fiscal agent in The City of New York.

Any monies CAF pays to its fiscal agent or any paying agent for the payment of the principal of or interest on any debt securities that remains unclaimed at the end of two years after such principal or interest has become due and payable will be repaid to CAF by such agent. Upon such repayment, all liability of CAF's fiscal agent or any paying agent with respect to such monies shall thereupon cease, without, however, limiting in any way CAF's unconditional obligation to pay principal of or any interest on the debt securities when due.

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**Negative Pledge** 

As long as any of the debt securities are outstanding and unpaid, but only up to the time amounts sufficient for payment of all principal and interest have been placed at the disposal of the fiscal agent, CAF will not cause or permit to be created on any of CAF's property or assets any mortgage, pledge or other lien or charge as security for any bonds, notes or other evidences of indebtedness heretofore or hereafter issued, assumed or guaranteed by CAF for money borrowed (other than purchase money mortgages, pledges or liens on property purchased by it as security for all or part of the purchase price thereof), unless the debt securities are secured by such mortgage, pledge or other lien or charge equally and ratably with such other bonds, notes or evidences of indebtedness.

**Default; Acceleration of Maturity** 

Each of the following will constitute an "event of default" with respect to the debt securities of any series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure to pay any principal of or interest on any debt securities of that series when due and the continuance
of the failure for 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure to perform or observe any material obligation under or in respect of any debt securities of that series
or the fiscal agency agreement and the continuance of the failure for a period of 90 days after written notice of the failure has been delivered to CAF and to the fiscal agent by the holder of any debt security of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure to pay any amount in excess of USD 100,000,000 (or its equivalent in any other currency or
currencies) of principal or interest or premium in respect of any indebtedness incurred, assumed, or guaranteed by CAF as and when such amount becomes due and payable and the continuance of the failure until the expiration of any applicable grace
period or 30 days, whichever is longer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acceleration of any indebtedness incurred or assumed by CAF with an aggregate principal amount in excess of
USD 100,000,000 (or its equivalent in any other currency or currencies) by any holder or holders thereof.

If an event of default occurs with respect to the debt securities of any series at the time outstanding, each holder of any debt security of that series may, by written notice to CAF and the fiscal agent, declare the principal of and any accrued interest on all the debt securities of that series held by it to be, and the principal and accrued interest shall thereupon become, immediately due and payable, unless prior to receipt of the notice by CAF all events of default in respect of such series of debt securities are cured. If all the events of default are cured following the declaration, the declaration may be rescinded by any such holder with respect to the previously accelerated series of debt securities upon delivery of written notice of the rescission to CAF and the fiscal agent.

**Redemption for Tax Reasons** 

The debt securities may be redeemed at CAF's option in whole, but not in part:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time (if floating rate note provisions are not specified in the accompanying prospectus supplement as being applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on any interest payment date (if floating rate note provisions are specified in the accompanying prospectus supplement as being applicable),

on giving not less than 30 nor more than 60 days' notice to the holders of the debt securities (which notice shall be irrevocable), at the principal amount of such debt securities or such other amount as may be specified in, or determined in accordance with, the accompanying pricing supplement, together with interest accrued (if any) to the date fixed for redemption, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) CAF has or will become obliged to pay additional amounts as provided or referred to in *"—* Additional Payments by CAF" as a result of any change in, or amendment to, the laws or regulations of any of the full member shareholder countries or any political subdivision or any authority thereof or therein

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##### [**Table of Contents**](#toc)
having power to tax, or any change in the application or official interpretation of such laws or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective on or after the date of issue of the first tranche of the debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) such obligation cannot be avoided by CAF taking reasonable measures available to us,

*provided, however*, that no such notice of redemption shall be given earlier than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) where the debt securities may be redeemed at any time, 90 days prior to the earliest date on which CAF would be
obliged to pay such additional amounts if a payment in respect of the debt securities were then due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) where the debt securities may be redeemed only on an interest payment date, 60 days prior to the interest
payment date occurring immediately before the earliest date on which CAF would be obliged to pay such additional amounts if a payment in respect of the debt securities were then due.

Prior to the publication of any notice of redemption pursuant to this section, CAF shall deliver to the fiscal agent (A) a certificate signed by two authorized officers of CAF stating that it is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of CAF so to redeem have occurred and (B) an opinion of independent legal advisers of recognized standing to the effect that CAF has or will become obliged to pay such additional amounts as a result of such change or amendment. Upon the expiration of any such notice as is referred to in this section, CAF shall be bound to redeem the debt securities in accordance with this section.

**Additional Payments by CAF** 

All payments of principal and interest in respect of the debt securities by or on behalf of CAF will be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any of the full member shareholder countries or any political subdivision therein or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that event, CAF will pay such additional amounts as will result in receipt by the holder of debt securities after such withholding or deduction of such amounts as would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable in respect of any debt securities presented for payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by or on behalf of a holder of a debt security of any series who is liable for such taxes, duties, assessments,
or governmental charges in respect of such debt security by reason of having some connection with any of the full member shareholder countries other than the mere holding of the debt security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if such withholding or deduction may be avoided by a holder of a debt security of any series complying with a
request of CAF relating to any certification, identification or other reporting concerning its nationality, residence, identity or connection with any full member shareholder country if the holder is legally able to comply with the request and CAF
has provided the notice in writing at least 60 days before such information is required to be provided by the holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more than 30 days after the Relevant Date, except to the extent that the holder of such debt security of any
series would have been entitled to such additional amounts on presenting such debt security for payment on the last day of such period of 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any estate, inheritance, gift, sale, transfer, personal property or similar taxes, duties, assessments, or
governmental charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any taxes, duties, assessments, or governmental charges which are payable otherwise than by deduction or
withholding from payments made under or with respect to the debt security; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any taxes, duties, assessments, or governmental charges that were imposed with respect to any payment on a note
to any person who is a fiduciary or partnership or person other than the sole beneficial owner of such payment to the extent that no additional amounts would have been payable had the beneficial owner of the applicable note been the holder of such
debt security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if such withholding or deduction is imposed or required pursuant to Sections 1471 through 1474 of the
U.S. Internal Revenue Code of 1986, as amended (the "Code"), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code.

Any reference in this section to principal or interest shall be deemed to include any additional amounts in respect of principal or interest (as the case may be) which may be payable under this section.

As used in this prospectus, the "Relevant Date" means, in respect of any payment, the date on which such payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the fiscal agent on or prior to the due date, it means the first date on which, the full amount of the moneys having been so received and being available for payment to holders of debt securities of any series, notice to that effect will have been duly published as set forth below under "— Notices."

**Modification and Amendment** 

Each and every holder of the debt securities in a series must consent to any amendment of a provision of the debt securities or the fiscal agency agreement that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the due date of the principal of or interest on any series of debt securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the principal amount, interest rate, or amount payable upon acceleration of the due date of the debt
securities of a series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the currency or place of payment of principal of or interest on the debt securities of a series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the proportion of the principal amount of the debt securities of a series that must be held by any of the
holders to vote to amend or supplement the terms of the fiscal agency agreement or the debt securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change CAF's obligation to pay additional amounts.

CAF may, however, with the written consent of the holders of 66 2/3% of the principal amount of the debt securities of a series, modify any of the other terms or provisions of the debt securities of that series or the fiscal agency agreement (as it applies to that series). Also, CAF and the fiscal agent may, without the consent of the holders of the debt securities of a series, modify any of the terms and conditions of the fiscal agency agreement and the debt securities of that series, for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adding to CAF's covenants for the benefit of the holders of the debt securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• surrendering any right or power conferred on CAF; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securing the debt securities of that series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• curing any ambiguity or correcting or supplementing any defective provision of the fiscal agency agreement or the
debt securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any purpose that CAF deems necessary or desirable that does not adversely affect the interests of the holders
of the debt securities of that series in any material respect.

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**Notices** 

All notices will be delivered in writing to each holder of the debt securities of any series. If at the time of such notice the debt securities of a series are represented by global debt securities, the notice shall be delivered to the applicable depositary for such securities and shall be deemed to have been given three business days after delivery to such depositary. If at the time of the notice the debt securities of a series are not represented by global debt securities, the notice shall be delivered to the registered holders of the debt securities of the series and in that case shall be deemed to have been given three business days after the mailing of the notice by first-class mail.

**Further Issues** 

CAF may from time to time without the consent of holders of the debt securities create and issue further debt securities so as to form a single series with an outstanding series of debt securities, provided that any new debt securities would be treated as fungible with the original debt securities for United States federal income tax purposes. If such additional notes are not fungible with the original debt securities for United States federal income tax purposes, the additional notes will be issued under a separate CUSIP number.

**Governing Law; Submission to Jurisdiction; Waiver of Immunity** 

The debt securities are governed by, and shall be construed in accordance with, the laws of the State of New York. CAF will accept the jurisdiction of any state or federal court in the Borough of Manhattan, The City of New York, in respect of any action arising out of or based on the debt securities that may be instituted by any holder of a debt security. CAF will appoint CT Corporation in The City of New York as its authorized agent upon which process in any such action may be served. CAF will irrevocably waive any immunity to which it might otherwise be entitled in any action arising out of or based on the debt securities brought in any state or federal court in the Borough of Manhattan, The City of New York. CT Corporation will not be an agent for service of process for actions brought under the United States securities laws, and CAF's waiver of immunity will not extend to such actions.

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**DESCRIPTION OF THE GUARANTEES** 

From time to time CAF may issue under this prospectus and applicable prospectus supplement guarantees for the benefit of holders of specified securities of third parties. The issuers of the underlying securities may or may not be affiliated with CAF. A holder of a primary security will also have the benefit of CAF's guarantee related to the primary security.

The terms and conditions of any guarantee will vary with the terms and conditions of the underlying securities. A complete description of the terms and conditions of any guarantee issued pursuant to this prospectus will be set forth in the prospectus supplement for the issue of the guarantees.

CAF may provide guarantees with respect to the certain obligations of an issuer under its securities, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of any accrued and unpaid distributions which are required to be paid under the terms of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of the redemption price of the securities, including all accrued and unpaid distributions to the date of
the redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of any accrued and unpaid interest payments, or payment of any premium which are required to be made on
the securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any obligation of the issuer pursuant to a warrant, option, or other rights.

Unless otherwise specified in the applicable prospectus supplement, guarantees issued under this prospectus will rank equally with all of CAF's other unsecured general debt obligations, other than such obligations as may be preferred by provisions of law that are both mandatory and of general application, and will be governed by the laws of the State of New York.

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**TAXATION** 

**Full Member Shareholder Country Taxation** 

Under the terms of the Constitutive Agreement, CAF is exempt from all types of taxes levied by each of the full member shareholder countries on CAF's income, property, and other assets, and on operations CAF carries out in accordance with that treaty, and it is exempt from all liability related to the payment, retention or collection of any taxes, contributions, or tariffs.

Payments of principal and interest in respect of the debt securities to a non-resident of the full member shareholder countries will therefore not be subject to taxation in any of the full member shareholder countries, nor will any withholding for tax of any of the full member shareholder countries be required on any such payments to any holder of debt securities. In the event of the imposition of withholding taxes by any of the full member shareholder countries, CAF has undertaken to pay additional amounts in respect of any payments subject to such withholding, subject to certain exceptions, as described under "Description of the Debt Securities — Additional Payments by CAF."

**United States Taxation** 

The following is a summary of certain U.S. federal income tax consequences of the acquisition, ownership, and disposition by a U.S. Holder (as defined below) of the debt securities CAF is offering. This summary does not address the material U.S. federal income tax consequences of every type of debt security which may be issued, and the relevant prospectus supplement with the terms of the securities in that offering will contain additional or modified disclosure concerning the material U.S. federal income tax consequences relevant to such type of debt security as appropriate. This summary deals only with U.S. Holders that will hold debt securities as capital assets. The discussion does not cover all aspects of U.S. federal income taxation such as the Medicare contribution tax on net investment income that may be relevant to, or the actual tax effect that any of the matters described herein will have on, the acquisition, ownership or disposition of the debt securities by particular investors, and does not address state, local, non-U.S. or tax laws other than U.S. federal income tax law. In particular, this summary does not discuss all of the tax considerations that may be relevant to certain types of investors subject to special treatment under the U.S. federal income tax laws (such as partnerships or other pass-through entities, financial institutions, insurance companies, investors liable for any alternative minimum tax, investors subject to special tax accounting rules as a result of any item of gross income with respect to debt securities being taken into account in an applicable financial statement, individual retirement accounts and other tax-deferred accounts, tax-exempt organizations, dealers in securities or currencies, investors that will hold the debt securities as part of straddles, wash sales, hedging transactions or conversion transactions for U.S. federal income tax purposes, U.S. Holders whose functional currency is not the U.S. dollar or persons holding debt securities in connection with a trade or business conducted outside the United States).

Moreover, this summary deals only with debt securities with a term of 30 years or less. The U.S. federal income tax consequences of owning debt securities with a longer term will be discussed in an applicable prospectus supplement.

The following summary does not discuss debt securities characterized as contingent payment debt instruments for U.S. federal income tax purposes. In the event CAF issue any such debt securities, the applicable prospectus supplement will describe the material U.S. federal income tax consequences thereof.

As used herein, the term "U.S. Holder" means a beneficial owner of debt securities that is, for U.S. federal income tax purposes, (i) a citizen or individual resident of the United States, (ii) a corporation, or other entity treated as a corporation, created or organized under the laws of the United States, any State thereof or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax without regard to its source or (iv) a trust if a U.S. court can exercise primary supervision over the administration of the trust and one or more

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U.S. persons have the authority to control all substantial decisions of the trust, or the trust has elected to be treated as a domestic trust for U.S. federal income tax purposes.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds debt securities, the U.S. federal income tax treatment of a partner generally will depend on the status of the partner and the activities of the partnership. A U.S. investor that is an entity treated as a partnership for U.S. federal income tax purposes holding debt securities should consult its own tax advisors concerning the U.S. federal income tax consequences to it and its partners of the acquisition, ownership, and disposition of debt securities by the partnership.

This summary is based on the tax laws of the United States, including the Code, its legislative history, existing and proposed Treasury Regulations thereunder, published rulings and court decisions, all as of the date hereof and all subject to change at any time, possibly with retroactive effect.

The discussion assumed that debt securities will be issued only in registered form.

**THE SUMMARY OF U.S. FEDERAL INCOME TAX CONSEQUENCES SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF OWNING THE DEBT SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND POSSIBLE CHANGES IN TAX LAW.** 

**Characterization of the Debt Securities** 

Whether a debt security is treated as debt (and not equity) for U.S. federal income tax purposes is an inherently factual question and no single factor is determinative. Unless otherwise set forth in an applicable prospectus supplement, CAF believes that the debt securities will be treated as indebtedness for U.S. federal income tax purposes, although no opinions have been sought, and no assurances can be given, with respect to such treatment. The following discussion assumes that such treatment will be respected.

**Payments of Interest** 

Interest on a debt security, whether payable in U.S. dollars or a currency, composite currency or basket of currencies other than U.S. dollars (a "foreign currency"), other than interest on a "Discount Security" that is not "qualified stated interest" (each as defined below under "— Original Issue Discount — General"), will be taxable to a U.S. Holder as ordinary income at the time it is received or accrued, depending on the U.S. Holder's method of accounting for U.S. federal income tax purposes. Interest paid by CAF on the debt security and original issue discount, if any, accrued with respect to the debt securities (as described below under "Original Issue Discount") and any additional amounts paid with respect to withholding tax on such debt securities, including withholding tax on payments of such additional amounts will constitute income from sources outside the United States for foreign tax credit purposes.

In the event any foreign withholding tax is imposed, subject to certain limitations, a U.S. Holder will generally be entitled to a credit against its U.S. federal income tax liability, or a deduction in computing its U.S. federal taxable income, for foreign withholding taxes withheld by CAF (paid at the rate applicable to a U.S. Holder). Interest and OID, as well as market discount, will constitute foreign source income. For purposes of the foreign tax credit limitation, foreign source income is classified as belonging to a specified "basket", and the credit for foreign taxes on income in any basket is limited to U.S. federal income tax allocable to that basket. Interest and OID, as well as market discount, on the debt securities will generally be passive category income. There are additional significant and complex limits on a U.S. Holder's ability to claim foreign tax credits, and certain U.S. Treasury regulations that apply to foreign income taxes paid or accrued in taxable years beginning on or after December 28, 2021 further restrict the availability of any such credit based on the nature of the tax

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imposed by the foreign jurisdiction, but IRS notices provide temporary relief from the application of certain aspects of these regulations for taxable years ending on or before date that a notice or other guidance withdrawing or modifying the temporary relief is issued. U.S. Holders should consult their tax advisors concerning foreign tax credits.

**Original Issue Discount** 

*General.* The following is a summary of certain U.S. federal income tax consequences of the ownership of debt securities issued with original issue discount ("OID").

A debt security, other than a debt security with a term of one year or less (a "Short-Term Security"), will be treated as issued with OID (a "Discount Security") if the amount by which the debt security's "stated redemption price at maturity" exceeds its issue price is equal to or greater than a de minimis amount (0.25% of the debt security's stated redemption price at maturity multiplied by the number of complete years to its maturity). A debt security that provides for the payment of amounts other than qualified stated interest before maturity (an "installment obligation") will be treated as a Discount Security if the excess of the debt security's stated redemption price at maturity over its issue price is equal to or greater than 0.25% of the debt security's stated redemption price at maturity multiplied by the weighted average maturity of the debt security. A debt security's weighted average maturity is the sum of the following amounts determined for each payment on a debt security (other than a payment of qualified stated interest): (i) the number of complete years from the issue date until the payment is made multiplied by (ii) a fraction, the numerator of which is the amount of the payment and the denominator of which is the debt security's stated redemption price at maturity. Generally, the issue price of a debt security will be the first price at which a substantial amount of debt securities included in the issue of which the debt security is a part is sold to persons other than bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents, or wholesalers. The stated redemption price at maturity of a debt security is the total of all payments provided by the debt security that are not payments of "qualified stated interest". A qualified stated interest payment is generally any one of a series of stated interest payments on a debt security that are unconditionally payable in cash or in property (other than debt instruments of the issuer) at least annually at a single fixed rate (with certain exceptions for different rates that take into account different compounding periods), or a variable rate (in the circumstances described below under "— Variable Interest Rate Securities"), applied to the outstanding principal amount of the debt security. Solely for the purposes of determining whether a debt security has OID, CAF will be deemed to exercise any unconditional call option that has the effect of decreasing the yield on the debt security, and the U.S. Holder will be deemed to exercise any unconditional put option that has the effect of increasing the yield on the debt security.

U.S. Holders of Discount Securities (regardless of their method of accounting) must include OID in income as it accrues, using a constant-yield method generally before the receipt of cash attributable to the income, and generally will have to include in income increasingly greater amounts of OID over the life of the Discount Securities. The amount of OID includible in income by a U.S. Holder of a Discount Security is the sum of the daily portions of OID with respect to the Discount Security for each day during the taxable year or portion of the taxable year on which the U.S. Holder holds the Discount Security ("accrued OID"). The daily portion is determined by allocating to each day in any "accrual period" a pro rata portion of the OID allocable to that accrual period. Accrual periods with respect to a Discount Security may be of any length and may vary in length over the term of the Discount Security as long as (i) no accrual period is longer than one year and (ii) each scheduled payment of interest or principal on the Discount Security occurs on either the first or final day of an accrual period. The amount of OID allocable to an accrual period equals the excess of (a) the product of the Discount Security's adjusted issue price at the beginning of the accrual period and the Discount Security's yield to maturity (determined on the basis of compounding at the close of each accrual period and properly adjusted for the length of each accrual period) over (b) the sum of the payments of qualified stated interest on the Discount Security allocable to the accrual period. The "adjusted issue price" of a Discount Security at the beginning of any accrual period is the issue price of the Discount Security increased by (x) the amount of accrued OID for each prior accrual period and decreased by (y) the amount of any payments previously made on the Discount Security that were not qualified stated interest payments.

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The amount of OID allocable to the final accrual period is equal to the difference between: (i) the amount payable at the maturity of a debt security, other than any payment of qualified stated interest, and (ii) the debt security's adjusted issue price as of the beginning of the final accrual period.

*Acquisition Premium*. A U.S. Holder that purchases a Discount Security for an amount less than or equal to the sum of all amounts, other than qualified stated interest, payable on the Discount Security after the purchase date, but in excess of its adjusted issue price (any such excess being "acquisition premium") and that does not make the election described below under "— Election to Treat All Interest as Original Issue Discount", is permitted to reduce the daily portions of OID by a fraction equal to the excess of the U.S. Holder's adjusted basis in the Discount Security immediately after its purchase over the debt security's adjusted issue price divided by the excess of the sum of all amounts payable on the Discount Security after the purchase date, other than payments of qualified stated interest, over the Discount Security's adjusted issue price.

*Election to Treat All Interest as Original Issue Discount*. A U.S. Holder may elect to include in gross income all interest that accrues on a debt security using the constant-yield method described above under "— General", with certain modifications. For purposes of this election, interest includes stated interest, acquisition discount OID, de minimis OID, market discount, de minimis market discount and unstated interest, as adjusted by any amortizable bond premium (described below under "— Debt Securities Purchased at a Premium") or acquisition premium. Generally, this election will apply only to the debt security with respect to which it is made and may not be revoked without the consent of the U.S. Internal Revenue Service ("IRS"). If this election is made with respect to a debt security that has amortizable bond premium, the electing U.S. Holder will be treated as having made the election discussed below under "— Debt Securities Purchased at a Premium" to apply amortizable bond premium against interest for all debt instruments with amortizable bond premium, other than debt instruments the interest on which is excludible from gross income, that the U.S. Holder held as of the beginning of the taxable year to which the election applies or acquired in any taxable year thereafter. If this election is made with respect to a Market Discount Security (as defined below), the electing U.S. Holder will be treated as having made the election discussed below under "— Market Discount" to include market discount in income currently over the life of all debt instruments having market discount that are acquired on or after the first day of the first taxable year to which the election applies. U.S. Holders should consult their tax advisors concerning the propriety and consequences of this election.

*Variable Interest Rate Securities*. It is expected that debt securities that provide for interest at variable rates ("Variable Interest Rate Securities") generally will bear interest at a "qualified floating rate" (defined below) and thus will be treated as "variable rate debt instruments" under Treasury Regulations governing accrual of OID. A Variable Interest Rate Security will qualify as a "variable rate debt instrument" if (a) its issue price does not exceed the total non-contingent principal payments by more than an amount equal to the lesser of (x).015 multiplied by the product of the total non-contingent principal payments and the number of complete years to maturity from the issue date, or (y) 15 percent of the total non-contingent principal payments, (b) it provides for stated interest, compounded or paid at least annually, only at (i) one or more qualified floating rates, (ii) a single fixed rate and one or more qualified floating rates, (iii) a single objective rate (defined below), or (iv) a single fixed rate and a single objective rate that is a qualified inverse floating rate, and (c) it does not provide for any principal payments that are contingent (other than as described in (a) above). A qualified floating rate or objective rate in effect at any time during the term of the instrument must be set at a "current value" of that rate. A "current value" of a rate is the value of the rate on any day that is no earlier than three months prior to the first day on which that value is in effect and no later than one year following that first day.

A "qualified floating rate" is any variable rate where variations in the value of the rate can reasonably be expected to measure contemporaneous variations in the cost of newly borrowed funds in the currency in which the Variable Interest Rate Security is denominated. A fixed multiple of a qualified floating rate will constitute a qualified floating rate only if the multiple is greater than 0.65 but not more than 1.35. A variable rate equal to the product of a qualified floating rate and a fixed multiple that is greater than 0.65 but not more than 1.35, increased or decreased by a fixed rate, will also constitute a qualified floating rate. In addition, two or more qualified

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floating rates that can reasonably be expected to have approximately the same values throughout the term of the Variable Interest Rate Security (e.g., two or more qualified floating rates with values within 25 basis points of each other as determined on the Variable Interest Rate Security's issue date) will be treated as a single qualified floating rate. The debt security would not have a qualified floating rate, however, if the rate is subject to certain restrictions (including caps, floors, governors, or other similar restrictions), unless such restrictions are fixed throughout the term of the debt security or are not reasonably expected to significantly affect the yield of the debt security.

An "objective rate" is a rate that is not itself a qualified floating rate, but which is determined using a single fixed formula and that is based on objective financial or economic information. A rate will not qualify as an objective rate if it is based on information that is within CAF's control (or a related party) or that is unique to its circumstances (or a related party), such as dividends, profits or the value of its stock (although a rate does not fail to be an objective rate merely because it is based on its credit quality). Other variable interest rates may be treated as objective rates if so designated by the IRS in the future. Despite the foregoing, a variable rate of interest on a Variable Interest Rate Security will not constitute an objective rate if it is reasonably expected that the average value of the rate during the first half of the Variable Interest Rate Security's term will be either significantly less than or significantly greater than the average value of the rate during the final half of the Variable Interest Rate Security's term.

A "qualified inverse floating rate" is any objective rate equal to a fixed rate minus a qualified floating rate, as long as variations in the rate can reasonably be expected to inversely reflect contemporaneous variations in the qualified floating rate. If a Variable Interest Rate Security provides for stated interest at a fixed rate for an initial period of one year or less followed by a variable rate that is either a qualified floating rate or an objective rate for a subsequent period and the value of the variable rate on the Variable Interest Rate Security's issue date is intended to approximate the fixed rate (e.g., the value of the variable rate on the issue date does not differ from the value of the fixed rate by more than 25 basis points), then the fixed rate and the variable rate together will constitute either a single qualified floating rate or objective rate, as the case may be.

If a Variable Interest Rate Security that provides for stated interest at either a single qualified floating rate or a single objective rate throughout the term thereof qualifies as a "variable rate debt instrument", then any stated interest on the Variable Interest Rate Security which is unconditionally payable in cash or property (other than CAF's debt instruments) at least annually will constitute qualified stated interest and will be taxed accordingly. Thus, a Variable Interest Rate Security that provides for stated interest at either a single qualified floating rate or a single objective rate throughout the term thereof and that qualifies as a "variable rate debt instrument" will generally not be treated as having been issued with OID unless the Variable Interest Rate Security is issued at a price that is below the debt security's stated principal amount by more than a specified *de minimis* amount. OID on a Variable Interest Rate Security arising from such discount is allocated to an accrual period using the constant yield method described above by assuming that the variable rate is a fixed rate equal to (i) in the case of a qualified floating rate or qualified inverse floating rate, the value, as of the issue date, of the qualified floating rate or qualified inverse floating rate, or (ii) in the case of an objective rate (other than a qualified inverse floating rate), a fixed rate that reflects the yield that is reasonably expected for the Variable Interest Rate Security.

In general, any other Variable Interest Rate Security that qualifies as a "variable rate debt instrument" will be converted into an "equivalent" fixed rate debt instrument for purposes of determining the amount and accrual of OID and qualified stated interest on the Variable Interest Rate Security. Such a Variable Interest Rate Security must be converted into an "equivalent" fixed rate debt instrument by substituting any qualified floating rate or qualified inverse floating rate provided for under the terms of the Variable Interest Rate Security with a fixed rate equal to the value of the qualified floating rate or qualified inverse floating rate, as the case may be, as of the Variable Interest Rate Security's issue date. Any objective rate (other than a qualified inverse floating rate) provided for under the terms of the Variable Interest Rate Security is converted into a fixed rate that reflects the yield that is reasonably expected for the Variable Interest Rate Security. In the case of a Variable Interest Rate Security that qualifies as a "variable rate debt instrument" and provides for stated interest at a fixed rate in addition to either one or more qualified floating rates or a qualified inverse floating rate, the fixed rate is initially

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converted into a qualified floating rate (or a qualified inverse floating rate, if the Variable Interest Rate Security provides for a qualified inverse floating rate). Under these circumstances, the qualified floating rate or qualified inverse floating rate that replaces the fixed rate must be such that the fair market value of the Variable Interest Rate Security as of the Variable Interest Rate Security's issue date is approximately the same as the fair market value of an otherwise identical debt instrument that provides for either the qualified floating rate or qualified inverse floating rate rather than the fixed rate. Subsequent to converting the fixed rate into either a qualified floating rate or a qualified inverse floating rate, the Variable Interest Rate Security is converted into an "equivalent" fixed rate debt instrument in the manner described above.

Once the Variable Interest Rate Security that qualifies as a "variable rate debt instrument" is converted into an "equivalent" fixed rate debt instrument pursuant to the foregoing rules, the amount of OID and qualified stated interest, if any, are determined for the "equivalent" fixed rate debt instrument by applying the general OID rules to the "equivalent" fixed rate debt instrument and a U.S. Holder of the Variable Interest Rate Security will account for the OID and qualified stated interest as if the U.S. Holder held the "equivalent" fixed rate debt instrument. In each accrual period, appropriate adjustments will be made to the amount of qualified stated interest or OID assumed to have been accrued or paid with respect to the "equivalent" fixed rate debt instrument in the event that these amounts differ from the actual amount of interest accrued or paid on the Variable Interest Rate Security during the accrual period.

If a Variable Interest Rate Security does not qualify as a "variable rate debt instrument", then the debt security will be treated as a contingent payment debt obligation. The U.S. federal income tax treatment of debt securities that are treated as contingent payment debt obligations will be described in an applicable prospectus supplement.

*Short-Term Securities*. In general, an individual or other cash basis U.S. Holder of a Short-Term Security is not required to accrue OID (as specially defined below for the purposes of this paragraph) for U.S. federal income tax purposes unless it elects to do so (but may be required to include any stated interest in income as the interest is received). Accrual basis U.S. Holders and certain other U.S. Holders are required to accrue OID on Short-Term Securities on a straight-line basis or, if the U.S. Holder so elects, under the constant-yield method (based on daily compounding). In the case of a U.S. Holder not required and not electing to include OID in income currently, any gain recognized on the sale or retirement of the Short-Term Security will be ordinary income to the extent of the OID accrued on a straight-line basis (or, if an election was made, based on the constant-yield method) through the date of sale or retirement. However, U.S. Holders who are not required and do not elect to accrue OID on Short-Term Securities will be required to defer deductions for interest on borrowings allocable to Short-Term Securities in an amount not exceeding the deferred income until the deferred income is recognized.

For purposes of determining the amount of OID subject to these rules, all interest payments on a Short- Term Security are included in the Short-Term Security's stated redemption price at maturity. A U.S. Holder not otherwise required to accrue OID may elect to do so on a Short-Term Security as if the Short-Term Security had been originally issued to the U.S. Holder at the U.S. Holder's purchase price for the Short-Term Security. This election will apply to all obligations with a maturity of one year or less acquired by the U.S. Holder on or after the first day of the first taxable year to which the election applies, and may not be revoked without the consent of the IRS.

**Market Discount** 

A debt security, other than a Short-Term Security, generally will be treated as purchased at a market discount (a "Market Discount Security") if the debt security's stated redemption price at maturity or, in the case of a Discount Security, the debt security's "revised issue price", exceeds the amount for which the U.S. Holder purchased the debt security by at least 0.25% of the debt security's stated redemption price at maturity or revised issue price, respectively, multiplied by the number of complete years to the debt security's maturity (or, in the case of a debt security that is an installment obligation, the debt security's weighted average remaining maturity). For this purpose, the "revised issue price" of a debt security generally equals its issue price, increased by the

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amount of any OID that has accrued on the debt security and decreased by the amount of any payments previously made on the debt security that were not qualified stated interest payments. If this excess is not sufficient to cause the debt security to be a Market Discount Security, then the excess constitutes "de minimis market discount", and the rules discussed below are not applicable.

Any gain recognized on the maturity or disposition of a Market Discount Security (including any payment on a debt security that is not qualified stated interest) will be treated as ordinary income to the extent of market discount that accrued on the debt security while held by such U.S. Holder. Alternatively, a U.S. Holder of a Market Discount Security may elect to include market discount in income currently over the life of the debt security. This election shall apply to all debt instruments with market discount acquired by the electing U.S. Holder on or after the first day of the first taxable year to which the election applies. This election may not be revoked without the consent of the IRS. A U.S. Holder of a Market Discount Security that does not elect to include market discount in income currently will generally be required to defer deductions for interest on borrowings incurred to purchase or carry a Market Discount Security that is in excess of the interest and OID on the debt security includible in the U.S. Holder's income, to the extent that this excess interest expense does not exceed the portion of accrued market discount allocable to the days on which the Market Discount Security was held by the U.S. Holder, until maturity or disposition of the Market Discount Security.

Market discount will accrue on a straight-line basis unless the U.S. Holder elects to accrue the market discount on a constant-yield method. This election applies only to the Market Discount Security with respect to which it is made and is irrevocable without the consent of the IRS.

**Debt Securities Purchased at a Premium** 

A U.S. Holder that purchases a debt security for an amount in excess of its principal amount, or for a Discount Security, its stated redemption price at maturity, will not be required to include any OID in its income and may elect to treat the excess as "amortizable bond premium", in which case the amount required to be included in the U.S. Holder's income each year with respect to interest on the debt security will be reduced by the amount of amortizable bond premium allocable (based on the debt security's yield to maturity) to that year, as amount computed with reference to the amount payable on the date of maturity (or if it results in a lesser amount of amortization, with reference to an amount payable on an earlier date of optional redemption). Any election to amortize bond premium shall apply to all bonds with amortizable bond premium (other than bonds the interest on which is excludable from gross income for U.S. federal income tax purposes) held by the U.S. Holder at the beginning of the first taxable year to which the election applies or thereafter acquired by the U.S. Holder, and is irrevocable without the consent of the IRS. See "— Original Issue Discount — Election to Treat All Interest as Original Issue Discount."

**Purchase, Sale, Retirement or Other Taxable Disposition of Debt Securities** 

A U.S. Holder's adjusted tax basis in a debt security will generally be its cost, increased by the amount of any OID or market discount included in the U.S. Holder's income with respect to the debt security and the amount, if any, of income attributable to *de minimis* OID and *de minimis* market discount included in the U.S. Holder's income with respect to the debt security, and reduced by (i) the amount of any payments that are not qualified stated interest payments, and (ii) the amount of any amortizable bond premium previously applied to reduce interest on the debt security.

A U.S. Holder will generally recognize gain or loss on the sale, retirement, or other taxable disposition of a debt security equal to the difference between the amount realized on such disposition, other than amounts attributed to accrued but unpaid interest (which will be taxable as interest income to the extent not previously included in income), and the U.S. Holder's adjusted tax basis of the debt security. Except to the extent described above under "Original Issue Discount — Market Discount" or "Original Issue Discount — Short Term Security" or attributable to changes in exchange rates (as discussed below), gain or loss recognized on the taxable disposition of a debt security will be capital gain or loss and will be long term capital gain or loss if the

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U.S. Holder's holding period in the debt securities exceeds one year. The deductibility of capital losses is subject to limitations. Gain or loss realized by a U.S. Holder on the taxable disposition of a debt security generally will constitute income or loss from sources within the United States for U.S. foreign tax credit purposes. As a result, if there are any foreign taxes imposed on any gain, the U.S. Holder may not be able to utilize foreign tax credit with respect to such taxes. In addition, certain U.S. Treasury regulations that apply to foreign income taxes paid or accrued in taxable years beginning on or after December 28, 2021 further restrict the availability of any such credit based on the nature of the tax imposed by the foreign jurisdiction, but IRS notices provide temporary relief from the application of certain aspects of these regulations for taxable years ending on or before date that a notice or other guidance withdrawing or modifying the temporary relief is issued. U.S. Holders should consult their tax advisors concerning foreign tax credits.

**Foreign Currency Debt Securities** 

*Interest*. If an interest payment is denominated in, or determined by reference to, a foreign currency (for this purpose, meaning a non-U.S. dollar currency), the amount of income recognized by a cash basis U.S. Holder will be the U.S. dollar value of the interest payment, based on the exchange rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars.

An accrual basis U.S. Holder may determine the amount of income recognized with respect to an interest payment denominated in, or determined by reference to, a foreign currency in accordance with either of two methods. Under the first method, the amount of income accrued will be based on the average exchange rate in effect during the interest accrual period (or, in the case of an accrual period that spans two taxable years, the part of the period within the taxable year).

Under the second method, the U.S. Holder may elect to determine the amount of income accrued on the basis of the exchange rate in effect on the last day of the accrual period (or, in the case of an accrual period that spans two taxable years, the exchange rate in effect on the last day of the part of the period within the taxable year). Additionally, if a payment of interest is actually received within five business days of the last day of the accrual period, an electing accrual basis U.S. Holder may instead translate the accrued interest into U.S. dollars at the exchange rate in effect on the day of actual receipt. Any such election will apply to all debt instruments held by the U.S. Holder at the beginning of the first taxable year to which the election applies or thereafter acquired by the U.S. Holder, and will be irrevocable without the consent of the IRS.

Upon receipt of payment of accrued interest (including a payment attributable to accrued but unpaid interest upon the sale or retirement of a debt security) denominated in, or determined by reference to, a foreign currency, an accrual basis U.S. Holder may recognize exchange gain or loss (taxable as ordinary income or loss) equal to the difference between the amount received (translated into U.S. dollars at the spot rate on the date of receipt) and the amount previously accrued, regardless of whether the payment is in fact converted into U.S. dollars.

*OID*. OID for each accrual period on a Discount Security that is denominated in, or determined by reference to, a foreign currency, will be determined in the foreign currency and then translated into U.S. dollars in the same manner as stated interest accrued by an accrual basis U.S. Holder, as described above. Upon receipt of an amount attributable to OID (whether in connection with a payment on the debt security or a sale of the debt security), a U.S. Holder may recognize exchange gain or loss (taxable as ordinary income or loss) equal to the difference between the amount received (translated into U.S. dollars at the spot rate on the date of receipt) and the amount previously accrued, regardless of whether the payment is in fact converted into U.S. dollars.

*Market Discount*. Market Discount on a debt security that is denominated in, or determined by reference to, a foreign currency, will be accrued in the foreign currency. If the U.S. Holder elects to include market discount in income currently, the accrued market discount will be translated into U.S. dollars at the average exchange rate for the accrual period (or portion thereof within the U.S. Holder's taxable year). Upon the receipt of an amount attributable to accrued market discount, the U.S. Holder may recognize exchange gain or loss (which will be taxable as ordinary income or loss) determined in the same manner as for accrued interest or OID. A U.S. Holder

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that does not elect to include market discount in income currently will recognize, upon the disposition or maturity of the debt security, the U.S. dollar value of the amount accrued, calculated at the spot rate on that date, and no part of this accrued market discount will be treated as exchange gain or loss.

*Bond Premium*. Bond premium (including acquisition premium) on a debt security that is denominated in, or determined by reference to, a foreign currency, will be computed in units of the foreign currency, and any such bond premium that is taken into account currently will reduce interest income in units of the foreign currency. On the date bond premium offsets interest income, a U.S. Holder may recognize exchange gain or loss (taxable as ordinary income or loss) equal to the amount offset multiplied by the difference between the spot rate in effect on the date of the offset and the spot rate in effect on the date the debt securities were acquired by the U.S. Holder. A U.S. Holder that does not elect to take bond premium (other than acquisition premium) into account currently will recognize a capital loss when the debt security matures.

*Sale, Retirement or Other Taxable Disposition*. As discussed above under "Purchase, Sale, Retirement or Other Taxable Disposition of Debt Securities", a U.S. Holder will generally recognize gain or loss on the sale, retirement, or other taxable disposition of a debt security equal to the difference between the amount realized on such sale, retirement or taxable disposition and its adjusted tax basis in the debt security. A U.S. Holder's adjusted tax basis in a debt security that is denominated in a foreign currency will be determined by reference to the U.S. dollar cost of the debt security, increased by the amount of any OID or market discount included in the U.S. Holder's income with respect to the debt security and the amount, if any, of income attributable to *de minimis* OID and *de minimis* market discount included in the U.S. Holder's income with respect to the debt security, and reduced by (i) the amount of any payments that are not qualified stated interest payments, and (ii) the amount of any amortizable bond premium previously applied to reduce interest on the debt security. The U.S. dollar cost of a debt security purchased with foreign currency will generally be the U.S. dollar value of the purchase price on the date of purchase or, in the case of debt securities traded on an established securities market, as defined in the applicable U.S. Treasury Regulations, that are purchased by a cash basis U.S. Holder (or an accrual basis U.S. Holder that so elects), on the settlement date for the purchase.

The amount realized on a sale, retirement or other taxable disposition of a debt security for an amount in foreign currency will be the U.S. dollar value of this amount on the date of such taxable disposition or, in the case of debt securities traded on an established securities market that are sold by a cash basis U.S. Holder (or an accrual basis U.S. Holder that so elects), on the settlement date for the sale. Such an election by an accrual basis U.S. Holder must be applied consistently from year to year and cannot be revoked without the consent of the IRS.

A U.S. Holder will recognize exchange rate gain or loss (taxable as ordinary income or loss) on the taxable disposition of a debt security equal to the difference, if any, between the U.S. dollar values of the U.S. Holder's purchase price for the debt security (reduced by any amortizable bond premium previously applied to offset interest on the debt security) on (i) the date of disposition and (ii) the date on which the U.S. Holder acquired the debt security. Any such exchange rate gain or loss will be realized only to the extent of total gain or loss realized on the sale or retirement.

Exchange gain or loss generally constitutes income or loss from sources within the United States for U.S. foreign tax credit purposes.

**Backup Withholding and Information Reporting** 

In general, payments of interest and accruals of any OID on, and the proceeds of a sale, redemption, or other disposition of, debt securities payable to a U.S. Holder by a U.S. issuing and paying agent or other U.S.-related intermediary will be reported to the IRS and to the U.S. Holder as may be required under applicable regulations. Backup withholding will apply to these payments and payments of OID if the U.S. Holder fails to provide an accurate taxpayer identification number or certification of exempt status or if the U.S. Holder had been notified that it is subject to backup withholding because of a failure to report all interest and dividends required to be shown on its U.S. federal income tax returns. Certain U.S. Holders (including, among others, corporations) are

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not subject to backup withholding. U.S. Holders should consult their tax advisors as to their qualification for exemption from backup withholding and the procedure for obtaining an exemption. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against such U.S. Holder's U.S. federal income tax liability and may entitle such U.S. Holder to a refund, provided that the required information is timely furnished to the IRS and certain other requirements are met.

Certain U.S. Holders who are individuals (or certain specified entities) may be required to report information to the IRS with respect to any interest in debt securities not held in an account maintained by a financial institution, or with respect to certain accounts maintained with non-U.S. financial institutions. U.S. Holders who fail to report required information could become subject to substantial penalties. U.S. Holders are urged to consult with their own tax advisors regarding the possible implications of this legislation for their ownership and disposition of the debt securities CAF is offering.

**Reportable Transactions** 

Certain regulations meant to require the reporting of certain tax shelter transactions cover transactions generally not regarded as tax shelters, including certain foreign currency transactions giving rise to losses that equal or exceed a certain threshold. The scope and application of these rules is not entirely clear. A U.S. Holder may be required to treat a foreign currency exchange loss from debt securities as a reportable transaction if the loss exceeds a certain threshold in a single taxable year, if the U.S. Holder is an individual or trust, or higher amounts for other non-individual U.S. Holders. In the event the acquisition, holding or disposition of debt securities constitutes participation in a "reportable transaction" for purposes of those rules, a U.S. Holder will be required to disclose its investment by filing Form 8886 with the IRS. A certain penalty is generally imposed on any taxpayer that fails to timely file an information return with the IRS with respect to a transaction resulting in a loss that is treated as a reportable transaction. Prospective purchasers are urged to consult their tax advisors regarding the application of these rules to the acquisition, holding or disposition of debt securities.

**Foreign Account Tax Compliance Act** 

Pursuant to Sections 1471 to 1474 of the Code (provisions commonly referred to as "FATCA"), and subject to the proposed regulations described below, CAF and other non-U.S. financial institutions through which payments on the debt securities it is offering are made, may be required to withhold tax on all, or a portion of, payments made on any debt securities issued or materially modified on or after the date that is six months after final U.S. Treasury Regulations defining the term "foreign pass-through payment" are filed with the United States Federal Register. Under proposed regulations, any withholding on "foreign pass-through payments" on debt securities that are not otherwise grandfathered would apply to such payments made on or after the date that is two years after the date of publication in the United States Federal Register of applicable final regulations defining "foreign pass-through payments." Taxpayers generally may rely on these proposed regulations until final regulations are issued. No such final regulations defining "foreign pass-through payments" have been issued as of the date of this prospectus. The rules governing FATCA are subject to change, and the future application of FATCA to CAF and CAF's debt securities is uncertain. However, such withholding by CAF and other non-U.S. financial institutions through which payments on the debt securities are made, may be required, among others, where (i) CAF or such other non-U.S. financial institution is a foreign financial institution ("FFI") that agrees to provide certain information on its account holders to the IRS (making CAF and such other non-U.S. financial institution a "participating FFI") and (ii)(a) the payee itself is an FFI but is not a participating FFI or does not provide information sufficient for the relevant participating FFI to determine whether the payee is subject to withholding under FATCA or (b) the payee is not a participating FFI and is not otherwise exempt from FATCA withholding. Notwithstanding anything herein to the contrary, if an amount of, or in respect of, withholding tax were to be deducted or withheld from interest, principal, or other payments on the debt securities as a result of FATCA, CAF would not be required to pay any additional amounts as a result of the deduction or withholding of such tax. **THE RULES GOVERNING FATCA ARE COMPLICATED. INVESTORS SHOULD CONSULT THEIR TAX ADVISERS TO DETERMINE WHETHER THESE RULES MAY APPLY TO PAYMENTS THEY WILL RECEIVE UNDER THE DEBT SECURITIES.** 

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**PLAN OF DISTRIBUTION** 

CAF may sell the securities described in this prospectus to one or more underwriters for public offering and sale by them or may sell the securities to investors directly or through agents, which agents may be affiliated with us. Any such underwriter or agent involved in the offer and sale of the securities will be named in the accompanying prospectus supplement.

CAF may sell its guarantees separately from debt securities to guarantee certain obligations associated with the securities of third-party issuers. In such cases, CAF may sell the guarantees in the same transaction as the sale of the underlying security, or it may sell the guarantee independently to guarantee the obligations of outstanding securities of third-party issuers.

Sales of securities offered pursuant to any prospectus supplement may be effected from time to time in one or more transactions at a fixed price or prices which may be changed, at prices related to the prevailing market prices at the time of sale or at negotiated prices. CAF also may, from time to time, authorize underwriters, acting as CAF's agents, to offer and sell securities upon the terms and conditions set forth in the prospectus supplement. In connection with the sale of securities, underwriters may be deemed to have received compensation from CAF in the form of underwriting discounts or commissions and may also receive commissions from purchasers of securities for whom they may act as agent. Underwriters may sell securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions, or commissions from the underwriters and/or commissions from purchasers of securities for whom they may act as agent.

CAF may offer the securities of any series to present holders of its other securities as consideration for the purchase or exchange by CAF of other securities. This offer may be in connection with a publicly announced tender, exchange, or other offer for these securities or in privately negotiated transactions. This offering may be in addition to or in lieu of sales of securities directly or through underwriters or agents as set forth in the applicable prospectus supplement.

Any underwriting compensation CAF pays to underwriters or agents in connection with the offering of securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers, will be set forth in the prospectus supplement. Underwriters, dealers, and agents participating in the distribution of the securities may be deemed to be underwriters, and any discounts, concessions or commissions received by them, and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. Underwriters, dealers, and agents may be entitled, under agreements entered into with CAF, to several indemnification against and contribution toward certain civil liabilities, including liabilities under the Securities Act.

Unless otherwise specified in the prospectus supplement, each series of securities will be a new issue with no established trading market. CAF may elect to list any series of securities on any exchange, but it is not obligated to do so.

One or more underwriters may make a market in a series of securities, but they will not be obligated to do so and may discontinue any market making at any time without notice. Neither CAF nor any underwriter can give assurances as to the liquidity of the trading market for the securities.

Certain of the underwriters, agents and their affiliates may be customers of, engage in transactions with and perform services for CAF in the ordinary course of business, for which they received or will receive customary fees and expenses.

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**VALIDITY OF THE DEBT SECURITIES** 

The validity of the debt securities will be passed upon for CAF by Latham & Watkins LLP, and for any underwriters or agents by counsel to be named in the applicable prospectus supplement. Latham & Watkins LLP and counsel to the underwriters or agents may rely as to certain matters on the opinion of CAF's General Counsel.

**VALIDITY OF THE GUARANTEES** 

The validity of the guarantees will be passed upon for CAF by Latham & Watkins LLP, and for any underwriters or agents by counsel to be named in the applicable prospectus supplement. Latham & Watkins LLP and counsel to the underwriters or agents may rely as to certain matters on the opinion of CAF's General Counsel.

**EXPERTS** 

The financial statements of Corporación Andina de Fomento as of and for the years ended December 31, 2024, 2023, and 2022 included in this prospectus and the effectiveness of Corporación Andina de Fomento's internal control over financial reporting, have been audited by Lara Marambio & Asociados, independent auditors, as stated in their reports. Such financial statements are included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.

**AUTHORIZED REPRESENTATIVE** 

CAF's authorized representative in the United States of America is Puglisi & Associates. The address of the authorized representative in the United States is 850 Library Avenue, Suite 204, Newark, Delaware 19711.

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**WHERE YOU CAN FIND MORE INFORMATION** 

This registration statement of which the prospectus forms a part, including its various exhibits, is available to the public over the internet at the SEC's website: http://www.sec.gov.

The information set forth herein, except the information appearing in the section entitled "The Full Member Shareholder Countries*,*" is stated on the authority of the Executive President of CAF, in his duly authorized capacity as Executive President.

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**INDEX TO FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
|  | **Pages** |
|  [Management's Report on the Effectiveness of Internal Control over Financial Reporting](#fin38079_1) | F-2 |
|  [Independent Auditor's Report on Internal Control over Financial Reporting](#fin38079_2) | F-3 |
|  [Independent Auditor's Report on Financial Statements](#fin38079_3) | F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balance Sheets](#fin38079_4) | F-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Comprehensive Income](#fin38079_5) | F-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Stockholders' Equity](#fin38079_6) | F-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#fin38079_7) | F-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the Financial Statements](#fin38079_8) | F-11 |
|  [Unaudited Condensed Interim Balance Sheets](#fin38079_9) | F-56 |
|  [Unaudited Condensed Interim Statements of Comprehensive Income](#fin38079_10) | F-57 |
|  [Unaudited Condensed Interim Statements of Stockholders' Equity](#fin38079_11) | F-58 |
|  [Unaudited Condensed Interim Statements of Cash Flows](#fin38079_12) | F-59 |
|  [Notes to the Unaudited Condensed Interim Financial Information](#fin38079_13) | F-60 |
|  [Supplementary Information (Unaudited)](#fin38079_14) | F-88 |

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![LOGO](g38079g06a01.jpg)

**Management's Report on the Effectiveness of Internal Control over Financial Reporting** 

Córporacion Andina de Fomento ("CAF")'s internal control over financial reporting is a process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the preparation of reliable financial statements in accordance with accounting principles generally accepted in the United States of America. An entity's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the entity are being made only in accordance with authorizations of management and those charged with governance; and (3) provide reasonable assurance regarding prevention, or timely detection and correction of unauthorized acquisition, use, or disposition of the entity' s assets that could have a material effect on the financial statements.

Management of CAF is responsible for designing, implementing, and maintaining effective internal control over financial reporting. Management assessed the effectiveness of CAF's internal control over financial reporting as of December 31, 2024, based on the criteria established in Internal Control Integrated Framework (2013) issued by the *Committee of Sponsoring Organizations of the Treadway Commission* ("COSO"). Based on that assessment, CAF's Management concluded that CAF's internal control over financial reporting is effective as of December 31, 2024.

There are inherent limitations in the effectiveness of any internal control system, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even effective internal control can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control may vary over time.

CAF's financial statements as of December 31, 2024, and for the year then ended, have been audited by an independent accounting firm, which has also issued an independent auditor's report on CAF´s internal control over financial reporting. The Independent Auditor´s Report on Internal Control over Financial Reporting, which is included in this document, expresses an unmodified opinion on CAF's internal control over financial reporting as of December 31, 2024.

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| |
|:---|
| <u>/s/ Sergio Díaz-Granados G.</u> |
| Sergio Díaz-Granados G. |
| Executive President |

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| | |
|:---|:---|
| <u>/s/ Gabriel Felpeto</u> | <u>/s/ Gianpiero Leoncini</u> |
| Gabriel Felpeto | Gianpiero Leoncini |
| Vice-President of Finance | Executive Vice-President |

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| | |
|:---|:---|
| <u>/s/ Samya Paiva</u> | <u>/s/ Paulo Ramiro Diaz</u> |
| Samya Paiva | Paulo Ramiro Diaz |
| Corporate Risk Manager | Director of Market, Operational and Internal Control Risks |

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February 10, 2025

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![LOGO](g38079g08a01.jpg)

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| |
|:---|
| **Lara Marambio & Asociados** |
| RIF.: J-00327665-0 |
| Av. Blandín, Edif. Torre la Castellana |
| (BNC), Piso 21 |
| Urb. La Castellana |
| Caracas 1060- Venezuela |
| Telf: +58(212) 206 8501 |
| Fax: +58(212) 206 8870 |
| www.deloitte.com/ve |

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**Independent Auditor' s Report** 

To the Board of Directors and Shareholders of

**Corporación Andina de Fomento (CAF)**

**Opinion on Internal Control Over Financial Reporting** 

We have audited the internal control over financial reporting of **Corporación Andina de Fomento (CAF)** as of December 31, 2024, based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, CAF maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the criteria established in Internal Control Integrated Framework (2013) issued by COSO.

We also have audited, in accordance with auditing standards generally accepted in the United States of America (GAAS), the financial statements of CAF as of and for the years ended December 31, 2024, 2023 and 2022, and our report dated February 10, 2025 expressed an unmodified opinion on those financial statements.

**Basis for Opinion** 

We conducted our audit in accordance with GAAS. Our responsibilities under those standards are further described in the Independent Auditor's Responsibilities for the Audit of Internal Control Over Financial Reporting section of our report. We are required to be independent of **CAF** and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for Internal Control over Financial Reporting** 

Management is responsible for designing, implementing, and maintaining effective internal control over financial reporting, and for its assessment about the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on the Effectiveness of Internal Control over Financial Reporting.

**Independent Auditor's Responsibilities for the Audit of Internal Control Over Financial Reporting** 

Our objectives are to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects and to issue an independent auditor's report that includes our opinion on internal control over financial reporting. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit of internal control over financial reporting conducted in accordance with GAAS will always detect a material weakness when it exists.

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##### [**Table of Contents**](#toc)
In performing an audit of internal control over financial reporting in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Obtain an understanding of internal control over financial reporting, assess the risks that a material weakness
exists, and test and evaluate the design and operating effectiveness of internal control over financial reporting based on the assessed risk.

**Definition and Inherent Limitations of Internal Control over Financial Reporting** 

An entity's internal control over financial reporting is a process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the preparation of reliable financial statements in accordance with accounting principles generally accepted in the United States of America. An entity's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the entity are being made only in accordance with authorizations of management and those charged with governance; and (3) provide reasonable assurance regarding prevention, or timely detection and correction of unauthorized acquisition, use, or disposition of the entity's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent, or detect and correct, misstatements. Also, projections of any assessment of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte

February 10, 2025

Caracas — Venezuela

Lara Marambio & Asociados. A member firm of Deloitte Touche Tohmatsu Limited.

**www.deloitte.com/ve** 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

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##### [**Table of Contents**](#toc)
![LOGO](g38079g08a01.jpg)

---

| |
|:---|
| **Lara Marambio & Asociados** |
| RIF.: J-00327665-0 |
| Av. Blandín, Edif. Torre la Castellana |
| (BNC), Piso 21 |
| Urb. La Castellana |
| Caracas 1060- Venezuela |
| Telf: +58(212) 206 8501 |
| Fax: +58(212) 206 8870 |
| www.deloitte.com/ve |

---

**Independent Auditor' s Report** 

To the Board of Directors and Shareholders of

**Corporación Andina de Fomento (CAF)**

**Opinion** 

We have audited the financial statements of **Corporación Andina de Fomento (CAF)**, which comprise the balance sheets as of December 31, 2024, 2023 and 2022, and the related statements of income, shareholders' equity, and cash flows for the years then ended, and the related notes to the financial statements (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of **CAF** as of December 31, 2024, 2023 and 2022, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with auditing standards generally accepted in the United States of America (GAAS), CAF's internal control over financial reporting as of December 31, 2024, based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 10, 2025 expressed an unmodified opinion on CAF's internal control over financial reporting.

**Basis for Opinion** 

We conducted our audits in accordance with GAAS. Our responsibilities under those standards are further described in the Independent Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of **CAF** and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements** 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about CAF ability to continue as a going concern for one year after the date that the financial statements are issued.

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##### [**Table of Contents**](#toc)
**Independent Auditor's Responsibilities for the Audit of the Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an independent auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about CAF ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ Deloitte

February 10, 2025

Caracas — Venezuela

Lara Marambio & Asociados. A member firm of Deloitte Touche Tohmatsu Limited.

**www.deloitte.com/ve** 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

**Balance Sheets** 

**As of December 31, 2024, 2023 and 2022** 

**(In thousands of U.S. dollars)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NOTES** | **2024** | **2023** | **2022** |
|  **ASSETS** |  |  |  |  |
|  Cash and due from banks |  | 233196 | 70592 | 107592 |
|  Deposits with banks |  | 3369941 | 4963938 | 6535869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks and deposits with banks | **3** | 3603137 | 5034530 | 6643461 |
|  Marketable securities – trading | **4 and 18** | 13672716 | 9988218 | 8483605 |
|  Other investments | **5** | 873792 | 1265038 | 258372 |
|  Loans (US$3,003,195, US$2,549,568 and US$2,499,856 at fair value as of December 31, 2024, 2023 and 2022, respectively) | **6 and 18** | 33835802 | 33479085 | 30622324 |
|  Less loan commissions, net of origination costs |  | 175371 | 175732 | 166213 |
|  Less allowance for loan losses | **6** | 84757 | 56913 | 63192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans, net |  | 33575674 | 33246440 | 30392919 |
|  Accrued interest and commissions receivable: | **18** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 438237 | 508058 | 362486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 569565 | 449514 | 311406 |
|  |  | 1007802 | 957572 | 673892 |
|  Derivative financial instruments | **17 and 18** | 535457 | 911749 | 459809 |
|  Equity investments | **7** | 399765 | 392184 | 381779 |
|  Property and equipment, net |  | 100081 | 91675 | 98804 |
|  Other assets | **8** | 2691529 | 1926857 | 2984101 |
|  TOTAL |  | 56459953 | 53814263 | 50376742 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |
|  LIABILITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits (US$0, US$0 and US$109,377 at fair value as of December 31, 2024, 2023 and 2022, respectively) | **9 and 18** | 3497338 | 4144495 | 4663591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers | **10** | 3249108 | 4653512 | 4618797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions (US$562,522, US$593,086 and US$665,849 at fair value as of December 31, 2024, 2023 and 2022, respectively), net | **11 and 18** | 2124547 | 2046796 | 2072776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds (US$27,250,667, US$24,608,695, US$21,137,893 at fair value as of December 31, 2024, 2023 and 2022, respectively), net | **12 and 18** | 27396412 | 24759450 | 21252213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable | **18** | 1011611 | 846534 | 565916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments | **17 and 18** | 2936482 | 2340647 | 3309978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | **13** | 255082 | 293109 | 174154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 40470580 | 39084543 | 36657425 |
|  SHAREHOLDERS' EQUITY: | **15** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscribed capital |  | 10010895 | 9988015 | 8563350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less callable capital portion |  | 1819660 | 1819660 | 1625660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less capital subscriptions receivable |  | 2365685 | 2570045 | 1412260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital |  | 5825550 | 5598310 | 5525430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  | 4796340 | 4380427 | 4252952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves |  | 4750983 | 3940935 | 3771966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings |  | 616500 | 810048 | 168969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity |  | 15989373 | 14729720 | 13719317 |
|  TOTAL |  | 56459953 | 53814263 | 50376742 |

---

See accompanying notes to the financial statements

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

**Statements of Income** 

**For the years ended December 31, 2024, 2023 and 2022** 

**(In thousands of U.S. dollars)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NOTES** | **2024** | **2023** | **2022** |
|  Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | **2 (h)** | 2427594 | 2330525 | 1093099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and deposits with banks | **2 (e), 4 and 5** | 1082927 | 922659 | 172987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commissions | **2 (h)** | 58034 | 49239 | 49197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income |  | 3568555 | 3302423 | 1315283 |
|  Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 1956078 | 1640106 | 659043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers |  | 234915 | 236761 | 62532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 187814 | 168407 | 63844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 145982 | 143978 | 58941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions |  | 15078 | 10034 | 10373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense |  | 2539867 | 2199286 | 854733 |
|  Net interest income |  | 1028688 | 1103137 | 460550 |
|  Provision (credit) for loan losses | **6** | 41929 | 439 | (3287) |
|  Net interest income, after provision (credit) for loan losses |  | 986759 | 1102698 | 463837 |
|  Non-interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and equity in earnings of investees | **7** | 11053 | 15939 | 8668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commissions |  | 4491 | 2651 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | **6 and 7** | 4869 | 39696 | 7306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest income |  | 20413 | 58286 | 18941 |
|  Non-interest expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | **21** | 219646 | 205161 | 177803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | **7** | 33428 | 5636 | 25811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses |  | 253074 | 210797 | 203614 |
|  Income before unrealized changes in fair value related to other financial instruments and contributions to Shareholders' Special Funds |  | 754098 | 950187 | 279164 |
|  Unrealized changes in fair value related to other financial instruments | **19** | 402 | (20139) | (21195) |
|  Income before contributions to Shareholders' Special Funds, net |  | 754500 | 930048 | 257969 |
|  Contributions to Shareholders' Special Funds | **22** | 138000 | 120000 | 89000 |
|  Net income |  | 616500 | 810048 | 168969 |

---

See accompanying notes to the financial statements

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

**Statements of Shareholders' Equity** 

**For the years ended December 31, 2024, 2023 and 2022** 

**(In thousands of U.S. dollars)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Reserves** | **Reserves** | **Reserves** | | |
|  |<br>**NOTES** |<br>**Paid-in<br>capital** |<br>**Additional<br>paid-in<br>capital** | **General<br>reserve** | **Article N° 42 of<br>the Constitutive<br>Agreement** | **Total<br>reserves** |<br>**Retained<br>earnings** |<br>**Total<br>shareholders'<br>equity** |
|  BALANCES AS OF DECEMBER 31, 2021 |  | 5436375 | 4091298 | 3094768 | 572183 | 3666951 | 105015 | 13299639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital increase | **15** | 254235 | 465585 |  |  |  |  | 719820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital decrease due to shares' repurchase | **6** | (165180) | (303931) |  |  |  |  | (469111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | **15** |  |  |  |  |  | 168969 | 168969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for general reserve | **15** |  |  | 94505 |  | 94505 | (94505) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for reserve pursuant to Article N° 42 of the Constitutive Agreement | **15** |  |  |  | 10510 | 10510 | (10510) |  |
|  BALANCES AS OF DECEMBER 31, 2022 |  | 5525430 | 4252952 | 3189273 | 582693 | 3771966 | 168969 | 13719317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital increase | **15** | 269560 | 489366 |  |  |  |  | 758926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital decrease due to shares' repurchase | **6** | (196680) | (361891) |  |  |  |  | (558571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | **15** |  |  |  |  |  | 810048 | 810048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for general reserve | **15** |  |  | 152069 |  | 152069 | (152069) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for reserve pursuant to Article N° 42 of the Constitutive Agreement | **15** |  |  |  | 16900 | 16900 | (16900) |  |
|  BALANCES AS OF DECEMBER 31, 2023 |  | 5598310 | 4380427 | 3341342 | 599593 | 3940935 | 810048 | 14729720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital increase | **15** | 329960 | 604918 |  |  |  |  | 934878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital decrease due to shares' repurchase | **6** | (102720) | (189005) |  |  |  |  | (291725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | **15** |  |  |  |  |  | 616500 | 616500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for general reserve | **15** |  |  | 728548 |  | 728548 | (728548) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for reserve pursuant to Article N° 42 of the Constitutive Agreement | **15** |  |  |  | 81500 | 81500 | (81500) |  |
|  BALANCES AS OF DECEMBER 31, 2024 |  | 5825550 | 4796340 | 4069890 | 681093 | 4750983 | 616500 | 15989373 |

---

See accompanying notes to the financial statements

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

**Statements of Cash Flows** 

**For the years ended December 31, 2024, 2023 and 2022** 

**(In thousands of U.S. dollars)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NOTES** | **2024** | **2023** | **2022** |
|  OPERATING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  | 616500 | 810048 | 168969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gain) loss on marketable securities – trading |  | (39176) | (121961) | 50336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commissions, net of amortization of origination costs |  | (20804) | (18467) | (20172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision (credit) for loan losses | **6** | 41929 | 439 | (3287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment charge for equity investments | **7** | 7797 | 1336 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized changes in fair value related to equity investment | **7** | 14608 | (11403) | 17854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in earnings of investees | **7** | (4300) | (11005) | (1943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred charges |  | 7116 | 3187 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property and equipment |  | 7948 | 8650 | 8831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for employees' severance benefits |  | 18871 | 17723 | 15023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for employees' savings plan |  | 581 | 607 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized changes in fair value related to other financial instruments | **19** | (402) | 20139 | 21195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable securities – trading, net |  | (3648306) | (1490393) | 3965795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest and commissions receivable |  | (50231) | (283683) | (316056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | (34675) | (31362) | (22004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable |  | 165077 | 280619 | 277683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severance benefits paid or advanced |  | (12387) | (15862) | (14417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employees' savings plan paid or advanced |  | 837 | (1648) | (2101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities |  | 917 | (47366) | 23167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments and net changes in operating assets and liabilities |  | (3544600) | (1700450) | 4006361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in) provided by operating activities |  | (2928100) | (890402) | 4175330 |
|  INVESTING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of other investments | **5** | (5007290) | (2694830) | (562436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturities of other investments | **5** | 5398536 | 1814033 | 596456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination and principal collections, net | **6** | (687545) | (3229529) | (1805360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity investments, net | **7** | (25686) | 10667 | 34698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net |  | (16354) | (1521) | (1648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | (338339) | (4101180) | (1738290) |
|  FINANCING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in deposits | **9** | (647157) | (514720) | 652707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from commercial papers | **10** | 22518839 | 66484410 | 63977481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of commercial papers | **10** | (23923243) | (66449695) | (62172330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in derivative-related collateral |  | (775457) | 1239557 | (2414170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of bonds | **12** | 7027579 | 6505253 | 3653612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of bonds | **12** | (3352877) | (4574471) | (3923431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from borrowings from other financial institutions |  | 646970 | 186023 | 797723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings from other financial institutions |  | (594486) | (252632) | (407254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | **15** | 934878 | 758926 | 719820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  | 1835046 | 3382651 | 884158 |
|  NET (DECREASE) INCREASE IN CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS |  | (1431393) | (1608931) | 3321198 |
|  CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS AT BEGINNING OF THE YEAR |  | 5034530 | 6643461 | 3322263 |
|  CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS AT END OF THE YEAR |  | 3603137 | 5034530 | 6643461 |
|  SUPPLEMENTAL DISCLOSURE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid during the year |  | 2316780 | 1925433 | 612024 |
|  NON-CASH FINANCING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collections – Loans | **6** | 291725 | 558571 | 469111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital decrease | **6** | (291725) | (558571) | (469111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in derivative instruments assets |  | 376292 | (451940) | 52574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in derivative instruments liabilities |  | 595835 | (969331) | 2467020 |

---

See accompanying notes to the financial statements

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

**1.** **ORIGIN** 

***Business description –*** Corporación Andina ****de Fomento (CAF) began its operations on June 8, 1970 and was established under public international law which abides by the provisions set forth in its Constitutive Agreement. Series "A" and "B" shareholder countries are: Argentina, Bolivia, Brazil, Chile, Costa Rica, Colombia, Dominican Republic, Ecuador, El Salvador, Honduras, Panamá, Paraguay, Perú, Trinidad and Tobago, Uruguay and Venezuela. Series "C" shareholder countries are: Barbados, Bahamas, Jamaica, Mexico, Portugal and Spain. In addition, there are 13 Commercial banks which are Series "B" shareholders.

CAF is headquartered in Caracas, Venezuela and has offices in Asunción, Paraguay; Bogotá, Colombia; Brasilia and Sao Paulo, Brazil; Buenos Aires, Argentina; México City, México; Panamá City, Panamá;La Paz, Bolivia; Lima, Perú; Madrid, Spain; Montevideo, Uruguay; Port of Spain, Trinidad and Tobago, Quito, Ecuador, San Salvador, El Salvador, Santiago de Chile, Chile and Santo Domingo, Dominican Republic.

CAF is a development bank committed to supporting the countries of Latin America and the Caribbean and improving the quality of life in the region. Our actions promote sustainable development and regional integration. We serve the public and private sectors, through credit, non-refundable resources, and supports in the technical and financial structuring of projects to a broad client base of 22 countries, private companies, and financial institutions.

CAF offers financial and related services to the governments of its shareholder countries, as well as their public and private institutions, corporations and joint ventures. CAF's principal activity is to provide short, medium and long-term loans to finance projects, working capital, trade activities and to undertake feasibility studies for investment opportunities in shareholder countries. Furthermore, CAF manages and supervises third-party cooperation funds owned and sponsored by other countries and organizations, destined to finance programs agreed upon with donor countries and organizations which are in line with CAF's policies and strategies.

CAF raises funds to finance its operations from sources both within and outside its shareholder countries.

**2.** **BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.**  ***Financial statement presentation –*** The accompanying financial statements have been
prepared in accordance with U.S. generally accepted accounting principles with the U.S. dollar as the functional currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.**  ***Use of estimates –*** The preparation of the accompanying financial statements requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance sheets, as well as the amounts reported as revenues and expenses during the corresponding reporting period. The most
important estimates related to the preparation of the accompanying financial statements refer to estimating the allowance for loan losses, and valuation and classification at fair values of financial instruments, among others. Management believes
these estimates are adequate. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.**  ***Transactions denominated in other currencies –*** Transactions denominated in
currencies other than U.S. dollars are converted into U.S. dollars at exchange rates in effect at the dates of the transactions. Currency balances other than U.S. dollars are converted into U.S. dollars at year-end exchange rates. Any foreign exchange gains or losses, including related hedge effects, are included in the statements of income.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.**  ***Cash and due from banks and deposits with banks –*** Cash and due from banks and
deposits with banks comprised of cash, due from banks and short-term deposits with banks with an original maturity of three months or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.**  ***Marketable securities – trading –*** These investments are classified as trading
marketable securities, according to management's intention and are recorded on the trade date. Trading marketable securities are securities that are mainly bought and held principally for the purpose of selling them in the near term and
therefore held for only a short period of time. Trading marketable securities are recorded at fair value. Gains and losses from sales of trading marketable securities and changes in the fair value of trading marketable securities are included in
interest income of investments and deposits with banks in the statements of income.

CAF's marketable securities policies require: (i) at least 90% of investments with a long-term rating of A-, A3, A- or above, the rating is determined for the lowest among Standard & Poors (S&P), Moody's and/or Fitch, respectively, in US dollar or its equivalent in local currency; (ii) No investment can have a long-term rating lower than B, B2, B; or short-term rating lower than A-2, P-2; F-2, determined for the lowest rating among S&P, Moody's and/or Fitch, respectively; or be unrated; (iii) Investments with governments or governments' agencies rated AA+ have a limit of up to 7% of the liquid assets excluding US Government securities (bonds, notes and treasury bills) and Bank for International Settlements securities where the limit is up to 50% of the liquid assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.**  ***Other investments –*** mainly includes the following: (i) Deposits with banks due
more than 90 days (original maturity), and (ii) Special Drawing Rights (SDR). SDR are an international reserve asset issued by the International Monetary Fund (IMF) as a complementary official reserve for member countries. SDR's value is
based on a five currencies basket (the US dollar, the Euro, the Chinese renminbi, the Japanese yen, and the British pound sterling).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.**  ***Reverse repurchase agreements –*** CAF has entered into reverse
repurchase agreements as part of liquidity management. Under a reverse repurchase agreement, CAF purchases securities with an agreement to resell them to the counterparty on a specific date for a specific price plus interests, with earlier resale
permitted. Securities purchased under reverse repurchase agreements are included in the balance sheets under account "Securities purchased under resale agreement" and interests thereon are included in the statements of income under
"Investments and deposits with banks".

All securities covered under reverse repurchase agreements are carried at face value, which approximate fair value due to their short-term in nature and minimal credit risk. There are no open positions as of December 31, 2024, 2023 and 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.**  ***Loans –*** CAF grants short, medium and long-term loans for execution of projects,
working capital, trade activities and to undertake feasibility studies for investment opportunities, both to public and private entities, for development and integration programs and projects in shareholder countries.

For credit risk purposes, CAF classifies its loans as follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Sovereign loans*  ***–*** Include loans granted to national, regional or local governments
or decentralized institutions and other loans fully guaranteed by national governments.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Non-sovereign loans*  ***–*** Include loans granted
to corporate and financial sectors (public and private sectors), among others, which are not guaranteed by national governments.

Loans are carried at their unpaid principal balances less: (i) write-offs, (ii) the allowance for loan losses, and (iii) loan commission fees received upon origination net of certain direct origination costs. Interest income is accrued on the unpaid principal balance. Loan commission fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method and are presented as interest income—loan commissions in the statements of income.

Factors considered by management in determining non-accrual loans are payment status and the probability of collecting scheduled principal and interest payments when due.

Private sector loans that are 90 days overdue or public sector loans that are over 180 days overdue are placed on non-accrual status and, as result, the accrual for interest on non-accrual loans is discontinued unless the loans are well-secured and in process of collection.

Interest accrued but not collected for loans that are placed on non-accrual loans status is reversed against interest income. The interest on non-accrual loans is accounted for on a cash-basis, until the loans qualify for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

When a loan is overdue, CAF will immediately suspend any pending disbursement for said loan and for any other loans in which the client is the borrower, beneficiary or guarantor for CAF. CAF charges late payments fees on these overdue loans included in the statements of income as part of loans' interest income.

Loan losses, partial or total, are written off against the allowance for loan losses when management confirms the uncollectability of a loan balance. Subsequent recoveries on written off loans, if any, will be credited to the allowance for loan losses.

CAF maintains risk exposure policies to avoid concentrating its loans in any one country or economic group, which might be affected by market situations or other circumstances. According to CAF's policies on risk exposure, the consolidated exposure of a member country (Series "A" and "B" shareholders) must not exceed 20% of the consolidated exposure of all CAF operations, and 75% of the CAF's net shareholders' equity. For Series "C" shareholders, the risk exposure must not exceed eight times the contributions received by CAF from that country. Additionally, the consolidated exposure of a client in the public/mixed sector considered as non-sovereign risk, or private sector must not exceed 7,5% or 5,0%, respectively, of CAF's net shareholders' equity.

CAF reviews, on a semi-annual basis, the credit risk rating of its non-sovereign loans portfolio and classifies the risk into the following categories\*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* AAA: A client/issuer classified as "AAA" presents an extremely strong capacity to meet
financial commitments. "AAA" is the highest rating granted.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* AA: A client/issuer classified as "AA" presents a very strong capacity to meet financial
commitments. This client/issuer differs from the highest-rated clients/issuers only to a small degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* A: A client/issuer classified as "A" presents a strong capacity to meet financial
commitments but is a little more vulnerable to adverse effects of changes in economic conditions and situations than the highest-rated clients/issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* BBB: A client/issuer classified as "BBB" presents an adequate capacity to meet financial
commitments. However, it is more likely that adverse economic conditions or changing circumstances will undermine the debtor's capacity to meet financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)* BB: A client/issuer classified as "BB" is less vulnerable, in the short term, than other
issuers with lower ratings. However, this client/issuer is always facing uncertainty and exposure in the event of adverse business, financial or economic situations, which may make its capacity to meet financial commitments inadequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi)* B: A client/issuer classified as "B" is more vulnerable to payment default than
clients/issuers with "BB" rating, but currently presents capacity to meet financial commitments. Adverse business, financial or economic conditions would probably undermine the capacity or will of the client/issuer to meet financial
commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vii)* CCC: A client/issuer classified as "CCC" is currently vulnerable and dependent on favorable
business, financial and economic conditions to meet financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(viii)* D: A client/issuer is classified as D in case of payment default with CAF exceeding 90 days.

\* Ratings "AA" – "CCC" may be modified by adding a plus (+) or minus (-) sign to show their relative position in the rating categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.**  ***Allowance for loan losses –*** The allowance for credit losses is maintained at a level
CAF believes to be appropriate to absorb expected lifetime credit losses over the contractual life of the loan portfolio and consider available information relevant to assessing the collectability of cash flows including a combination of internal
and external information relating to past events, current conditions, and reasonable and supportable forecasts.

The allowance for loan losses reflects CAF's current estimate of all expected credit losses based on the information available at the date of the balance sheet, and this information is assessed and updated timely taking into account the market's characteristics, policies and macroeconomic perspectives to adequately reflect the effect of those changes in borrower credit ratings and therefore in expected credit losses.

For purposes of determining the allowance for expected credit losses, CAF management classifies its loans for credit risk purposes into sovereign loans and non-sovereign loans. The allowance for loan losses is estimated considering the credit risk exposure, default probability in each point of the credit exposure lifetime and loss given default, recognizing such lifetime expected effects in profit or loss for the reporting period.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

Sovereign loans within each country exhibit similar risk characteristics, therefore, the allowance for loan losses on sovereign loans is collectively evaluated and established by CAF based on the individual long-term foreign currency debt rating applicable to the borrower countries, under the Basel Committee criteria using the existing risk ratings of three recognized international agencies at the date of preparation of the financial statements. This long-term debt rating considers a default probability. Given CAF's status as a de facto preferred creditor, its multilateral financial institution condition, and its borrowers' interest in maintaining their credit standing with CAF, and considering as well the immunities and privileges conferred by its shareholder countries, which are established in CAF's Constitutive Agreement and other similar agreements, adjustments are made to reflect a lower default probability equivalent to four levels to the average rating referred above. Historically, none of its sovereign loans has ever been written off. It is not the policy of CAF to restructure its sovereign loans and management does not have any expectation of writing off such loans.

For the non-sovereign loans, the allowance for loan losses is individually evaluated by considering CAF's internal rating of each borrower, using the probability of default associated with that rating, as well as the loss given default.

CAF considers that external data provided by risk rating agencies used to determine the probability of default reflects its expectations about the future economic conditions and there are no other adjustments regarding historical loss information and future conditions that should be considered as significant factor to determining the expected collectability.

CAF assesses and determine the loss given default which considers the CAF´s status as a de facto preferred creditor, the immunities and privileges conferred by its shareholder countries, the collateral of each loan, the effect of interest on late payments to avoid the potential impairment derived by the time value of money and the evidence of historical loss data collected for each country through the years. In addition, given the nature of CAF´s lending activities as multilateral bank, in case of delay on payments of sovereign loans, the loss given default reflects the expectation to collect the total amount due, including accrued interests and commissions receivable for the period of delay.

A specific allowance for loan losses is individually evaluated and established by CAF for loans in non-accrual status as these loans do not have the same risk characteristics as other loans. A loan is considered in non-accrual status when, based on currently available information and events, it is probable that CAF will not recover the total amount of principal and interest as agreed in the terms of the original loan contract. The allowance for loan losses is determined on a loan-by-loan basis based on the present value of expected future cash flows, discounted at the original loan's effective interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.**  ***Equity investments –*** CAF invests in equity securities of companies and funds in
strategic sectors, with the objective of promoting the development of such companies and funds and their participation in the securities markets and to serve as a catalyst in attracting resources to shareholder countries.

If CAF has the ability to exercise significant influence over the operating and financial policies of the investee, which is generally presumed to exist when CAF holds an ownership interest in the voting stock of an investee between 20% and 50%, the equity investments are accounted for using the equity method. Under the equity method, the carrying amount of the equity investment is adjusted to reflect CAF's proportionate share of earnings or losses, dividends received and certain transactions of the investee Company.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

Other than those accounted for under the equity method, CAF recorded investments in equity securities without readily determinable fair value, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct investments in equity securities of companies – These investments without readily determinable
fair value, which do not qualify for the net asset value practical expedient to estimate fair value, are accounted for at cost minus impairment (if any), plus or minus changes resulting from observable price changes in orderly transactions for an
identical or similar investment of the same issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Equity investments in funds – These investments are carried at fair value using the net asset value
practical expedient to estimate fair value.

Dividend income from equity investments without readily determinable fair value is recognized when CAF's right to receive payment has been established.

*Impairment of investment accounted for under the equity method.*

An investment accounted for under the equity method is considered impaired and an impairment loss is recognized only if there are circumstances that indicate impairment as a result of one or more events ("loss events") that have occurred after recognition of such investment.

An impairment charge is recorded whenever a decline in value of an investment below its carrying amount is determined to be other-than-temporary. In determining if a decline is other-than-temporary, factors such as the length of time and extent to which the fair value of the investment has been less than the carrying amount of the investment, the near-term and longer-term operating and financial prospects of the affiliate and the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery are considered. Which are included in the statements of income as part of other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k.**  ***Property and equipment, net –*** Property and equipment are stated at cost less
accumulated depreciation. Maintenance and repair expenses are charged directly to the statements of income for the year as incurred, while improvements and renewals are capitalized. Depreciation is calculated using the straight-line method and
charged to the statements of income over the estimated useful life of assets.

The estimated useful life for assets is as follows:

---

| | |
|:---|:---|
| Buildings | 30 years |
| Building improvements | 15 years |
| Leasing building improvements | Term of leasing contract |
| Furniture and equipment | 2 to 10 years |
| Vehicles | 5 years |

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l.**  ***Other assets –*** Other assets mainly include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Derivative-related collateral*  ***–*** CAF receives or provides cash collateral from or to
individual swap and futures counterparties to mitigate its credit exposure to these counterparties. It is the policy of CAF to restrict and invest cash collateral received from swap and futures counterparties for fulfilling its obligations under the
collateral agreement. CAF records cash collateral received in other assets with a corresponding obligation to return the cash collateral received recorded in accrued expenses and other liabilities. Cash collateral provided to swap and futures
counterparties, under the collateral agreement, are recorded in other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Intangible assets*  ***–*** Include software investments  **** ** which are reported at
cost less accumulated amortization. The amortization is calculated with the straight-line method over the useful life estimated by CAF. The estimated useful life of these assets is between 2 and 5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m.**  ***Deposits –*** Deposits are recorded at amortized cost, except for some deposits that
are designated a fair value hedge or as an economic hedge. Gains or losses resulting from changes in the fair value of these deposits are recognized in the statements of income when they occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n.**  ***Commercial papers –*** Commercial papers are recorded at amortized cost net of premiums
and discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o.**  ***Borrowings from other financial institutions –*** The borrowings from other financial
institutions, both local or foreign financial institutions, are recorded at amortized cost, except for some borrowings that are designated a fair value hedge or as an economic hedge. The up-front costs and
fees related to the issuance of borrowings recorded at amortized cost are deferred and reported in the balance sheets as a direct deduction from the face amount of borrowings and amortized during the term of the borrowings as interest expense. The up-front cost and fees related to borrowings that are designated a fair value hedge or as an economic hedge are recognized in the statements of income when they occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**p.**  ***Bonds –*** Medium and long-term bond issuances, whose objective is to provide the
financial resources required to finance CAF's operations, are recorded as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bonds denominated in currencies other than the US$ are recognized at fair value. Gains or losses resulting from
changes in the fair value of these bonds, as well as the related bond's up-front costs and fees, are recognized in the statements of income when they occur. CAF enters into cross-currency and interest
rate swaps to economically hedge the interest rate and foreign exchange risks related with these bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bond denominated in US$ are recognized at fair value. The interest rate risk on US$denominated bonds is hedged
using interest rate swaps, and such interest rate swaps are designated as part of fair value hedge accounting relationships assuming no hedge ineffectiveness (the "shortcut method"). The related bond's up-front costs and fees are deferred and reported in the balance sheets as a direct deduction from the face amount of the bonds and amortized during the term of the bonds as interest expense.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

Partial repurchases of bond issuances result in derecognition of the corresponding liabilities. The difference between the repurchase price and the bond's carrying amount is recognized as income/loss for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**q.**  ***Employees' severance benefits –*** Accrual for severance benefits comprises all
the liabilities related to the workers' vested rights according to CAF's employee policies and the applicable labor law of the member countries. The accrual for employee severance benefits is presented as part of "Employees'
severance benefits and savings plan" account under "Accrued expenses and other liabilities" caption.

Under CAF's employee policies, employees earn a severance benefit equal to five days of salary per month, up to a total of 60 days per year of service. From the second year of service, employees earn an additional two days salary for each year of service (or fraction of a year greater than six months), cumulative up to a maximum of 30 days of salary per year. Severance benefits are recorded in the accounting records of CAF as they are incurred and interest on the amounts owed to employees are paid annually as a result of employees' rights to receive severance benefits accrued in the year in which earned.

In the case of unjustified dismissal or involuntary termination, employees have the right to an additional severance benefit of one month of salary per year of service, until a top of 150 salary days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**r.**  ***Pension plan –*** CAF has established a defined benefit plan (the Plan), which is
mandatory for all employees hired on or after the establishment of the Plan and voluntary for all other employees. The Plan **'** s benefits are calculated based on years of service and the average salary of the three consecutive years in
which the employee received the highest salary. CAF periodically updates the benefit obligations considering actuarial assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**s.**  ***Derivative financial instruments and hedging activities –*** CAF records all derivative
financial instruments on the balance sheet at fair value, regardless of the purpose or intent for holding them.

CAF's policy is not to enter into derivative financial instruments for speculative purposes. CAF also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivative financial instruments that are used in hedging transactions are highly effective in offsetting changes in fair values of the hedged items.

Derivative financial instruments that are considered to be hedges from an accounting perspective are recognized in the balance sheet at fair value with changes in fair value either: (1) offset by changes in fair value of the hedged assets, liabilities or firm commitments through earnings within "Derivative financial instruments assets" or "Derivative financial instruments liabilities" if the derivative is designated as a fair value hedge, or (2) recognized in other income until the hedged item is recognized in earnings if the derivative is designated as a cash flow hedge. The ineffective portion of the change in fair value for a hedged derivative is immediately recognized in earnings as a component of "Unrealized changes in fair value related to other financial instruments", regardless of whether the hedged derivative is designated as a cash flow or fair value hedge. In all situations in which hedge accounting is discontinued, CAF, recognizes any changes in its fair value in the statements of income.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

CAF discontinues hedge accounting prospectively upon determining that the derivative financial instrument is no longer effective in offsetting changes in the fair value of the hedged item; the derivative expires or is sold, terminated or exercised; the derivative is de-designated as a hedging instrument, because it is unlikely that a forecasted transaction will occur, a hedged firm commitment no longer meets the definition of a firm commitment, or management determines that the designation of the derivative financial instrument as a hedging instrument is no longer appropriate.

When hedge accounting is discontinued because it is determined that the derivative financial instrument no longer qualifies as an effective fair value hedge, CAF continues to carry the derivative financial instrument on the balance sheets at its fair value, but no longer adjusts the hedged asset or liability for changes in fair value.

Certain derivative financial instruments, although considered to be an effective hedge from an economic perspective (economic hedge), have not been designated as a hedge for accounting purposes. The changes in the fair value of such derivative financial instruments are recognized in the statements of income, concurrently with the change in fair value of the underlying assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**t.**  ***Fair value of financial instruments and fair value measurements –*** An entity is
required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Accounting guidance establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the
inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Inputs used to measure fair value may fall
into one of three levels:

*Level 1 –* Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

*Level 2 –* Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

*Level 3 – A*pplies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**u.**  ***Guarantee fee income –*** CAF provides guarantees on loans originated by third parties
to support projects located within a shareholder country that are undertaken by public and private entities. CAF may offer guarantees of private credit agreements or it may offer public guarantees of obligations of the securities of third-party
issuers. CAF generally offers partial credit guarantees with the intention of sharing the risk with private lenders or holders of securities. CAF's responsibility is limited to paying up to the amount of the guarantee upon default by the
client. The guarantee fee income received is deferred and recognized in statement of income – Loan commissions over the period covered by the guarantee.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.**  ***Provision for guarantees losses –*** Provision for guarantees is maintained at a level
CAF believes adequate to absorb probable losses inherent to the guaranteed loans originated by third parties as of the date of the financial statements. Guaranteed loans are classified as either sovereign or non-sovereign. Provision for guarantees is estimated by CAF considering the credit risk exposure, default probability and loss given default. Provision for sovereign guarantees losses is based on the
individual long-term foreign currency debt rating of the guarantor countries ("sovereign risk rating") under the Basel Committee criteria based on the existing risk ratings of three recognized international risk rating agencies at the
date of the financial statements' preparation. These sovereign risk ratings have associated default probability. Given CAF's status as a de facto preferred creditor, arising from its status as a multilateral financial institution and
from the interest of its borrowers in maintaining their credit standing with CAF, and taking into account the immunities and privileges conferred by its shareholder countries, which are established in CAF's Constitutive Agreement and other
similar agreements, a factor that reflects a lower default probability – usually equivalent to four levels up in this weighted average rating is used. For non-sovereign guarantees, the provision is
determined by considering the CAF internal individual rating of each client, internally assigned and the loss given default.

The provision for guarantees losses are reported as other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w.  ***Recent accounting pronouncements –*** 

***Recently adopted accounting pronouncements***

***ASU 2024-03, Expense Disaggregation Disclosures***

On November 4, 2024, the FASB issued ASU 2024-03 which requires the disclosure of income statement expenses, for public business entities, specified information about costs and expenses. The ASU requires disaggregation of certain expenses into specified categories in disclosures within the footnotes to the financial statements. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, for all public business entities. CAF early adopted this ASU and did not have material disclosure effects in the financial statements.

***Accounting pronouncements pending adoption***

***ASU 2023-06, Disclosure Improvements***

On October 9, 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the "Codification"). The ASU was issued in response to the Security Exchange Commission (SEC) Disclosure Update and Simplification Initiative that updated and simplified disclosure requirements that the SEC believed were "redundant, duplicative, overlapping, outdated, or superseded." The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. CAF will not early adopt this ASU and estimates it will not have material effects in the financial statements. For all entities within the scope of the affected Codification subtopics, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

***ASU 2024-04, Debt with Conversion and Other Options***

On November 26, 2024, the FASB issued ASU 2024-04 to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20 for (a) convertible debt instruments with cash conversion features and (b) debt instruments that are not currently convertible. This Update is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. The adoption of this ASU will not have material effects in the CAF's financial statements.

**3.** **CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS** 

Cash and due from banks and deposits with banks with original maturity of three months or less include the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Cash and due from banks | 233196 | 70592 | 107592 |
|  Deposits with banks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars | 3337799 | 4793922 | 5417808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro | 32142 | 170016 | 1118061 |
|  | 3369941 | 4963938 | 6535869 |
|  | 3603137 | 5034530 | 6643461 |

---

**4.** **MARKETABLE SECURITIES — TRADING** 

A summary of trading securities follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** |
|  |<br>**Amount** | **Average**<br>**maturity**<br>**(years)** |<br>**Amount** | **Average**<br>**maturity**<br>**(years)** |<br>**Amount** | **Average**<br>**maturity**<br>**(years)** |
|  U.S. Securities<sup>(1)</sup>  | 5916834 | 0.69 | 2542017 | 1.45 | 1775459 | 1.70 |
|  Non-U.S. governments and government entities bonds | 324895 | 2.46 | 423908 | 1.74 | 334634 | 1.42 |
|  Financial institutions and corporate securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper | 2417869 | 0.30 | 2610195 | 0.39 | 1851803 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of deposits<sup>(2)</sup>  | 1995211 | 0.31 | 2103754 | 0.39 | 2769645 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2197129 | 2.28 | 1818551 | 2.54 | 1325284 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized mortgage obligation | 409345 | 4.68 | 377665 | 4.56 | 266250 | 5.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity funds<sup>(3)</sup>  | 307422 |  | 112128 |  | 160530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Fund<sup>(4)</sup>  | 104011 |  |  |  |  |  |
|  | 7430987 | 1.15 | 7022293 | 1.18 | 6373512 | 0.81 |
|  | 13672716 | 0.98 | 9988218 | 1.27 | 8483605 | 1.02 |

---

<sup>(1)</sup> U.S. securities include Treasury Notes and U.S. Treasury Bills.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

<sup>(2)</sup> Each certificate of deposit bears a maturity date and specified fixed interest rate. It also is held through The Depository Trust Company and has a CUSIP number, which is a code that identifies a financial security and facilitates trading.

<sup>(3)</sup> The liquidity funds are comprised of short-term (less than one year) securities representing high-quality liquid debt and monetary instruments.

<sup>(4)</sup> The exchange-traded fund (ETF) is a type of pooled investment security that holds multiple underlying assets.

The fair value of marketable securities includes net unrealized gains of US$95,201, US$56,025 and unrealized losses US$65,936 as of December 31, 2024, 2023 and 2022 respectively.

For the years ended December 31, 2024, 2023 and 2022, Interest income — Investments and deposits with banks includes interest income for US$736,056, US$659,138 and US$230,948 respectively, and gains on the mark-to-market valuations for US$347,679, US$260,233 and losses US$57,961, respectively. The fluctuation in Interest income — Investments and deposits with banks is mainly due to the increase in investment portfolio.

CAF places its short-term (less than one year) investments mainly in high grade financial institutions and corporate securities. CAF has conservative investment guidelines that limit the amount of credit risk exposure, considering among other factors, limits as to credit ratings, limits as to duration exposure, specific allocations by type of investment instruments and limits across sector and currency allocation. As of December 31, 2024, 2023 and 2022 CAF does not have any significant concentration of credit risk based on credit rating according to its investment guideline. Non-US dollar-denominated securities included in marketable securities amounted to the equivalent of US$421,568, US$283,554 and US$550,973 as of December 31, 2024, 2023 and 2022 respectively.

Maturity of marketable securities are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  No maturities<sup>(1)</sup>  | 411433 | 112128 | 160530 |
|  Less than one year | 8417721 | 5897276 | 5454330 |
|  Between one and two years | 3158912 | 2377609 | 1941949 |
|  Between two and three years | 667831 | 677273 | 542997 |
|  Between three and four years | 421572 | 309478 | 189879 |
|  Between four and five years | 246651 | 366187 | 97714 |
|  Over five years | 348596 | 248267 | 96206 |
|  | 13672716 | 9988218 | 8483605 |

---

<sup>(1)</sup> Include liquidity funds and ETF.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

**5.** **OTHER INVESTMENTS** 

Other investments are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Deposits with banks due more than 90 days |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars | 712598 | 1095009 | 111193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro |  | 44160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombian pesos |  |  | 147179 |
|  | 712598 | 1139169 | 258372 |
|  Special drawing rights | 161194 | 125869 |  |
|  | 873792 | 1265038 | 258372 |

---

The interest rates on deposits with banks ranged from 4.14% to 5.62% as of December 31, 2024, from 2.52% to 6.60% as of December 31, 2023 and from 0.39% to 6.60% as of December 31, 2022.

Since February 2023, CAF was named authorized holder by the IMF allowing it hold and exchange SDRs only with authorized holders. SDRs holdings earn interest which is determined on weekly basis. The interest rate as of December 31, 2024 and 2023 is 3.20% and 4.15%, respectively.

For the years ended December 31, 2024 and 2023, Interest income – Investments and deposits with banks includes interest income for US$6,822 and US$1,912, respectively, and loss in currency exposure for US$7,630 and gain for US$1,376, respectively, related to SDRs investments.

**6.** **LOANS** 

Loans mainly include loans with Series "A" and "B" shareholder countries, or private institutions or companies domiciled in those countries. Loans by country are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Shareholder country: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 4874550 | 5503626 | 3981391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbados | 187925 | 175013 | 181098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 2780434 | 2948465 | 3100722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 3217994 | 2970763 | 2633318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 408698 | 244000 | 192510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 4060435 | 3842359 | 3726267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica | 485505 | 497638 | 533937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic | 445937 | 445105 | 412627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 4230310 | 4246954 | 4232207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 469083 | 302000 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1062500 | 980000 | 955000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 2630681 | 2582659 | 2691924 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 2488370 | 2373889 | 2059119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1751423 | 1836850 | 1473683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad & Tobago | 1372221 | 1305459 | 1217246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 1624725 | 1331442 | 980458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 1939316 | 2135370 | 2512567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 34030107 | 33721592 | 30959074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments | (194305) | (242507) | (336750) |
|  | 33835802 | 33479085 | 30622324 |

---

Fair value adjustments of loans represent mainly adjustments to the amount of loans for which the fair value option is elected.

As of December 31, 2024, 2023 and 2022 loans denominated in currencies other than U.S. dollar were granted for an equivalent of US$1,188,035, US$696,136 and US$468,750, respectively, mainly in Colombian pesos, Dominican pesos, Uruguayan pesos, Brazilian reales, Swiss francs, Peruvian nuevo sol, Paraguayan guarani, Bolivian bolivianos, Chilean pesos and Japanese yen. All these loans are hedged with swaps, Borrowings from other financial institution and Bonds. As of December 31, 2024, 2023 and 2022, fixed interest rate loans amounted to US$2,566,260, US$2,226,339 and US$2,209,011, respectively.

Loans classified by sector borrowers and the weighted average yield of the loan portfolio is shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** |
|  |<br>**Amount** | **Weighted**<br>**average**<br>**yield (%)** |<br>**Amount** | **Weighted**<br>**average**<br>**yield (%)** |<br>**Amount** | **Weighted**<br>**average**<br>**yield (%)** |
|  Public sector | 32599975 | 6.44 | 32327694 | 7.30 | 29791001 | 6.17 |
|  Private sector | 1430132 | 6.82 | 1393898 | 7.45 | 1168073 | 6.29 |
|  | 34030107 | 6.45 | 33721592 | 7.30 | 30959074 | 6.18 |

---

The public sector includes entities of national governments, subnational entities, public companies owned by the latter, or mixed companies controlled by national governments or subnational entities.

The private sector includes entities controlled by private investors.

Loans by industry segments are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
|  Infrastructure programs | 14164668 | 42 | 14364602 | 43 | 12441156 | 41 |
|  Transport, warehousing and communications | 9137554 | 27 | 9003229 | 27 | 8487104 | 27 |
|  Electricity, gas and water supply | 5257924 | 15 | 5327072 | 16 | 5696943 | 18 |
|  Health and social services | 2892114 | 8 | 2665148 | 8 | 2317517 | 7 |
|  Financial services – Development banks | 1304144 | 4 | 985000 | 2 | 841398 | 3 |
|  Financial services – Commercial banks | 1132330 | 4 | 1259164 | 4 | 1040578 | 3 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
|  Agriculture, hunting and forestry | 56630 |  | 70724 |  | 52852 |  |
|  Manufacturing industry |  |  |  |  | 24392 |  |
|  Others | 84743 |  | 46653 |  | 57134 | 1 |
|  | 34030107 | 100 | 33721592 | 100 | 30959074 | 100 |

---

Loans mature as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than one year | 5171261 | 5715772 | 4060523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between one and two years | 3367270 | 3175175 | 3158733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between two and three years | 3533696 | 3079662 | 2979214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between three and four years | 3199251 | 3210996 | 2785391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between four and five years | 3160217 | 2936228 | 2932946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between five and ten years | 10313580 | 10231497 | 9749684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Between ten and fifteen years | 4302935 | 4159272 | 3980057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over fifteen years | 981897 | 1212990 | 1312526 |
|  | 34030107 | 33721592 | 30959074 |

---

CAF maintains an internal risk rating system to evaluate the quality of the non-sovereign loans, which identifies, through a standardized rating and review parameters, those risks related to credit transactions in order to determine an internal risk rating classification designed by CAF. For purpose of determining the allowance for loan losses of sovereign loans as of December 31, 2024, 2023 and 2022, rating assigned by external agencies are used.

The credit quality of the sovereign loans used in estimating the allowance for credit losses is based on the individual long-term foreign currency debt rating applicable to the borrower countries, which is determined under the Basel Committee criteria based on the existing risk ratings of three recognized international agencies as of the date of preparation of the financial statements. The credit quality by year of origination and taking the Moody's rating as a reference as of December 31, 2024, is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Credit**<br>**Rating** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | |
| **Country** | **Credit**<br>**Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
|  Argentina | Ca | 474202 | 869607 | 516970 | 819346 | 662000 | 1448327 | 4790452 |
|  Barbados | B3 |  |  |  | 49143 | 100000 | 38782 | 187925 |
|  Bolivia | Caa3 | 24291 | 48917 | 607759 | 350000 | 37594 | 1624708 | 2693269 |
|  Brazil | Ba1 |  | 7479 | 606713 |  | 553023 | 1688701 | 2855916 |
|  Colombia | Baa2 | 350000 | 250000 | 600000 | 500000 | 350000 | 1346563 | 3396563 |
|  Costa Rica | Ba3 |  |  |  |  | 435484 | 15324 | 450808 |
|  Dominican Republic | Ba3 | 3297 |  | 300000 | 84773 |  | 57866 | 445936 |
|  Ecuador | Caa3 | 317937 | 269914 | 463774 | 580367 | 622659 | 1809008 | 4063659 |
|  El Salvador | B3 | 127770 | 266313 | 75000 |  |  |  | 469083 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Credit**<br>**Rating** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | |
| **Country** | **Credit**<br>**Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
|  Mexico | Baa2 | 500000 |  | 300000 |  | 262500 |  | 1062500 |
|  Panama | Baa3 | 225000 | 32969 | 302703 | 330611 | 378571 | 1097826 | 2367680 |
|  Paraguay | Baa3 | 72190 | 191281 | 353072 | 257000 | 454615 | 1088694 | 2416852 |
|  Peru | Baa1 |  | 500000 | 169551 | 531898 |  | 427301 | 1628750 |
|  Trinidad & Tobago | Ba2 | 120000 | 75000 | 120000 | 175000 | 317562 | 564660 | 1372222 |
|  Uruguay | Baa1 | 743088 | 114369 | 165817 | 240000 | 35714 | 165088 | 1464076 |
|  Venezuela | C |  |  |  |  |  | 1939316 | 1939316 |
|  |  | 2957775 | 2625849 | 4581359 | 3918138 | 4209722 | 13312164 | 31605007 |

---

The credit quality of the non-sovereign loan portfolio by year of origination, as represented by the internal credit risk classification as of December 31, 2024, is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | |
| <br>**Credit Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** |<br>**Total** |
|  A | 75000 |  |  |  |  |  | 75000 |
|  A- | 400000 |  |  |  |  | 48000 | 448000 |
|  BBB+ | 3088 |  |  | 11398 | 4443 | 129355 | 148284 |
|  BBB- | 150000 | 10604 | 1762 |  |  |  | 162366 |
|  BB+ | 50000 | 60000 |  |  |  | 4697 | 114697 |
|  BB | 333054 |  | 34147 |  |  | 185489 | 552690 |
|  BB- | 287655 | 57615 | 12521 | 26842 | 22065 |  | 406698 |
|  B+ | 96152 | 30000 |  |  | 44444 |  | 170596 |
|  B | 15000 |  |  |  |  |  | 15000 |
|  B- | 149508 | 17143 |  |  |  | 38152 | 204803 |
|  CCC+ | 2166 |  |  |  |  |  | 2166 |
|  CCC |  | 47500 |  |  |  | 16598 | 64098 |
|  CCC- |  |  |  |  |  | 24520 | 24520 |
|  D |  |  |  |  |  | 36182 | 36182 |
|  | 1561623 | 222862 | 48430 | 38240 | 70952 | 482993 | 2425100 |

---

The internal and external ratings have been updated as of December 31, 2024.

***Loan portfolio quality.***

The loan portfolio quality indicators and the related amounts are presented below:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  During the year CAF recorded the following transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans written-off | 14160 | 34452 | 11125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of loan portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of loan portfolio | 22500 | 33000 | 37500 |

---

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  CAF presented the following amounts and quality indicators as of the end of the year: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accrual loans | 1975498 | 50342 | 107937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troubled debt restructured |  |  | 23142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdue accrual loans | 1701 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses as a percentage of loan portfolio | 0.25% | 0.17% | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accrual loans as a percentage of loan portfolio | 5.84% | 0.15% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdue loan principal as a percentage of loan portfolio | 0.01% | 0.00% | 0.00% |

---

No loans were restructured during the years ended December 31, 2024, 2023 and 2022.

As of December 31, 2023, the remaining amount of the restructured loan was collected, including principal and interest. As a result of this transaction CAF, recognized a net gain of US$16,354 in the statement of income as other income.

On March 3, 2020, CAF's Shareholders Assembly approved the Support Program for the Liquidity Management in Exceptional Situations (the "Program"). The Program allowed CAF to repurchase the shares of a shareholder country that fulfilled the requirements and applied the proceeds to that country's outstanding loans that are already due or overdue. Pursuant to the Program, CAF notified Venezuela, that it fulfilled the requirements. The time frame to apply to the Program was for six months, however no other country met the necessary requirements. As part of the Program, Venezuela maintains its representation in the Board of Directors with no new loan approvals allowed. Since inception of the Program to December 31, 2023, CAF repurchased a total of 148,029 shares totaling US$2,102,012 deducting the amount of paid-in capital and additional paid-in capital for US$740,145 and US$1,361,867, respectively. For the year ended December 31, 2024, CAF repurchased an additional 20,544 shares totaling US$291,725 and applied that amount to repay due and overdue amounts of principal and interest and deducting the amount of paid-in capital and additional paid-in capital for US$102,720 and US$189,005, respectively. Thus, since the inception of the Program to December 31, 2024, CAF repurchased 168,573 shares totaling US$2,393,737 and applied that amount to repay due and overdue amounts of principal and interest and reducing the amount of paid-in capital and additional paid-in capital for US$842,865 and US$1,550,872, respectively. The Program was completed in July 2024. Currently, Venezuela holds 105 Series "B" shares and its Series "A" share.

As of December 31, 2024, the total amount of delayed payments for operations in Venezuela amounted to US$287,682, including interests. In accordance with CAF´s policies, a loan is considered to be in non-accrual status when a payment is more than 180 days overdue in the case of public sector loans. As of December 31, 2024, all outstanding loans with Venezuela amounting to US$1,939,316 were placed in non-accrual status. Not collected Interests and Commissions amounted to US$92,248 were reversed, and the related individually assessed allowance for credit losses was US$52,860.

CAF expects to collect all amounts due, including interest and fees. Venezuela is one of the founding shareholders of CAF and has reiterated its commitment and its intention to undertake payments. CAF´s Management monitors its credit exposure periodically.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

As of December 31, 2023 and 2022, there were no non-accrual loans related to public sector borrowers.

As of December 31, 2024, 2023 and 2022, the total principal amount of non-accrual loans related to private sector borrowers (non-sovereign loans) for US$36,182, US$50,342 and US$107,937, which were 3,023 days, 2,749 and 2,384 days overdue, respectively. For the years ended December 31, 2024, 2023 and 2022, there were no interest income recognized for non-accrual loans. The allowance of loan losses for non-accrual loans for private sector borrowers amount to US$4,739, US$6,155 and US$22,103 as of December 31, 2024, 2023 and 2022 respectively.

***A/B Loans***

CAF only assumes the credit risk for the portion of its participations of the loan. As of December 31, 2024, 2023 and 2022, CAF maintains loans of this nature amounting to US$1,215,792 and US$452,641 and US$361,170 respectively, whereas other financial institutions provided funds for US$978,988, US$364,663 and US$290,279, respectively.

***Allowance for Loan Losses***

Changes in the allowance and the balance for loan losses over the outstanding amounts, individually and collectively evaluated, are presented below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Credit risk** | **Credit risk** | | **Credit risk** | **Credit risk** | | **Credit risk** | **Credit risk** | |
|  |<br>**Sovereign** | **Non-**<br>**sovereign** |<br>**Total** |<br>**Sovereign** | **Non-**<br>**sovereign** |<br>**Total** |<br>**Sovereign** | **Non-**<br>**sovereign** |<br>**Total** |
|  Balances at beginning of year |  | 56913 | 56913 |  | 63192 | 63192 |  | 76650 | 76650 |
|  Provision (credit) for loan losses | 58220 | (16291) | 41929 |  | 439 | 439 |  | (3287) | (3287) |
|  Loans written-off |  | (14160) | (14160) |  | (34452) | (34452) |  | (11125) | (11125) |
|  Recoveries |  | 75 | 75 |  | 27734 | 27734 |  | 954 | 954 |
|  Balances at end of year | 58220 | 26537 | 84757 |  | 56913 | 56913 |  | 63192 | 63192 |

---

Changes in the provision for contingencies and the off-balance-sheet undisbursed loan commitments and financial guarantees, individually and collectively evaluated, are presented below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Credit risk** | **Credit risk** | | **Credit risk** | **Credit risk** | | **Credit risk** | **Credit risk** | |
|  |<br>**Sovereign** | **Non-**<br>**sovereign** |<br>**Total** |<br>**Sovereign** | **Non-**<br>**sovereign** |<br>**Total** |<br>**Sovereign** | **Non-**<br>**sovereign** |<br>**Total** |
|  Balances at beginning of year |  | 6849 | 6849 |  | 15462 | 15462 |  | 15202 | 15202 |
| (Credit) provision for contingencies |  | (619) | (619) |  | (8613) | (8613) |  | 260 | 260 |
|  Balances at end of year |  | 6230 | 6230 |  | 6849 | 6849 |  | 15462 | 15462 |

---

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Credit) provision for contingencies and the off-balance-sheet undisbursed loan commitments and financial guarantees are included in the statements of income as part of the Non-interest income-other income and other expenses for the years ended December 31, 2024, 2023 and 2022.

**7.** **EQUITY INVESTMENTS** 

Equity investments, which have no readily determinable fair value, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2023** | **December 31,<br>2022** | **December 31,<br>2022** |
|  Investments - Equity securities |  | 340200 |  | 338965 |  | 340407 |
|  Investments - Equity method |  | 59565 |  | 53219 |  | 41372 |
|  |  | 399765 |  | 392184 |  | 381779 |

---

CAF recognized the following in the statements of income related to investment in equity securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** | **2022** |
|  Dividends | 6753 | 4934 | 6725 |
|  Changes in fair value measurements | (14608) | 11403 | (17854) |
|  Impairment in equity securities | (7797) | (1336) | (962) |

---

Dividends are recognized in the statements of income as part of Dividends and equity in earnings of investees. For the years ended December 31, 2024, 2023 and 2022, CAF recognized changes in fair value measurements of losses of US$14,608, gains of US$11,403 and losses of US$17,854, respectively, corresponding to the net fluctuation in the fair value of investments in equity securities, losses and gains are included in the statements of income as part of other expenses and other income, respectively.

In addition, for the years ended December 31, 2024, 2023 and 2022, CAF recognized gains of its equity in earnings of the investees for US$4,300, US$11,005 and US$1,943, respectively, for investments under the equity method, which are recorded in the statements of income as part of Dividends and equity in earnings of investees.

**8.** **OTHER ASSETS** 

A summary of other assets follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Derivative related collateral | 2537059 | 1823920 | 2913970 |
|  Intangible assets, net of accumulated amortization of US$15,245, US$10,194 and US$10,212, respectively | 87290 | 63142 | 38463 |
|  Receivable from investment securities sold | 30842 | 6867 | 2237 |
|  Other | 36338 | 32928 | 29431 |
|  | 2691529 | 1926857 | 2984101 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

**9.** **DEPOSITS** 

A summary of deposits follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Demand deposits | 194935 | 212768 | 219557 |
|  Time deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than one year | 3302403 | 3931727 | 4442619 |
|  | 3497338 | 4144495 | 4662176 |
|  Fair value adjustments |  |  | 1415 |
|  | 3497338 | 4144495 | 4663591 |

---

As of December 31, 2024, 2023 and 2022, the weighted average interest rate was 5.18%, 4.98% and 1.74%, respectively. Deposits are issued for amounts equal to or more than US$100. Total deposits denominated in currencies other than the U.S. dollar amount to an equivalent of US$105,726, US$116,412 and US$610,372 as of December 31, 2024, 2023 and 2022, respectively.

**10.** **COMMERCIAL PAPERS** 

A summary of commercial papers follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  U.S. dollars | 3023627 | 4439048 | 3614583 |
|  British pound sterling | 170640 |  |  |
|  Euros | 98793 | 292559 | 1057709 |
|  | 3293060 | 4731607 | 4672292 |
|  Less commercial papers issuance discount | (43952) | (78095) | (53495) |
|  | 3249108 | 4653512 | 4618797 |

---

As of December 31, 2024, 2023 and 2022, the weighted average interest rate was 5.54%, 5.21% and 2.00% respectively. As of December 31, 2024, 2023 and 2022, commercial papers balance matures in 2025, 2024 and 2023, respectively.

**11.** **BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS** 

A summary of borrowings from other financial institutions by currency follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2023** | **December 31,<br>2022** | **December 31,<br>2022** |
|  U.S. dollars |  | 1575801 |  | 1507218 |  | 1509711 |
|  Euros |  | 573765 |  | 584098 |  | 651991 |
|  Colombian pesos |  | 25243 |  | 28695 |  | 27546 |
|  Others |  | 2165 |  | 4964 |  | 3010 |
|  |  | 2176974 |  | 2124975 |  | 2192258 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Fair value adjustments | (52295) | (77562) | (118191) |
|  Less debt issuance costs | 132 | 617 | 1291 |
|  | 2124547 | 2046796 | 2072776 |

---

As of December 31, 2024, 2023 and 2022, the fixed interest-bearing borrowings amounted to US$242,010, US$330,443 and US$419,693, respectively. As of December 31, 2024, 2023 and 2022, the weighted average interest rate after considering the impact of interest rate swaps was 6.85%, 6.38% and 3.40%, respectively.

Borrowings from other financial institutions, by remaining maturities, are summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Less than one year | 430458 | 432236 | 192930 |
|  Between one and two years | 234226 | 410976 | 441786 |
|  Between two and three years | 228185 | 209985 | 390697 |
|  Between three and four years | 206237 | 190508 | 191040 |
|  Between four and five years | 187593 | 153462 | 180539 |
|  Over five years | 890275 | 727808 | 795266 |
|  | 2176974 | 2124975 | 2192258 |

---

As of December 31, 2024, 2023 and 2022, there were unused term credit facilities amounting toUS$1,445,913, US$1,557,697 and US$1,614,675, respectively.

**12.** **BONDS** 

A summary of outstanding bonds follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **At original<br>exchange<br>rate** | **At spot<br>exchange<br>rate** | **Weighted<br>average<br>cost, after<br>swaps (%)<br>(year end)** | **At original<br>exchange<br>rate** | **At spot<br>exchange<br>rate** | **Weighted<br>average<br>cost, after<br>swaps (%)<br>(year end)** | **At original<br>exchange<br>rate** | **At spot<br>exchange<br>rate** | **Weighted<br>average<br>cost, after<br>swaps (%)<br>(year end)** |
|  U.S. dollars | 9328042 | 9328042 | 5.61 | 8115053 | 8115053 | 6.54 | 7249762 | 7249762 | 5.20 |
|  Euro | 9751807 | 8827267 | 6.19 | 8784835 | 8322257 | 6.79 | 8457619 | 7674839 | 4.83 |
|  Swiss francs | 2336350 | 2434706 | 6.06 | 2793740 | 3119430 | 6.84 | 2669895 | 2731206 | 4.88 |
|  Australian dollars | 1756001 | 1570852 | 5.93 | 1340315 | 1284576 | 6.83 | 1094600 | 956756 | 5.63 |
|  Japanese yen | 1540983 | 1148597 | 5.93 | 1614238 | 1333853 | 6.74 | 1467350 | 1194018 | 5.03 |
|  British pound sterling | 1261108 | 1254705 | 5.39 |  |  | 0.00 |  |  | 0.00 |
|  Mexican pesos | 1190208 | 1158240 | 5.94 | 1189923 | 1408433 | 6.71 | 1078834 | 1124402 | 4.98 |
|  Norwegian kroner | 549486 | 344122 | 6.09 | 694695 | 471898 | 6.89 | 694695 | 490813 | 5.26 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **At original<br>exchange<br>rate** | **At spot<br>exchange<br>rate** | **Weighted<br>average<br>cost, after<br>swaps (%)<br>(year end)** | **At original<br>exchange<br>rate** | **At spot<br>exchange<br>rate** | **Weighted<br>average<br>cost, after<br>swaps (%)<br>(year end)** | **At original<br>exchange<br>rate** | **At spot<br>exchange<br>rate** | **Weighted<br>average<br>cost, after<br>swaps (%)<br>(year end)** |
|  Hong Kong dollars | 533062 | 532686 | 6.15 | 584332 | 580710 | 7.02 | 584332 | 580725 | 5.05 |
|  Colombian pesos | 405959 | 306630 | 5.57 | 405968 | 348568 | 6.55 | 334455 | 207944 | 5.96 |
|  Indian rupee | 338717 | 329694 | 5.62 |  |  | 0.00 |  |  | 0.00 |
|  Costa Rica colón | 223336 | 225770 | 5.78 | 99047 | 101312 | 6.46 |  |  | 0.00 |
|  Brazilian real | 201662 | 172746 | 5.47 | 201662 | 219915 | 6.29 | 201662 | 201880 | 4.99 |
|  Turkish lira | 128121 | 75713 | 5.29 | 108020 | 68872 | 6.29 | 45748 | 45430 | 5.11 |
|  Paraguay guaraní | 85284 | 82096 | 5.86 | 9952 | 9952 | 1.30 |  |  | 0.00 |
|  Polish zloty | 61130 | 65777 | 5.29 | 61130 | 68737 | 6.37 |  |  | 0.00 |
|  New Zealand dollar | 59898 | 52540 | 5.72 | 59898 | 58894 | 6.50 | 28758 | 27403 | 5.91 |
|  Uruguayan pesos | 53213 | 47951 | 3.53 | 143845 | 137889 | 6.02 | 287852 | 287198 | 4.20 |
|  Chinese yuan | 52751 | 52350 | 5.06 |  |  | 0.00 |  |  | 0.00 |
|  Canadian dollars | 30395 | 27869 | 6.12 | 30395 | 30182 | 6.88 | 30395 | 29542 | 4.63 |
|  Jamaican dollars | 26101 | 25725 | 5.30 |  |  | 0.00 |  |  | 0.00 |
|  Czech koruna | 11211 | 10335 | 5.58 | 11211 | 11179 | 6.28 |  |  | 0.00 |
|  Indonesian rupee |  |  | 0.00 |  |  | 0.00 | 75000 | 66403 | 4.28 |
|  Kazakhstan tenge |  |  | 0.00 |  |  | 0.00 | 15082 | 13420 | 6.25 |
|  | 29924825 | 28074413 |  | 26248259 | 25691710 |  | 24316039 | 22881741 |  |
|  Fair value adjustments |  | (670944) |  |  | (926251) |  |  | (1625155) |  |
|  Less debt issuance costs |  | 7057 |  |  | 6009 |  |  | 4373 |  |
|  |  | 27396412 |  |  | 24759450 |  |  | 21252213 |  |

---

A summary of the bonds issued, by remaining maturities at original exchange rate, follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Less than one year | 5213782 | 3331884 | 4781762 |
|  Between one and two years | 5493209 | 5210881 | 3230823 |
|  Between two and three years | 4608073 | 5494526 | 4943054 |
|  Between three and four years | 4377320 | 4382168 | 3682075 |
|  Between four and five years | 3954230 | 3193913 | 2574048 |
|  Over five years | 6278211 | 4634887 | 5104277 |
|  | 29924825 | 26248259 | 24316039 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

As of December 31, 2024, 2023 and 2022 fixed interest rate bonds amounted to US$29,624,973, US$25,737,649, and US$23,836,526 respectively, of which US$20,586,650, US$18,134,326 and US$17,079,031, respectively, are denominated in currencies other than U.S. dollar.

There were no bonds repurchased during the years ended December 31, 2024, 2023 and 2022.

**13.** **ACCRUED EXPENSES AND OTHER LIABILITIES** 

A summary of accrued expenses and other liabilities follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Employees' severance benefits and savings plan | 110008 | 95298 | 99495 |
|  Derivative-related collateral | 89749 | 152447 | 2940 |
|  Payable for investment securities purchased | 34314 | 18461 | 2467 |
|  Provision for contingencies (Note 6) | 6230 | 6849 | 15462 |
|  Contributions to Shareholders' Special Funds<br>(Note 22) |  | 13450 | 44244 |
|  Other | 14781 | 6604 | 9546 |
|  | 255082 | 293109 | 174154 |

---

**14.** **PENSION PLAN** 

As of December 31, 2024, 2023 and 2022, the Plan has 754, 759 and 714 participants and active employees, respectively. The date used to determine pension Plan benefit obligation is December 31 of each year.

For the years ended December 31, 2024, 2023 and 2022, a reconciliation of beginning and ending balances of the benefit obligation follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
|  Benefit obligation at beginning of year | 48647 | 42766 | 36520 |
|  Service cost | 4078 | 4132 | 3379 |
|  Interest cost | 1931 | 1689 | 1454 |
|  Plan participants' contributions | 2901 | 3031 | 2499 |
|  Actuarial (gain) loss | (1141) | (992) | 615 |
|  Benefit paid | (2067) | (1979) | (1701) |
|  Benefit obligation at the end of year | 54349 | 48647 | 42766 |

---

For the years ended December 31, 2024, 2023 and 2022, a reconciliation of beginning and ending balances of the fair value of Plan assets follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
|  Fair value of plan assets at beginning of year | 48965 | 43146 | 36833 |
|  Actual return on Plan assets | 1835 | 1590 | 1516 |
|  Contributions | 5941 | 6208 | 6498 |
|  Benefit paid | (2067) | (1979) | (1701) |
|  Fair value of Plan assets at end of year | 54674 | 48965 | 43146 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

Plan assets are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December, 31** | **December, 31** | **December, 31** | **December, 31** | **December, 31** | **December, 31** |
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
|  Marketable securities |  | 54674 |  | 48965 |  | 43146 |

---

The table below summarizes the component of the amount of net benefit cost recognized for the years ended December 31, 2024, 2023 and 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
|  Service cost | 4078 | 4132 | 3379 |
|  Interest cost | 1931 | 1689 | 1454 |
|  Expected return on plan assets | (1944) | (1704) | (1467) |
|  | 4065 | 4117 | 3366 |

---

A summary of the net projected cost for the year ending December 31, 2025 follows:

---

| | |
|:---|:---|
|  Service cost | 4113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest cost | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected return on plan assets | (2167) |
|  | 4101 |

---

A summary of the benefits that are expected to be paid for the next years follows:

---

| | |
|:---|:---|
|  2025 | 990.0 |
|  2026 | 1366.0 |
|  2027 | 1837.0 |
|  2028 | 1729.0 |
|  2029 | 2814.0 |
|  2030-2034 | 15323.0 |

---

Weighted-average assumptions used to determine net benefit cost of the Plan as of December 31, 2024, 2023 and 2022 follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
|  Discount rate | 4.00% | 4.00% | 4.00% |
|  Expected long-term nominal rate return on Plan assets | 4.00% | 4.00% | 4.00% |
|  Salary increases rate | 3.00% | 3.00% | 3.00% |

---

**15.** **SHAREHOLDERS' EQUITY** 

***Authorized capital***

The authorized capital of CAF as of December 31, 2024, 2023 and 2022 amounts to US$25,000,000, of which US$18,000,000 is ordinary capital shares and US$7,000,000 is callable capital shares, distributed among Series "A", "B" and "C" shares.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

***Additional paid-in capital***

The additional paid-in capital is the amount paid by Series "B" and Series "C" shareholders in excess of the par value. The additional paid-in capital of CAF as of December 31, 2024, 2023 and 2022 amounts to US$4,796,340, US$4,380,427 and US$4,252,952 respectively.

***Subscribed callable capital.***

In addition to subscribed paid-in and un-paid capital, shareholders have subscribed to callable capital totaling US$1,819,660, US$1,819,660 and US$1,625,660 as of December 31, 2024, 2023 and 2022, respectively. Callable capital (comprised of Series "B" and Series "C" callable capital shares) may be called by the Board of Directors to meet obligations only to the extent that CAF is unable to meet such obligations with our own resources.

The Constitutive Agreement provides that the obligation of shareholders to pay for the shares of callable capital, upon demand by the Board of Directors, continues until such callable capital is paid in full. Thus, we consider the obligations of shareholder countries to pay for their respective callable capital subscriptions to be binding obligations backed by the full faith and credit of their respective governments.

***Shares***

CAF´s Shares are divided into Series "A" Shares, Series "B" Shares and Series "C" Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Series "A" shares may be owned only by the Member Countries. The term "Member Country"
is defined in Article 3 of CAF's General Regulations as any shareholder country holding at least one Series "A" share that, is either: i) a signatory to the Constitutive Agreement; or ii) a Latin America or the Caribbean country
that has adhered to it. As of the date hereof, the Member Countries are the Argentine Republic, the Plurinational State of Bolivia, the Republic of Chile, the Republic of Colombia, the Republic of Costa Rica, Dominican Republic, Republic of Ecuador,
Republic of El Salvador, Republic of Honduras, Republic of Panama, Republic of Paraguay, Republic of Peru, Republic of Trinidad and Tobago, the Federative Republic of Brazil, the Oriental Republic of Uruguay, and the Bolivarian Republic of
Venezuela. Each Member Country owns one Series "A" share, which is held by the government, either directly or through a government-designated social or public purpose institution. Each of the Member Countries owning a Series
"A" share is entitled to elect one (1) Director and one (1) Alternate Director to the Board of Directors. The par value of the Series "A" Shares is one thousand two hundred US Dollars (US$1,200).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Series "B" shares are currently owned by the Member Countries and are held by the governments
either directly or through designated governmental entities, except for certain Series "B" shares currently constituting approximately 0.05% of our outstanding shares, which are owned by thirteen (13) private sector financial
institutions in the Member Countries. As owners of Series "B" shares, the Member Countries collectively are entitled to elect five (5) additional Directors and five (5) additional Alternate Directors through cumulative voting,
and the 13 private sector financial institutions collectively are entitled to elect one (1) Director and one (1) Alternate Director. The nominal value of the Series "B" Shares is five US Dollars (US$5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Series "C" shares are available for subscription by countries that are not Member Countries to
strengthen relationships between these countries and the Member Countries. Series "C" shares are currently owned by six (6) associated shareholder countries: Barbados, Commonwealth of the

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

Bahamas, Jamaica, United Mexican States, Portuguese Republic and Kingdom of Spain. Holders of Series "C" shares collectively are entitled to elect two (2) Directors and two (2) Alternate Directors, and up to two (2) additional Directors with their respective two (2) Alternate Directors if additional new Series "C" Shares are subscribed and paid beyond certain threshold. In order for an additional director to be elected by the Series "C" shareholders, the subscription and payment for new Series "C" shares must represent an increase of one point five percent (1.5%) of CAF's subscribed and paid-in capital equity in comparison with the total subscribed and paid-in capital at the end of the most recently completed fiscal year. The par value of the Series "C" Shares is five US Dollars (US$5).

A summary of the changes in subscribed and paid-in capital for the years ended December 31, 2024, 2023 and 2022 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Number of Shares** | **Number of Shares** | **Number of Shares** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** |
|  |<br>**Note** | **Series "A"** | **Series "B"** | **Series "C"** | **Series "A"** | **Series "B"** | **Series "C"** | **Total** |
|  As of December 31, 2021 |  | 11 | 984570 | 100065 | 13200 | 4922850 | 500325 | 5436375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued for cash |  | 1 | 47367 | 3240 | 1200 | 236835 | 16200 | 254235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares' repurchase | 6 |  | (33036) |  |  | (165180) |  | (165180) |
|  As of December 31, 2022 |  | 12 | 998901 | 103305 | 14400 | 4994505 | 516525 | 5525430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued for cash |  | 3 | 47698 | 5494 | 3600 | 238490 | 27470 | 269560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares' repurchase | 6 |  | (39336) |  |  | (196680) |  | (196680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share transfer |  |  | 23657 | (23657) |  | 118285 | (118285) |  |
|  As of December 31, 2023 |  | 15 | 1030920 | 85142 | 18000 | 5154600 | 425710 | 5598310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued for cash |  | 1 | 52105 | 13647 | 1200 | 260525 | 68235 | 329960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares' repurchase | 6 |  | (20544) |  |  | (102720) |  | (102720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share transfer |  |  | 11038 | (11038) |  | 55190 | (55190) |  |
|  As of December 31, 2024 |  | 16 | 1073519 | 87751 | 19200 | 5367595 | 438755 | 5825550 |

---

Subscribed and paid-in capital as of December 31, 2024 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Number of Shares** | **Number of Shares** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** |
|  | **Series "A"** | **Series "B"** | **Series "C"** | **Series "A"** | **Series "B"** | **Series "C"** | **Total** |
|  Shareholder: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 1 | 138732 |  | 1200 | 693660 |  | 694860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 1 | 66555 |  | 1200 | 332775 |  | 333975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1 | 120887 |  | 1200 | 604435 |  | 605635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 1 | 22018 |  | 1200 | 110090 |  | 111290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 1 | 217599 |  | 1200 | 1087995 |  | 1089195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica | 1 | 15439 |  | 1200 | 77195 |  | 78395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic | 1 | 20699 |  | 1200 | 103495 |  | 104695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 1 | 71987 |  | 1200 | 359935 |  | 361135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 1 | 13884 |  | 1200 | 69420 |  | 70620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honduras | 1 | 5649 |  | 1200 | 28245 |  | 29445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 1 | 41988 |  | 1200 | 209940 |  | 211140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 1 | 42117 |  | 1200 | 210585 |  | 211785 |

---

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Number of Shares** | **Number of Shares** | **Number of Shares** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** |
|  | **Series "A"** | **Series "B"** | **Series "C"** | **Series "A"** | **Series "B"** | **Series "C"** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1 | 221061 |  | 1200 | 1105305 |  | 1106505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago | 1 | 32789 |  | 1200 | 163945 |  | 165145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 1 | 41460 |  | 1200 | 207300 |  | 208500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 1 | 105 |  | 1200 | 525 |  | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbados |  |  | 5870 |  |  | 29350 | 29350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bahamas |  |  | 1761 |  |  | 8805 | 8805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  |  | 182 |  |  | 910 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  | 15367 |  |  | 76835 | 76835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  |  | 1920 |  |  | 9600 | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  |  | 62651 |  |  | 313255 | 313255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks |  | 550 |  |  | 2750 |  | 2750 |
|  | 16 | 1073519 | 87751 | 19200 | 5367595 | 438755 | 5825550 |

---

As of December 31, 2024, the detail of unpaid subscribed capital and subscribed callable capital is presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital portion** | **Capital portion** | **Capital portion** | **Capital portion** |
|  | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** |
|  | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** |
|  Shareholder: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 49672 | 248360 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 17200 | 86000 |  |  | 14400 | 72000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 7256 | 36280 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 86182 | 430910 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 55682 | 278410 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica | 16958 | 84790 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic | 11698 | 58490 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 12089 | 60445 |  |  | 14400 | 72000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 18513 | 92565 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honduras | 26748 | 133740 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 17200 | 86000 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 16591 | 82955 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 52654 | 263270 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago | 23010 | 115050 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 48156 | 240780 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  |  |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bahamas |  |  | 1760 | 8800 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbados |  |  | 1174 | 5870 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  |  |  |  |  | 1600 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  |  |  |  |  |  | 16332 | 81660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  |  | 10556 | 52780 |  |  | 40000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks | 38 | 190 |  |  |  |  |  |  |
|  | 459647 | 2298235 | 13490 | 67450 | 306000 | 1530000 | 57932 | 289660 |

---

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

Subscribed and paid-in capital as of December 31, 2023 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Number of Shares** | **Number of Shares** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** |
|  | **Series "A"** | **Series "B"** | **Series "C"** | **Series "A"** | **Series "B"** | **Series "C"** | **Total** |
|  Shareholder: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 1 | 131876 |  | 1200 | 659380 |  | 660580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 1 | 66555 |  | 1200 | 332775 |  | 333975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1 | 115607 |  | 1200 | 578035 |  | 579235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 1 | 14836 |  | 1200 | 74180 |  | 75380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 1 | 210016 |  | 1200 | 1050080 |  | 1051280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic | 1 | 17177 |  | 1200 | 85885 |  | 87085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 1 | 70447 |  | 1200 | 352235 |  | 353435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 1 | 9256 |  | 1200 | 46280 |  | 47480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honduras | 1 | 2691 |  | 1200 | 13455 |  | 14655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 1 | 41988 |  | 1200 | 209940 |  | 211140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 1 | 40747 |  | 1200 | 203735 |  | 204935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1 | 216835 |  | 1200 | 1084175 |  | 1085375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago | 1 | 30237 |  | 1200 | 151185 |  | 152385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 1 | 41460 |  | 1200 | 207300 |  | 208500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 1 | 20649 |  | 1200 | 103245 |  | 104445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbados |  |  | 4696 |  |  | 23480 | 23480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica |  |  | 11038 |  |  | 55190 | 55190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  |  | 182 |  |  | 910 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  | 15367 |  |  | 76835 | 76835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  |  | 1920 |  |  | 9600 | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  |  | 51939 |  |  | 259695 | 259695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks |  | 543 |  |  | 2715 |  | 2715 |
|  | 15 | 1030920 | 85142 | 18000 | 5154600 | 425710 | 5598310 |

---

As of December 31, 2023, the detail of unpaid subscribed capital and of subscribed callable capital is presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital portion** | **Capital portion** | **Capital portion** | **Capital portion** |
|  | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** |
|  | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** |
|  Shareholder: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 56528 | 282640 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 17213 | 86065 |  |  | 14400 | 72000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 12536 | 62680 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 93364 | 466820 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 63265 | 316325 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic | 15220 | 76100 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 13639 | 68195 |  |  | 14400 | 72000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honduras | 29706 | 148530 |  |  | 7200 | 36000 |  |  |

---

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital portion** | **Capital portion** | **Capital portion** | **Capital portion** |
|  | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** |
|  | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 23141 | 115705 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 17200 | 86000 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 17961 | 89805 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 56880 | 284400 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago | 25562 | 127810 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  |  |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 48178 | 240890 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbados |  |  | 2348 | 11740 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  |  |  |  |  | 1600 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  |  |  |  |  |  | 16332 | 81660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  |  | 21268 | 106340 |  |  | 40000 | 200000 |
|  | 490393 | 2451965 | 23616 | 118080 | 306000 | 1530000 | 57932 | 289660 |

---

Subscribed and paid-in capital as of December 31, 2022 is as follows: ****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Number of Shares** | **Number of Shares** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** | **Nominal Amounts** |
|  | **Series "A"** | **Series "B"** | **Series "C"** | **Series "A"** | **Series "B"** | **Series "C"** | **Total** |
|  Shareholder: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 1 | 125304 |  | 1200 | 626520 |  | 627720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 1 | 64794 |  | 1200 | 323970 |  | 325170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1 | 103071 |  | 1200 | 515355 |  | 516555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 1 | 203209 |  | 1200 | 1016045 |  | 1017245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 1 | 68907 |  | 1200 | 344535 |  | 345735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 1 | 4628 |  | 1200 | 23140 |  | 24340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | 1 | 40227 |  | 1200 | 201135 |  | 202335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 1 | 39747 |  | 1200 | 198735 |  | 199935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1 | 216835 |  | 1200 | 1084175 |  | 1085375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago | 1 | 30237 |  | 1200 | 151185 |  | 152385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 1 | 41460 |  | 1200 | 207300 |  | 208500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 1 | 59985 |  | 1200 | 299925 |  | 301125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbados |  |  | 3522 |  |  | 17610 | 17610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  |  | 5541 |  |  | 27705 | 27705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica |  |  | 11038 |  |  | 55190 | 55190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic |  |  | 13796 |  |  | 68980 | 68980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamaica |  |  | 182 |  |  | 910 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  | 15367 |  |  | 76835 | 76835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  |  | 1920 |  |  | 9600 | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  |  | 51939 |  |  | 259695 | 259695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks |  | 497 |  |  | 2485 |  | 2485 |
|  | 12 | 998901 | 103305 | 14400 | 4994505 | 516525 | 5525430 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

As of December 31, 2022, the detail of unpaid subscribed capital and of subscribed callable capital is presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital subscriptions receivable** | **Capital portion** | **Capital portion** | **Capital portion** | **Capital portion** |
|  | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** | **Series "B"** | **Series "B"** | **Series "C"** | **Series "C"** |
|  | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** | **Number**<br>**of shares** | **Nominal**<br>**Amount** |
|  Shareholder: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 6220 | 31100 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 18961 | 94805 |  |  | 14400 | 72000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 25072 | 125360 |  |  | 25200 | 126000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 13192 | 65960 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 15169 | 75845 |  |  | 14400 | 72000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 27769 | 138845 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama |  |  |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paraguay |  |  |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru |  |  |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago | 6601 | 33005 |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay |  |  |  |  | 7200 | 36000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 48156 | 240780 |  |  | 50400 | 252000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  |  | 102659 | 513295 |  |  | 800 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic |  |  | 18601 | 93005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  |  |  |  |  |  | 1600 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  |  |  |  |  |  | 16332 | 81660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  |  |  |  |  |  | 40000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks | 52 | 260 |  |  |  |  |  |  |
|  | 161192 | 805960 | 121260 | 606300 | 266400 | 1332000 | 58732 | 293660 |

---

***General Reserve***

CAF maintains a general reserve approved by the Shareholders' Assembly, which is considered an equity reserve. Shareholders approved the increase in the general reserve by US$728,548, US$152,069 and US$94,505 during the years ended December 31, 2024, 2023 and 2022, through appropriations from net income for the years ended December 31, 2023, 2022 and 2021, respectively.

***Reserve Pursuant to Article N° 42 of the Constitutive Agreement***

CAF's Constitutive Agreement states that at least 10% of annual net income should be appropriated into a reserve fund until that reserve fund amounts to 50% of the subscribed capital. That reserve fund is considered an equity reserve. Additional appropriation may be approved by the shareholders. The Shareholders' Assembly held in March 2024, 2023 and 2022, authorized an increase in the reserve fund for US$81,500, US$16,900 and US$10,510, through an appropriation from net income for the years ended December 31, 2023, 2022 and 2021, respectively.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

**16.** **TAX EXEMPTIONS** 

Pursuant to its Constitutive Agreement, CAF is exempt, in all of its Member Countries, from all taxes and tariffs on income, properties or assets, and from any liability involving payment, withholding or collection of any taxes.

In addition, CAF has entered into agreements with each of the associated shareholder countries (defined in Article 3 of CAF's General Regulations as any shareholder country holding directly or indirectly shares of CAF). Pursuant to these agreements, each country that is a shareholder but do not qualify as a Member Country has agreed to extend to CAF, with respect to its activities in and concerning that country, immunities and privileges similar to those than have been granted to CAF in the Member Countries.

**17.** **DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES** 

CAF utilizes derivative financial instruments to reduce exposure to interest rate risk, price risk and foreign currency risk. CAF does not hold or issue derivative financial instruments for trading or speculative purposes.

The market risk associated with interest rate and foreign currency is managed by swapping marketable securities—trading, loans, borrowings from other financial institutions and bonds, subject to fixed interest rates and denominated in currency other than the U.S. dollar into floating interest rate instruments denominated in U.S. dollars. CAF enters into derivative financial instruments to offset the economic changes in value of specifically identified marketable securities – trading, loans, borrowings from other financial institutions and bonds.

Derivative financial instruments held by CAF consist of interest rate swaps designated as fair value hedges of specifically identified loans, bonds or borrowings from other financial institutions with fixed interest rates and denominated in U.S. dollars. Also, CAF enters into cross-currency and interest rate swaps as an economic hedge (derivative that is entered into to manage a risk but is not accounted as a hedge) for interest

rate and foreign exchange risks related with deposits, bonds, borrowings or loans denominated in currencies other than the U.S. dollar where CAF's management elected to measure those liabilities and assets at fair value under the fair value option guidance in order to mitigate volatility in CAF´s financial statements, considering that both the financial instruments and the associated hedging instruments are held until maturity.

When the fair value of a derivative financial instrument is positive, the counterparty owes CAF, creating credit risk for CAF. When the fair value of a derivative financial instrument is negative, CAF owes the counterparty and, therefore, it does not have credit risk. CAF minimizes the credit risk in derivative financial instruments by entering into transactions with high-quality counterparties whose credit rating is "A" or higher.

In order to reduce the credit risk in derivative financial instruments, CAF enters into credit support agreements with its major swap counterparties. This provides risk mitigation, as the swap contracts are regularly marked-to-market, and the party being the net obligor is required to post collateral when net mark to-market exposure exceeds certain predetermined thresholds. This collateral is in the form of cash.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

CAF does not offset for each counterparty, the fair value amount recognized for derivative financial instruments with the fair value amount recognized for the collateral, whether posted or received, under master netting arrangements executed with the same counterparty. CAF reports separately the cumulative gross amounts for the receivable from and payable to for derivative financial instruments.

CAF also utilizes U.S. treasury futures to reduce exposure to price risk. These are contracts for delayed delivery of U.S. treasury notes in which the seller agrees to make delivery at a specified future date of a specified instrument at a specified price or yield. Initial margin requirements are met with cash or securities. CAF generally closes out open positions prior to maturity. Therefore, cash receipts or payments are limited to the change in fair value of the U.S. treasury futures. Additionally, CAF utilizes cross-currency forward contracts to reduce exposure to foreign currency risk.

The balance sheet details related to CAF's derivative financial instruments are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative assets** | **Derivative assets** | **Derivative assets** | **Derivative liabilities** | **Derivative liabilities** | **Derivative liabilities** |
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  Cross-currency swap | 209657 | 567599 | 97854 | 2707319 | 2059602 | 2923934 |
|  Interest rate swap | 323324 | 341396 | 359337 | 228970 | 269100 | 369715 |
|  U.S treasury futures | 483 | 2600 | 2583 | 171 | 9996 | 9 |
|  Cross-currency forward contracts | 1993 | 154 | 35 | 22 | 1949 | 16320 |
|  | 535457 | 911749 | 459809 | 2936482 | 2340647 | 3309978 |

---

The following table presents the notional amount and fair values of interest rate swaps and cross-currency swaps and the underlying hedged items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notional amount** | **Notional amount** | **Fair value** | **Fair value** |
|  | **Interest rate**<br>**swap** | **Cross-<br>currency**<br>**swap** | **Derivative**<br>**assets** | **Derivative**<br>**liabilities** |
|  As of December 31, 2024: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 2118906 |  | 294081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 1114141 | 53676 | 18572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 573765 |  | 75608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions | 41053 |  |  | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 20533438 | 155981 | 2613139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 9233323 |  | 29243 | 228024 |
|  | 11393282 | 22221344 | 532981 | 2936289 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notional amount** | **Notional amount** | **Fair value** | **Fair value** |
|  | **Interest rate**<br>**swap** | **Cross-<br>currency**<br>**swap** | **Derivative**<br>**assets** | **Derivative**<br>**liabilities** |
|  As of December 31, 2023: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 2185292 |  | 286406 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 555412 | 33917 | 70142 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notional amount** | **Notional amount** | **Fair value** | **Fair value** |
|  | **Interest rate**<br>**swap** | **Cross-<br>currency**<br>**swap** | **Derivative**<br>**assets** | **Derivative**<br>**liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 584098 | 1134 | 60589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions | 86551 |  |  | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 18090473 | 532548 | 1928871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 8003323 |  | 54990 | 263091 |
|  | 10275166 | 19229983 | 908995 | 2328702 |
|  | **Notional amount** | **Notional amount** | **Fair value** | **Fair value** |
|  | **Interest rate** | **Cross-<br>currency** | **Derivative** | **Derivative** |
|  | **swap** | **swap** | **assets** | **liabilities** |
|  As of December 31, 2022: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 2435671 |  | 359337 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 418772 | 29879 | 14151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 105000 | 3253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 651991 | 86 | 98067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions | 132049 |  |  | 5983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 17040870 | 64636 | 2811716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 7157495 |  |  | 361608 |
|  | 9725215 | 18216633 | 457191 | 3293649 |

---

The following table presents the notional amount and fair values of U.S. treasury futures and cross-currency forward contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | | | | | |
|  | | | | |<br>**Fair value** |
|  | <br>**Start date** | <br>**Termination date** | <br>**Contract<br>Currency** |<br>**Notional<br>amount** | **Derivative<br>assets** |
|  Futures short | Various | Until March 2025 | Various | 58152 | 453 |
|  Futures long | Various | Until March 2025 | US$ | 66600 | 30 |
|  Forward contracts | Various | Various | Various | 96303 | 1993 |
|  |  |  |  |  | **Fair value** |
|  | **Start date** | **Termination date** | **Contract<br>Currency** | **Notional<br>amount** | **Derivative<br>liabilities** |
|  Futures long | Various | Until March 2025 | Various | 168128 | (171) |
|  Forward contracts | Various | Various | Various | 2739 | (22) |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2023** | | | | | |
|  | | | | |<br>**Fair value** |
|  | <br>**Start date** | <br>**Termination date** | <br>**Contract<br>Currency** |<br>**Notional<br>amount** | **Derivative<br>assets** |
|  Futures long | Various | Until March 2024 | US$ | 291300 | 2600 |
|  Forward contracts | Various | Various | Various | 14599 | 154 |
|  |  |  |  |  | **Fair value** |
|  | **Start date** | **Termination date** | **Contract<br>Currency** | **Notional<br>amount** | **Derivative<br>liabilities** |
|  Futures Short | Various | Until March 2024 | US$ | 851442 | (9996) |
|  Forward contracts | Various | Various | Various | 131513 | (1949) |
| **As of December 31, 2022** |  |  |  |  |  |
|  |  |  |  |  | **Fair value** |
|  | **Start date** | **Termination date** | **Contract<br>Currency** | **Notional<br>amount** | **Derivative<br>assets** |
|  Futures short | Various | Until March 2023 | Various | 1103112 | 2504 |
|  Fututres long | Various | Until March 2023 | US$ | 97000 | 79 |
|  Forward contracts | December 2022 | Until January 2023 | Various | 6888 | 35 |
|  |  |  |  |  | **Fair value** |
|  | **Start date** | **Termination date** | **Contract<br>Currency** | **Notional<br>amount** | **Derivative<br>liabilities** |
|  Futures short | November 2022 | Until March 2023 | US$ | 5600 |  |
|  Futures long | Various | Until March 2023 | US$ | 25800 | (9) |
|  Forward contracts | Various | Various | Various | 279064 | (16320) |

---

The amounts of collateral posted related to U.S. treasury futures as of December 31, 2024, 2023 and 2022, were US$1,414, US$15,844 and US$9,693, respectively. As of December 31, 2024, 2023 and 2022, the amount of collateral received related to U.S. treasury futures was US$129, US$356 and US$60, respectively.

CAF enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting arrangements with all of its derivative counterparties. These legally enforceable master netting arrangements give CAF the right to take cash or liquidate securities held as collateral and to offset receivables and payables with the same counterparty, in the event of default by the counterparty. The following tables present information

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

about the effect of offsetting of derivative financial instruments, although CAF has elected not to offset any derivative financial instruments by counterparty in the balance sheet:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | | | | |
| ***Derivative assets*** | | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** | |
| **Description** |<br>**Gross<br>amounts of<br>recognized<br>assets** | **Financial<br>instruments** | **Cash<br>and securities<br>collateral received** |<br>**Net<br>amount** |
|  Swaps | 532981 | (435335) | (89620) | 8026 |
| ***Derivative liabilities*** |  | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** |  |
| **Description** | **Gross<br>amounts of<br>recognized<br>liabilities** | **Financial<br>instruments** | **Cash<br>and securities<br>collateral pledged** | **Net<br>amount** |
|  Swaps | (2936289) | 435335 | 2535645 | 34691 |
| **As of December 31, 2023** |  |  |  |  |
| ***Derivative assets*** |  | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** |  |
| **Description** | **Gross<br>amounts of<br>recognized<br>assets** | **Financial<br>instruments** | **Cash<br>and securities<br>collateral received** | **Net<br>amount** |
|  Swaps | 908995 | (704676) | (152091) | 52228 |
| ***Derivative liabilities*** |  | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** |  |
| **Description** | **Gross<br>amounts of<br>recognized<br>liabilities** | **Financial<br>instruments** | **Cash<br>and securities<br>collateral pledged** | **Net<br>amount** |
|  Swaps | (2328702) | 704676 | 1805746 | 181720 |
| **As of December 31, 2022** |  |  |  |  |
| ***Derivative assets*** |  | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** |  |
| **Description** | **Gross<br>amounts of<br>recognized<br>assets** | **Financial<br>instruments** | **Cash<br>and securities<br>collateral received** | **Net<br>amount** |
|  Swaps | 457191 | (421915) | (2880) | 32396 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Derivative liabilities*** | | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** | |
| **Description** |<br>**Gross<br>amounts of<br>recognized<br>liabilities** | **Financial<br>instruments** | **Cash<br>and securities<br>collateral pledged** |<br>**Net<br>amount** |
|  Swaps | (3293649) | 421915 | 2904277 | 32543 |

---

**18.** **FAIR VALUE MEASUREMENTS** 

The following section describes the valuation methodologies used by CAF to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each financial instrument is classified. Where appropriate, the description includes details of the valuation methodologies and the key inputs to those methodologies.

When available, CAF generally uses quoted prices in active markets to determine fair value.

If quoted market prices in active markets are not available, fair value is based upon internally developed valuation methodologies that use, where possible, current market-based or independently sourced market inputs, such as interest rates, currency rates, etc.

Where available, CAF may also make use of quoted prices in active markets for recent trading activity in positions with the same or similar characteristics to the financial instrument being valued. The frequency and size of trading activity and the amount of the bid-ask spread are among the factors considered in determining the liquidity of markets and the relevance of observed quoted prices from those markets.

The following valuation methodologies are used to estimate the fair value and determine the classification in the fair value hierarchy of CAF's financial instruments:

*Marketable securities – trading:* CAF uses unadjusted quoted prices in active markets to determine the fair value of marketable securities classified as Level 1; quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, or pricing models with observable inputs for the term of the marketable securities classified as Level 2. These securities are classified in Level 1 and Level 2 of the fair value hierarchy. <br>

- *Loans:* The fair value of fixed rate loans is determined using a discounted cash flow technique using the current variable interest rate for similar loans. These loans are classified in Level 2 of the fair value hierarchy.

*Derivative assets and liabilities:* The fair value is calculated using market prices provided by an independent financial information services company, which are determined using discounted cash flow valuation technique using observable inputs. Derivative assets and liabilities are classified in Level 2 of the fair value hierarchy. <br>

*Bonds, borrowings from other financial institutions and deposits:* For CAF**'**s bonds issued and medium and long term borrowings from other financial institutions and deposits, fair value is determined by using a discounted cash flow technique, taking into consideration benchmark interest yield curves at the end of the reporting period to discount the expected cash flows for the applicable maturity, thus reflecting market fluctuations of key variables such as interest and exchange rates. These yield curves are adjusted to incorporate CAF credit risk spread. Bonds, borrowings from other financial institutions <br>

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

and deposits are generally classified in Level 2 of the fair value hierarchy based on the observability of significant inputs to the discounted cash flow valuation technique.

***Items Measured at Fair Value on a Recurring Basis***

The following tables present for each of the fair value hierarchy levels CAF's financial assets and liabilities that are measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. securities | 5916834 |  |  | 5916834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. governments and government entities bonds | 200281 | 124614 |  | 324895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions and corporate securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers |  | 2417869 |  | 2417869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposits | 1995211 |  |  | 1995211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2197129 |  |  | 2197129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized mortgage obligation | 407921 | 1424 |  | 409345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity funds | 307422 |  |  | 307422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded funds | 104011 |  |  | 104011 |
|  | 5011694 | 2419293 |  | 7430987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total financial assets at fair value | 11128809 | 2543907 |  | 13672716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 3003195 |  | 3003195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps |  | 209657 |  | 209657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 323324 |  | 323324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 483 |  | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 1993 |  | 1993 |
|  |  | 535457 |  | 535457 |
|  Total financial assets at fair value | 11128809 | 6082559 |  | 17211368 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 562522 |  | 562522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 27250667 |  | 27250667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps |  | 2707319 |  | 2707319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 228970 |  | 228970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 171 |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 22 |  | 22 |
|  |  | 2936482 |  | 2936482 |
|  Total financial liabilities at fair value |  | 30749671 |  | 30749671 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2023** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. securities | 2542017 |  |  | 2542017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. governments and government entities bonds | 209372 | 214536 |  | 423908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions and corporate securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers |  | 2610195 |  | 2610195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposits | 2103754 |  |  | 2103754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 1818551 |  |  | 1818551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized mortgage obligation | 377029 | 636 |  | 377665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity funds | 112128 |  |  | 112128 |
|  | 4411462 | 2610831 |  | 7022293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total financial assets at fair value | 7162851 | 2825367 |  | 9988218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 2549568 |  | 2549568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps |  | 567599 |  | 567599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 341396 |  | 341396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 2600 |  | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 154 |  | 154 |
|  |  | 911749 |  | 911749 |
|  Total financial assets at fair value | 7162851 | 6286684 |  | 13449535 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 593086 |  | 593086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 24608695 |  | 24608695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps |  | 2059602 |  | 2059602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 269100 |  | 269100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 9996 |  | 9996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 1949 |  | 1949 |
|  |  | 2340647 |  | 2340647 |
|  Total financial liabilities at fair value |  | 27542428 |  | 27542428 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2022** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. securities | 1775459 |  |  | 1775459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. governments and government entities bonds | 148493 | 186141 |  | 334634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions and corporate securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers |  | 1851803 |  | 1851803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposits | 2769645 |  |  | 2769645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 1325284 |  |  | 1325284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized mortgage obligation | 266250 |  |  | 266250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity funds | 160530 |  |  | 160530 |
|  | 4521709 | 1851803 |  | 6373512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total financial assets at fair value | 6445661 | 2037944 |  | 8483605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 2499856 |  | 2499856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps |  | 97854 |  | 97854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 359337 |  | 359337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 2583 |  | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 35 |  | 35 |
|  |  | 459809 |  | 459809 |
|  Total financial assets at fair value | 6445661 | 4997609 |  | 11443270 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 109377 |  | 109377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 665849 |  | 665849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 21137893 |  | 21137893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps |  | 2923934 |  | 2923934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 369715 |  | 369715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 16320 |  | 16320 |
|  |  | 3309978 |  | 3309978 |
|  Total financial liabilities at fair value |  | 25223097 |  | 25223097 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

***Items that are not measured at fair value.***

The carrying amount and estimated fair values of CAF's financial instruments that are not recognized in the balance sheets at fair value are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2022** | **December 31, 2022** |
|  |<br>**Hierarchy<br>Levels** | **Carrying<br>amount** | **Estimated<br>fair value** | **Carrying<br>amount** | **Estimated<br>fair value** | **Carrying<br>amount** | **Estimated<br>fair value** |
|  Financial assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 1 | 233196 | 233196 | 70592 | 70592 | 107592 | 107592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits with banks | 1 | 3369941 | 3369941 | 4963938 | 4963938 | 6535869 | 6535869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank deposits | 1 | 712598 | 712598 | 1139169 | 1139169 | 258372 | 258372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Drawing Rights | 2 | 161194 | 161194 | 125869 | 125869 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans, net | 2 | 30572479 | 30571648 | 30696872 | 30684248 | 27893063 | 27880109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest and commissions receivable | 2 | 1007802 | 1007802 | 957572 | 957572 | 673892 | 673892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivate related collateral | 1 | 2537059 | 2537059 | 1823920 | 1823920 | 2913970 | 2913970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment securities sold | 1 | 30842 | 30842 | 6867 | 6867 | 2237 | 2237 |
|  Financial liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 2 | 3497338 | 3497338 | 4144495 | 4144495 | 4554214 | 4554214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper | 2 | 3249108 | 3249108 | 4653512 | 4653512 | 4618797 | 4618797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions, net | 2 | 1562025 | 1559670 | 1453710 | 1444501 | 1406927 | 1399446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, net | 2 | 145745 | 151544 | 150755 | 155230 | 114320 | 117070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable | 2 | 1011611 | 1011611 | 846534 | 846534 | 565916 | 565916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivate related collateral | 1 | 89749 | 89749 | 152447 | 152447 | 2940 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 1 | 34314 | 34314 | 18461 | 18461 | 2467 | 2467 |

---

The following methods and assumptions were used to estimate the fair value of those financial instruments not accounted for at fair value on recurring basis:

*Cash and due from banks, deposits with banks, other investments* – Deposits with banks due more than 90 days, accrued interest and commissions receivable, deposits, commercial papers, accrued interest payable, derivative-related collateral, receivable from investment securities sold and payable for marketable securities purchased: The carrying amounts approximate fair value because of the short maturity of these instruments. <br>

*Other investments – Special drawing rights:* The carrying amount approximates fair value because this asset is based on a basket of five international currencies (the U.S. dollar, the Euro, the Chinese renminbi, the Japanese yen, and the British pound sterling) reviewed and published by the IMF. <br>

*Loans:* CAF is one of the few institutions that grant loans for development projects in the shareholder countries. A secondary market does not exist for the type of loans granted by CAF. As rates on variable rate loans are reset on a semiannual basis, the carrying value, adjusted for credit risk, was determined to be the best estimate of fair value. The fair value of fixed rate loans is determined by using the <br>

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

current variable interest rate for similar loans. The fair value of non-accrual status loans is estimated using the discounted cash flow technique. 

*Equity investments:* The direct investments in equity securities of companies without a readily determinable fair values are measured at cost, less impairment plus or minus observable price changes of an identical or similar instrument of the same issuer. As of December 31, 2024, 2023 and 2022, the carrying amount of those investments amounted to US$108,168, US$117,358 and US$118,186, respectively. In addition, as of December 31, 2024, 2023 and 2022, investments in funds without a readily determinable fair value, with carrying amount of US$222,547, US$221,909 and US$222,222, respectively, and the net effects of impairment and the changes in fair value related to equity investments for the years ended December 31, 2024, 2023 and 2022 amounted to US$(22405), US$10,067 and US$(18816), respectively, are accounted for at fair value applying the practical expedient, using the net asset value per share. These financial instruments are generally classified in level 3 of the fair value hierarchy based on the observability of significant inputs to the valuation methodology (these instruments are not disclosed in the table above). <br>

*Bonds and borrowings from other financial institutions:* For CAF**'**s bonds issued and medium and long term borrowings, fair value is determined using a discounted cash flow technique, taking into consideration yield curves to discount the expected cash flows for the applicable maturity, thus reflecting the fluctuation of variables such as interest and exchange rates. These yield curves are adjusted to incorporate CAF credit risk spread. Those financial instrument are generally classified in Level 2 of the fair value hierarchy based on the observability of significant inputs to the valuation methodology. <br>

**19.** **UNREALIZED CHANGES IN FAIR VALUE RELATED TO OTHER FINANCIAL INSTRUMENTS** 

Changes in fair value of cross-currency swaps, financial assets and liabilities carried at fair value under the fair value option are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Gain (loss)<br>on derivatives** | **Gain (loss)<br>on hedged item** | **Net**<br>**Gain (loss)** |
|  **Cross-currency swaps:** |  |  |  |
|  Bonds | (1060834) | 1040314 | (20520) |
|  Loans | 71330 | (28268) | 43062 |
|  Borrowings from other financial institutions | (16153) | (22977) | (39130) |
|  | (1005657) | 989069 | (16588) |
|  | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
|  | **Gain (loss)**<br>**on derivatives** | **Gain (loss)**<br>**on hedged item** | **Net**<br>**Gain (loss)** |
|  **Cross-currency swaps:** |  |  |  |
|  Deposits | (3253) | 4377 | 1124 |
|  Bonds | 1350756 | (1421864) | (71108) |
|  Loans | (51954) | 89871 | 37917 |
|  Borrowings from other financial institutions | 38526 | (37882) | 644 |
|  | 1334075 | (1365498) | (31423) |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|  | **Gain (loss)**<br>**on derivatives** | **Gain (loss)**<br>**on hedged item** | **Net**<br>**Gain (loss)** |
|  **Cross-currency swaps:** |  |  |  |
|  Deposits | 7393 | (8258) | (865) |
|  Bonds | (2348973) | 2315379 | (33594) |
|  Loans | 15337 | 1980 | 17317 |
|  Borrowings from other financial institutions | (71682) | 78689 | 7007 |
|  | (2397925) | 2387790 | (10135) |

---

In addition, for the years ended December 31, 2024, 2023 and 2022, CAF recorded net gains of US$16,990, US$11,284 and losses of US$11,060, respectively, related to changes in fair value of U.S. treasury futures and U.S. treasury forwards and changes in fair value of the U.S. treasury notes.

**20.** **COMMITMENTS AND CONTINGENCIES** 

Commitments and contingencies include the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December, 31,<br>2024** | **December, 31,<br>2023** | **December, 31,<br>2022** |
|  Loan commitments subscribed – eligible | 6028158 | 6278476 | 7160613 |
|  Lines of credit | 5338813 | 5120740 | 4427207 |
|  Loan commitments subscribed – non eligible | 1989933 | 1812229 | 1681977 |
|  Equity investments agreements subscribed | 187266 | 108629 | 74410 |
|  Guarantees | 273450 | 83917 | 136993 |

---

These commitments and contingencies arose from the normal course of CAF's business and are related principally to loans that have been approved or committed for disbursement.

In the ordinary course of business, CAF has entered into commitments to extend loans; such loan commitments are reported in the above table upon signing the corresponding loan agreement and are reported as loans in the balance sheets when disbursements are made. Loan commitments that have fulfilled the necessary requirements for disbursement are classified as eligible.

The commitments to extend loans have fixed expiration dates and in some cases expire without a loan being disbursed. Therefore, the amounts of total commitment to extend loans do not necessarily represent future cash requirements. Also, based on experience, portions of the loan commitments are disbursed on average two years after the signing of the loan agreement.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

The lines of credit are extended to financial and corporate institutions as a facility to grant short term loans basically to finance working capital and international trade activities.

Guarantees mature as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2023** | **December 31,<br>2022** | **December 31,<br>2022** |
|  Less than one year |  | 16564 |  | 6471 |  | 41053 |
|  Between one and five years |  | 12304 |  | 15265 |  | 37712 |
|  Over five years |  | 244582 |  | 62181 |  | 58228 |
|  |  | 273450 |  | 83917 |  | 136993 |

---

To the best knowledge of CAF's management, CAF is not involved in any litigation that is material to CAF's business or that is likely to have any impact on its business, financial condition or results of operations.

**21.** **ADMINISTRATIVE EXPENSES** 

For the years ended December 31, 2024, 2023 and 2022, the details of administrative expenses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
|  Salaries and employee benefit | 131436 | 126100 | 115702 |
|  Business expenses | 38592 | 35051 | 23875 |
|  Telecommunications and technology | 21580 | 20175 | 14968 |
|  Depreciation and amortization | 15064 | 11837 | 13581 |
|  Logistics and infrastructure | 12974 | 11998 | 9677 |
|  | 219646 | 205161 | 177803 |

---

**22.** **SPECIAL FUNDS AND OTHER FUNDS UNDER MANAGEMENT** 

CAF, as a multilateral financial institution, acts as administrator of several funds owned by third parties and CAF's Shareholders' Special Funds, created to promote technical and financial cooperation, sustainable human development, and management of poverty relief funds in shareholder countries.

The Shareholders' Special Funds contribute to regional integration and sustainable development through capacity building, increased domestic and international exchanges, generation and use of knowledge, as well as training human resources and fortifying institutions. The Shareholders' Special Funds are governed by the provisions of the Constitutive Agreement and any other provisions that may be established by the Board of Directors.

The Shareholders' Assembly of CAF approves a maximum amount to be contributed to Shareholders' Special Funds during the fiscal year and to recognize these contributions as expenses.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

The net assets of the Shareholders' Special Funds, that come from contributions by CAF, are completely independent from the net assets of CAF and are thus so maintained, accounted for, presented, utilized, invested, committed and otherwise disposed of. With regard to the use of the Shareholders' Special Funds, the financial responsibility of CAF, as administrator, is limited to the net assets of each of the constituted Shareholders' Special Funds. CAF has no residual interest in the net assets of the shareholders' special funds.

In March 2024, the Shareholders' Assembly of CAF approved the contribution up to a maximum amount of US$138,000 to some Shareholders' Special Funds for 2024. As of December 31, 2024 based on the analysis of the new commitments contracted or the resources required by the Shareholders' Special Funds, CAF recognized contributions of US$97,000, US$34,000, US$4,500 and US$2,500 to Compensatory Financial Fund (FFC), Technical Cooperation Fund (FCT), Human Development Fund (FONDESHU) and Fund for the Development of Small and Medium Enterprises (FIDE), respectively. For the year ended December 31, 2024, CAF recognized US$138,000 as an expense.

In March 2023, the Shareholders' Assembly of CAF approved the contribution up to a maximum amount of US$120,000 to some Shareholders' Special Funds for 2023. As of December 31, 2023 based on the analysis of the new commitments contracted or the resources required by the Shareholders' Special Funds, CAF recognized contributions of US$85,000, US$31,500, and US$3,500 to FFC, FCT and FIDE, respectively. For the years ended December 31, 2023, CAF recognized US$120,000 as an expense and, as of December 31, 2023 recognized an unconditional obligation (accounts payable) for US$13,450 which was paid in January 2024.

In March 2022, the Shareholders' Assembly of CAF approved the contribution up to a maximum amount of US$89,000 to some shareholders' special funds for 2022. Subsequently, for the year ended December 31, 2022, based on the analysis of the new commitments contracted or the resources required by the shareholders' special funds, CAF recognized contributions of US$70,000, US$15,000 and US$4,000 to FFC, FCT and FONDESHU, respectively. For the year ended December 31, 2022, CAF recognized US$89,000 as an expense and, as of December 31, 2022, recognized an unconditional obligation (account payable) for US$44,244 which was paid in January 2023.

Managed funds net assets are:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2022** |
|  FFC<sup>(1)</sup>  | 261389 | 214182 | 191710 |
|  FCT | 100315 | 96433 | 88130 |
|  FIDE | 67006 | 66438 | 61411 |
|  FONDESHU | 3378 | 3148 | 6837 |
|  Others non related with shareholders' special funds | 103794 | 121147 | 116029 |
|  | 535882 | 501348 | 464117 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Financial Statements

For the years ended December 31, 2024, 2023 and 2022

(In thousands of U.S. dollars)

**23.** **SEGMENT REPORTING** 

Management has determined that CAF has only one operating and reportable segment since it does not manage its operations by allocating its resources based on the contributions to net income of individual operations. CAF does not differentiate on the basis of the nature of the products or services provided, the preparation process, or the method for providing services among individual countries.

For years ended December 31, 2024, 2023 and 2022, loans made to or guaranteed by three countries individually generated in excess, of 10% of interest income on loans, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
|  Argentina |  | 356036 |  | 317795 |  | 148997 |
|  Ecuador |  | 325854 |  | 308457 |  | 153978 |
|  Brazil |  | 260596 |  | 238967 |  | 105214 |
|  |  | 942486 |  | 865219 |  | 408189 |

---

**24.** **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through February 10, 2025, the date these financial statements were available to be issued. As a result of this evaluation, management has determined that there are no subsequent events that require a disclosure in these financial statements except for:

On January 22, 2025, CAF issued bonds for US$2,000 million, 5.00% due 2030, under its US Shelf Programme. <br>

On January 23, 2025, CAF issued bonds for INR 6,000 million, equivalent to US$69,30 million, 8.25% due 2034, under its EMTN Programme. <br>

On January 30, 2025, CAF issued bonds for GBP 750 million, equivalent to US$919,18 million, 4.87% due 2030, under its EMTN Programme. <br>

On January 31, 2025, CAF issued bonds for ZAR 500 million, equivalent to US$26,94 million, 9.25% due 2033, under its EMTN Programme. <br>

On February 7, 2025, CAF issued bonds for INR 4,500 million, equivalent to US$51,95 million, 7.25% due in 2030, under its EMTN Programme. <br>

On February 10, 2025, CAF issued bonds for INR 4,500 million, equivalent to US$51,69 million, 7.65% due in 2031, under its EMTN Programme. <br>

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Unaudited Condensed Interim Balance Sheets

As of June 30, 2025 and December 31, 2024

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **NOTES** | **2025** | **2024** |
|  **ASSETS** |  |  |  |
|  Cash and due from banks |  | 74699 | 233196 |
|  Deposits with banks |  | 3700502 | 3369941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks and deposits with banks |  | 3775201 | 3603137 |
|  Marketable securities – trading | **3 and 15** | 16387339 | 13672716 |
|  Other investments | **4** | 2164018 | 873792 |
|  Loans (US$3,148,067 and US$3,003,195 at fair value as of June 30, 2025 and December 31, 2024, respectively) | **5 and 15** | 36221334 | 33835802 |
|  Less loan commissions, net of origination costs |  | 176058 | 175371 |
|  Less allowance for loan losses | **5** | 82540 | 84757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans, net |  | 35962736 | 33575674 |
|  Accrued interest and commissions receivable: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 429345 | 438237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 561599 | 569565 |
|  |  | 990944 | 1007802 |
|  Derivative financial instruments | **14 and 15** | 1604776 | 535457 |
|  Equity investments |  | 414904 | 399765 |
|  Property and equipment, net |  | 103870 | 100081 |
|  Other assets | **6** | 1494661 | 2691529 |
|  TOTAL |  | 62898449 | 56459953 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
|  LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | **7 and 15** | 4279314 | 3497338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers | **8** | 3872714 | 3249108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions (US$567,176 and US$562,522 at fair value as of June 30, 2025 and December 31, 2024, respectively), net | **9 and 15** | 2199724 | 2124547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds (US$32,497,870 and US$27,250,667 at fair value as of June 30, 2025 and December 31, 2024, respectively), net | **10 and 15** | 32643954 | 27396412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable |  | 989913 | 1011611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments | **14 and 15** | 1546071 | 2936482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | **11** | 909776 | 255082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 46441466 | 40470580 |
|  SHAREHOLDERS' EQUITY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscribed capital |  | 10052175 | 10010895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less callable capital portion |  | 1855660 | 1819660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less capital subscriptions receivable |  | 2312710 | 2365685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital |  | 5883805 | 5825550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  | 4903530 | 4796340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves |  | 5367483 | 4750983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings |  | 302165 | 616500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity |  | 16456983 | 15989373 |
|  TOTAL |  | 62898449 | 56459953 |

---

See accompanying notes to Unaudited Condensed Interim Financial Information.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Unaudited Condensed Interim Statements of Comprehensive Income

As of June 30, 2025 and December 31, 2024

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **NOTES** | **2025** | **2024** |
|  Interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 1085086 | 1270320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and deposits with banks | **3 and 4** | 574783 | 519343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commissions |  | 24636 | 32330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income |  | 1684505 | 1821993 |
|  Interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 897525 | 976005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 98490 | 94794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers |  | 91142 | 126638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 61215 | 72912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions |  | 5199 | 10365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense |  | 1153571 | 1280714 |
|  Net interest income |  | 530934 | 541279 |
|  Credit for loan losses | **5** | (17023) | (7285) |
|  Net interest income, after credit for loan losses |  | 547957 | 548564 |
|  Non-interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and equity in earnings of investees |  | 7929 | 6754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commissions |  | 1599 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  | 8753 | 12462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest income |  | 18281 | 20387 |
|  Non-interest expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | **18** | 110253 | 103236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | **5** | 10616 | 13027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses |  | 120869 | 116263 |
|  Income before unrealized changes in fair value related to other financial instruments and contributions to Shareholders' Special Funds |  | 445369 | 452688 |
|  Unrealized changes in fair value related to other financial instruments | **16** | (15376) | (3183) |
|  Income before contributions to Shareholders' Special Funds, net |  | 429993 | 449505 |
|  Contributions to Shareholders' Special Funds | **12** | 127828 | 77801 |
|  Net income |  | 302165 | 371704 |

---

See accompanying notes to Unaudited Condensed Interim Financial Information.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Unaudited Condensed Interim Statements of Shareholders' Equity

As of June 30, 2025 and December 31, 2024

(In thousands of U.S. dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Reserves** | **Reserves** | **Reserves** | | |
| |<br>**NOTE** |<br>**Paid-in<br>capital** |<br>**Additional<br>paid-in<br>capital** | **General<br>reserve** | **Article N° 42 of<br>the Constitutive<br>Agreement** | **Total<br>reserves** |<br>**Retained<br>earnings** |<br>**Total<br>shareholders'<br>equity** |
|  BALANCES AS OF DECEMBER 31, 2023 |  | 5598310 | 4380427 | 3341342 | 599593 | 3940935 | 810048 | 14729720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital increase |  | 104235 | 191792 |  |  |  |  | 296027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital decrease due to shares' repurchase | **5** | (85415) | (157164) |  |  |  |  | (242579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  |  |  | 371704 | 371704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for general reserve |  |  |  | 728548 |  | 728548 | (728548) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for reserve pursuant to Article N° 42 of the Constitutive Agreement |  |  |  |  | 81500 | 81500 | (81500) |  |
|  BALANCES AS OF JUNE 30, 2024 |  | 5617130 | 4415055 | 4069890 | 681093 | 4750983 | 371704 | 15154872 |
|  BALANCES AS OF DECEMBER 31, 2024 |  | 5825550 | 4796340 | 4069890 | 681093 | 4750983 | 616500 | 15989373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital increase |  | 58255 | 107190 |  |  |  |  | 165445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  |  |  | 302165 | 302165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for general reserve |  |  |  | 554500 |  | 554500 | (554500) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriated for reserve pursuant to Article N° 42 of the Constitutive Agreement |  |  |  |  | 62000 | 62000 | (62000) |  |
|  BALANCES AS OF JUNE 30, 2025 |  | 5883805 | 4903530 | 4624390 | 743093 | 5367483 | 302165 | 16456983 |

---

See accompanying notes to Unaudited Condensed Interim Financial Information.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Unaudited Condensed Statements of Cash Flows

As of June 30, 2025 and December 31, 2024

(In thousands of U.S. dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **NOTES** | **2025** | **2024** |
|  OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  | 302165 | 371704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain on marketable securities – trading |  | (9764) | (31683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commissions, net of amortization of origination costs |  | (8255) | (12144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit for loan losses | **5** | (17023) | (7285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment charge for equity investments |  | 27 | 6746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized changes in fair value related to equity investment |  | 8942 | (9750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in earnings of investees |  | (2787) | (5615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred charges |  | 3651 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property and equipment |  | 3908 | 3848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for employees' severance benefits |  | 10082 | 9532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for employees' savings plan |  | 279 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized changes in fair value related to other financial instruments | **16** | 15376 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable securities – trading, net |  | (2678376) | (3330027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest and commissions receivable |  | 16858 | (39424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | (22527) | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable |  | (21698) | 86319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severance benefits paid or advanced |  | (4187) | (5616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employees' savings plan paid or advanced |  | (408) | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities |  | 47794 | 26278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments and net changes in operating assets and liabilities |  | (2658108) | (3300959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities |  | (2355943) | (2929255) |
|  INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of other investments | **4** | (2283246) | (4060612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturities of other investments | **4** | 993020 | 3395954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination and principal collections, net | **5** | (2163385) | 130236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity investments, net |  | (21321) | 4340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net |  | (7698) | (11243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | (3482630) | (541325) |
|  FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in deposits | **7** | 781976 | (807073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from commercial papers | **8** | 8723733 | 13616531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of commercial papers | **8** | (8100127) | (13658769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in derivative-related collateral |  | 1782305 | (776247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of bonds | **10** | 5558801 | 5986539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of bonds | **10** | (2912994) | (2075663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from borrowings from other financial institutions | **9** | 327561 | 391895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings from other financial institutions | **9** | (316063) | (126941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of shares |  | 165445 | 296027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  | 6010637 | 2846299 |
|  NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS |  | 172064 | (624281) |
|  CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS AT BEGINNING OF THE PERIOD |  | 3603137 | 5034530 |
|  CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS AT END OF THE PERIOD |  | 3775201 | 4410249 |
|  SUPPLEMENTAL DISCLOSURE: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid during the period |  | 1163695 | 1169475 |
|  NONCASH FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal collections – Loans | **5** |  | 242579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital decrease | **5** |  | (242579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in derivative instruments assets |  | (1069319) | 376100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in derivative instruments liabilities |  | (1390411) | 548152 |

---

See accompanying notes to Unaudited Condensed Interim Financial Information.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**1.** **ORIGIN** 

***Business description –*** Corporación Andina ****de Fomento (CAF) began its operations on June 8, 1970 and was established under public international law which abides by the provisions set forth in its Constitutive Agreement. Series "A" and "B" shareholder countries are: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Panama, Paraguay, Peru, Trinidad and Tobago, Uruguay and Venezuela. Series "C" shareholder countries are: Antigua and Barbuda, Bahamas, Barbados, Jamaica, Mexico, Portugal and Spain. In addition, there are 13 commercial banks which are Series "B" shareholders.

CAF is headquartered in Caracas, Venezuela and has offices in Asuncion, Paraguay; Bogota, Colombia; Brasilia and Sao Paulo, Brazil; Buenos Aires, Argentina; Mexico City, Mexico; Panama City, Panama; La Paz, Bolivia; Lima, Peru; Madrid, Spain; Montevideo, Uruguay; Port of Spain, Trinidad and Tobago; Quito, Ecuador; San Salvador, El Salvador; Santiago de Chile, Chile and Santo Domingo, Dominican Republic.

CAF is a development bank committed to supporting the countries of Latin America and the Caribbean and improving the quality of life in the region. Our actions promote sustainable development and regional integration. We serve the public and private sectors, through credit, non-refundable resources, and supports in the technical and financial structuring of projects to a broad client base of 23 countries, private companies, and financial institutions.

CAF offers financial and related services to the governments of its shareholder countries, as well as their public and private institutions, corporations and joint ventures. CAF's principal activity is to provide short, medium and long-term loans to finance projects, working capital, trade activities and to undertake feasibility studies for investment opportunities in shareholder countries. Furthermore, CAF manages and supervises third-party cooperation funds owned and sponsored by other countries and organizations, destined to finance programs agreed upon with donor countries and organizations which are in line with CAF's policies and strategies.

CAF raises funds to finance its operations from sources both within and outside its shareholder countries.

**2.** **BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES** 

***Financial statement presentation –*** The condensed interim financial information as of June 30, 2025, and December 31, 2024, and for the six-month periods ended June 30, 2025 and 2024 is unaudited and has been prepared, in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, such condensed interim financial information includes all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the results of the interim periods. The results of operations for the six-month period ended June 30, 2025 are not necessarily an indication of the results to be expected for the full year 2025.

This condensed interim financial information should be read in conjunction with CAF's audited financial statements as of and for the years ended December 31, 2024 and 2023 and the notes thereto ("audited financial statements").

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

For a detailed discussion about CAF's significant accounting policies refer to Note 2 of the audited financial statements.

***Recent accounting pronouncements –***

***Recently adopted accounting pronouncements***

***ASU 2024-03, Expense Disaggregation Disclosures***

On November 4, 2024, the FASB issued ASU 2024-03 which requires the disclosure of income statement expenses, for public business entities, specified information about costs and expenses. The ASU requires disaggregation of certain expenses into specified categories in disclosures within the footnotes to the financial statements. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, for all public business entities. CAF early adopted this ASU in December 2024.

***Accounting pronouncements pending adoption***

***ASU 2023-06, Disclosure Improvements***

On October 9, 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the "Codification"). The ASU was issued in response to the Security Exchange Commission (SEC) Disclosure Update and Simplification Initiative, that updated and simplified disclosure requirements that the SEC believed were "redundant, duplicative, overlapping, outdated, or superseded." The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. CAF will not early adopt this ASU and estimates it will not have material effects in the financial statements. For all entities within the scope of the affected Codification subtopics, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities.

***ASU 2024-04, Debt with Conversion and Other Options***

On November 26, 2024, the FASB issued ASU 2024-04 to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20 for (a) convertible debt instruments with cash conversion features and (b) debt instruments that are not currently convertible. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The adoption of this ASU will not have material effects in the CAF's financial statements.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**3.** **MARKETABLE SECURITIES — TRADING** 

A summary of trading securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  |<br>**Amount** | **Average**<br>**maturity**<br>**(years)** |<br>**Amount** | **Average**<br>**maturity**<br>**(years)** |
|  U.S. securities<sup>(1)</sup> | 5772922 | 1.05 | 5916834 | 0.69 |
|  Non-U.S. governments and government entities bonds | 198862 | 3.56 | 324895 | 2.46 |
|  Financial institutions and corporate securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper | 3683863 | 0.23 | 2417869 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of deposits<sup>(2)</sup> | 3770988 | 0.24 | 1995211 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2043540 | 2.42 | 2197129 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized mortgage obligation | 460006 | 4.84 | 409345 | 4.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity funds<sup>(3)</sup> | 349518 |  | 307422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded fund<sup>(4)</sup> | 107640 |  | 104011 |  |
|  | 10415555 | 0.89 | 7430987 | 1.15 |
|  | 16387339 | 0.98 | 13672716 | 0.98 |

---

<sup>(1)</sup> U.S. securities mainly include Treasury Notes and U.S. Treasury Bills.

<sup>(2)</sup> Each certificate of deposit bears a maturity date and specified fixed interest rate. It also is held through The Depository Trust Company and has a CUSIP number, which is a code that identifies a financial security and facilitates trading.

<sup>(3)</sup> The liquidity funds are comprised of short-term (less than one year) securities representing high-quality liquid debt and monetary instruments.

<sup>(4)</sup> The exchange-traded fund (ETF) is a type of pooled investment security that holds multiple underlying assets.

The fair value of marketable securities includes net unrealized gains of US$104,965 and US$95,201 as of June 30, 2025 and December 31, 2024, respectively.

For the six-month periods ended June 30, 2025 and 2024, Interest income – Investments and deposits with banks includes interest income for US$312,841 and US$369,626, respectively, and gain on the mark-to-market valuations for US$250,674 and US$152,188, respectively. The fluctuation in interest income is mainly due to the decrease in the U.S. Federal Reserve System's (FED) benchmark interest rates since September 2024.

CAF places its short-term (less than one year) investments mainly in high grade financial institutions and corporate securities. CAF has conservative investment guidelines that limit the amount of credit risk exposure, considering among other factors, limits as to credit ratings, limits as to duration exposure, specific allocations by type of investment instruments and limits across sector and currency allocation. As of June 30, 2025 and December 31, 2024, CAF does not have any significant concentrations of credit risk

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

according to its investment guidelines. Non-U.S. dollar-denominated securities included in marketable securities amounted to the equivalent of US$539,255 and US$421,568 as of June 30, 2025 and December 31, 2024, respectively.

Maturity of marketable securities are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  No maturities<sup>(1)</sup> | 457158 | 411433 |
|  Less than one year | 11552282 | 8417721 |
|  Between one and two years | 2506766 | 3158912 |
|  Between two and three years | 868890 | 667831 |
|  Between three and four years | 336743 | 421572 |
|  Between four and five years | 277690 | 246651 |
|  Over five years | 387810 | 348596 |
|  | 16387339 | 13672716 |

---

<sup>(1)</sup> Include liquidity funds and ETF.

**4.** **OTHER INVESTMENTS** 

Other investments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br>2025** | **June 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2024** |
|  Deposits with banks due more than 90 days: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars |  | 1991520 |  | 712598 |
|  Special drawing rights (SDR) |  | 172498 |  | 161194 |
|  |  | 2164018 |  | 873792 |

---

The interest rates on deposits with banks ranged from 4.14% to 5.42% as of June 30, 2025 and from 4.14% to 5.62% as of December 31, 2024.

Since February 2023, CAF was named authorized holder by the International Monetary Fund (IMF) allowing it hold and exchange SDR only with authorized holders. SDR holdings earn interest which is determined on weekly basis. The interest rate for the six-month periods ended June 30, 2025 and 2024 is 2.94% and 4.01%, respectively.

For the six-month periods ended June 30, 2025 and 2024, Interest income – Investments and deposits with banks includes interest income for US$2,533 and US$3,852, respectively, and gain in currency exposure for US$8,735 and loss for US$6,323, respectively, related to SDR investments.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**5.** **LOANS** 

Loans mainly include loans with Series "A" and "B" shareholder countries, or private institutions or companies domiciled in those countries. Loans by are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Shareholder country: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentina | 4765008 | 4874550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barbados | 181184 | 187925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bolivia | 3069219 | 2780434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 4379477 | 3217994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 969459 | 408698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia | 3924991 | 4060435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costa Rica | 464437 | 485505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic | 435508 | 445937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador | 4420106 | 4230310 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Salvador | 654354 | 469083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1305000 | 1062500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama | 2460032 | 2630681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paraguay | 2639201 | 2488370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 1708733 | 1751423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinidad and Tobago | 1335924 | 1372221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 1703280 | 1624725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venezuela | 1939316 | 1939316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 36355229 | 34030107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments | (133895) | (194305) |
|  | 36221334 | 33835802 |

---

Fair value adjustments of loans represent mainly adjustments to the amount of loans for which the fair value option is elected.

As of June 30, 2025 and December 31, 2024, loans denominated in currencies other than U.S. dollar were granted for an equivalent of US$1,337,129 and US$1,188,035, respectively, mainly in Colombian pesos, Dominican pesos, Uruguayan pesos, Brazilian reales, Swiss francs, Paraguayan guarani, Bolivian bolivianos, Chilean pesos and Japanese yen. All these loans are hedged with swaps, Borrowings from other financial institution and Bonds. As of June 30, 2025 and December 31, 2024, fixed interest rate loans amounted to US$3,247,025 and US$2,566,260, respectively.

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

Loans classified by sector borrowers and the weighted average yield of the loan portfolio is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amount** | **Weighted<br>average<br>yield (%)** | **Amount** | **Weighted<br>average<br>yield (%)** |
|  Public sector | 34170289 | 6.09 | 32599975 | 6.44 |
|  Private sector | 2184940 | 6.10 | 1430132 | 6.82 |
|  | 36355229 | 6.09 | 34030107 | 6.45 |

---

The public sector includes entities of national governments, subnational entities, public companies owned by the latter, or mixed companies controlled by the national government or subnational entities.

The private sector includes entities controlled by private investors.

Loans by industry segments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amount** | **%** | **Amount** | **%** |
|  Infrastructure programs | 15117172 | 42 | 14164668 | 42 |
|  Transport, warehousing and communications | 9360524 | 26 | 9137554 | 27 |
|  Electricity, gas and water supply | 5457862 | 15 | 5257924 | 15 |
|  Health and social services | 2867249 | 8 | 2892114 | 8 |
|  Financial services – Development banks | 1801266 | 5 | 1304144 | 4 |
|  Financial services – Commercial banks | 1580112 | 4 | 1132330 | 4 |
|  Agriculture, hunting and forestry | 50124 |  | 56630 |  |
|  Others | 120920 |  | 84743 |  |
|  | 36355229 | 100 | 34030107 | 100 |

---

Loans mature as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  Less than one year | 6073560 | 5171261 |
|  Between one and two years | 3963730 | 3367270 |
|  Between two and three years | 3745703 | 3533696 |
|  Between three and four years | 3422878 | 3199251 |
|  Between four and five years | 3434131 | 3160217 |
|  Between five and ten years | 10360010 | 10313580 |
|  Between ten and fifteen years | 4351046 | 4302935 |
|  Over fifteen year | 1004171 | 981897 |
|  | 36355229 | 34030107 |

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

CAF maintains an internal risk rating system to evaluate the quality of the non-sovereign loans, which identifies, through a standardized rating and review parameters, those risks related to credit transactions in order to determine an internal risk rating classification designed by CAF. For purpose of determining the allowance for loan losses of sovereign loans as of June 30, 2025 and December 31, 2024, rating assigned by external agencies are used.

The credit quality of the sovereign loans used in estimating the allowance for credit losses is based on the individual long-term foreign currency debt rating applicable to the borrower countries, which is determined under the Basel Committee criteria based on the existing risk ratings of three recognized international agencies as of the date of preparation of the financial statements. The credit quality by year of origination and taking the Standard & Poor's (S&P) rating as a reference as of June 30, 2025 and taking the Moody's rating as a reference as of December 31, 2024 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Credit**<br>**Rating** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | |
| **Country** | **Credit**<br>**Rating** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
|  Argentina | CCC |  | 502433 | 868594 | 564425 | 815229 | 707798 | 1934452 | 4685133 |
|  Barbados | B |  |  |  |  | 47697 | 100000 | 133486 | 181183 |
|  Bolivia | CCC- | 375000 | 24667 | 60364 | 620757 | 350000 | 42607 | 1502606 | 2933394 |
|  Brazil | BB |  | 116987 | 7479 | 630392 |  | 485723 | 2318775 | 3073633 |
|  Colombia | BB |  | 350603 | 250000 | 600000 | 500000 | 350000 | 1613829 | 3314432 |
|  Costa Rica | BB- |  |  |  |  |  | 451613 | 432763 | 432763 |
|  Dominican Republic | BB |  | 1689 |  | 300000 | 84773 |  | 49046 | 435508 |
|  Ecuador | B- | 428767 | 327549 | 279196 | 454765 | 565353 | 644656 | 2252182 | 4307812 |
|  El Salvador | B- | 75000 | 225724 | 278630 | 75000 |  |  |  | 654354 |
|  Mexico | BBB | 680000 |  |  | 300000 |  | 300000 | 225000 | 1205000 |
|  Panama | BBB- |  | 223529 | 32071 | 294054 | 317648 | 380357 | 1383230 | 2250532 |
|  Paraguay | BB+ |  | 191720 | 194577 | 365926 | 253431 | 421730 | 1530636 | 2536290 |
|  Peru | BBB- |  |  | 500000 | 171500 | 548684 |  | 343387 | 1563571 |
|  Trinidad and Tobago | BBB- |  | 120000 | 75000 | 120000 | 175000 | 319903 | 845925 | 1335925 |
|  Uruguay | BBB+ |  | 836638 | 110676 | 169733 | 240000 | 40476 | 184732 | 1541779 |
|  Venezuela | NR |  |  |  |  |  |  | 1939315 | 1939315 |
|  |  | 1558767 | 2921539 | 2656587 | 4666552 | 3897815 | 4244863 | 16689364 | 32390624 |

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Credit**<br>**Rating** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | |
| **Country** | **Credit**<br>**Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
|  Argentina | Ca | 474202 | 869607 | 516970 | 819346 | 662000 | 1448327 | 4790452 |
|  Barbados | B3 |  |  |  | 49143 | 100000 | 38782 | 187925 |
|  Bolivia | Caa3 | 24291 | 48917 | 607759 | 350000 | 37594 | 1624708 | 2693269 |
|  Brazil | Ba1 |  | 7479 | 606713 |  | 553023 | 1688701 | 2855916 |
|  Colombia | Baa2 | 350000 | 250000 | 600000 | 500000 | 350000 | 1346563 | 3396563 |
|  Costa Rica | Ba3 |  |  |  |  | 435484 | 15324 | 450808 |
|  Dominican Republic | Ba3 | 3297 |  | 300000 | 84773 |  | 57866 | 445936 |
|  Ecuador | Caa3 | 317937 | 269914 | 463774 | 580367 | 622659 | 1809008 | 4063659 |
|  El Salvador | B3 | 127770 | 266313 | 75000 |  |  |  | 469083 |
|  Mexico | Baa2 | 500000 |  | 300000 |  | 262500 |  | 1062500 |
|  Panama | Baa3 | 225000 | 32969 | 302703 | 330611 | 378571 | 1097826 | 2367680 |
|  Paraguay | Baa3 | 72190 | 191281 | 353072 | 257000 | 454615 | 1088694 | 2416852 |
|  Peru | Baa1 |  | 500000 | 169551 | 531898 |  | 427301 | 1628750 |
|  Trinidad & Tobago | Ba2 | 120000 | 75000 | 120000 | 175000 | 317562 | 564660 | 1372222 |
|  Uruguay | Baa1 | 743088 | 114369 | 165817 | 240000 | 35714 | 165088 | 1464076 |
|  Venezuela | C |  |  |  |  |  | 1939316 | 1939316 |
|  |  | 2957775 | 2625849 | 4581359 | 3918138 | 4209722 | 13312164 | 31605007 |

---

The credit quality of the non-sovereign loan portfolio by year of origination, as represented by credit risk classification provided by S&P as of June 30, 2025 and December 31, 2024, is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | |
| <br>**Credit Rating** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** |<br>**Total** |
|  A | 495000 | 150000 |  |  |  |  | 645000 |
|  A- | 165000 | 50000 |  |  |  | 42000 | 257000 |
|  BBB+ |  | 3355 |  |  | 12229 | 132787 | 148371 |
|  BBB | 325000 |  | 11228 | 1901 |  |  | 338129 |
|  BBB- | 145000 | 22500 | 60000 |  |  | 4175 | 231675 |
|  BB+ | 50000 |  |  |  |  |  | 50000 |
|  BB | 1348399 | 163429 | 54076 | 46541 | 24885 | 192651 | 1829981 |
|  BB- | 25154 | 127805 | 26667 |  |  | 33333 | 212959 |
|  B+ |  |  |  |  |  |  |  |
|  B | 10000 | 5000 |  |  |  |  | 15000 |
|  B- | 33500 | 64508 | 51786 |  |  | 38049 | 187843 |
|  CCC+ | 2770 | 2163 |  |  |  |  | 4933 |
|  CCC |  |  | 5892 |  |  | 15709 | 21601 |
|  CCC- |  |  |  |  |  | 22113 | 22113 |
|  D |  |  |  |  |  |  |  |
|  | 2599823 | 588760 | 209649 | 48442 | 37114 | 480817 | 3964605 |

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**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | **Year of origination** | |
| <br>**Credit Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** |<br>**Total** |
|  A | 75000 |  |  |  |  |  | 75000 |
|  A- | 400000 |  |  |  |  | 48000 | 448000 |
|  BBB+ | 3088 |  |  | 11398 | 4443 | 129355 | 148284 |
|  BBB- | 150000 | 10604 | 1762 |  |  |  | 162366 |
|  BB+ | 50000 | 60000 |  |  |  | 4697 | 114697 |
|  BB | 333054 |  | 34147 |  |  | 185489 | 552690 |
|  BB- | 287655 | 57615 | 12521 | 26842 | 22065 |  | 406698 |
|  B+ | 96152 | 30000 |  |  | 44444 |  | 170596 |
|  B | 15000 |  |  |  |  |  | 15000 |
|  B- | 149508 | 17143 |  |  |  | 38152 | 204803 |
|  CCC+ | 2166 |  |  |  |  |  | 2166 |
|  CCC |  | 47500 |  |  |  | 16598 | 64098 |
|  CCC- |  |  |  |  |  | 24520 | 24520 |
|  D |  |  |  |  |  | 36182 | 36182 |
|  | 1561623 | 222862 | 48430 | 38240 | 70952 | 482993 | 2425100 |

---

The internal and external ratings have been updated as of June 30, 2025.

***Loan portfolio quality***

The loan portfolio quality indicators and the related amounts are presented below:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |
|  During the period CAF recorded the following transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans written-off |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of loan portfolio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of loan portfolio |  |  | 22500 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  CAF presented the following amounts and quality indicators as of the end of the period/year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accrual loans | 1939316 | 1975498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troubled debt restructured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdue accrual loans |  | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses as a percentage of loan portfolio | 0.23% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accrual loans as a percentage of loan portfolio | 5.35% | 5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdue loan principal as a percentage of loan portfolio | 0.00% | 0.01% |

---

No loans were restructured for the six-month periods ended June 30, 2025 and for the year ended December 31, 2024.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

On March 31, 2020, CAF implemented the Support Program for the Liquidity Management in Exceptional Situations (the "Program") approved by CAF's Shareholders Assembly on March 3, 2020. The Program allowed CAF to repurchase the shares of a shareholder country that fulfills the requirements of the program and applied the proceeds to that country's outstanding loans principal and interest payments. Pursuant to the Program, CAF notified Venezuela, that it fulfilled the requirements. Since the inception of the Program to July 31, 2024, CAF repurchased a total of 168,573 shares totaling US$2,393,737 and applied that amount to repay due and overdue amounts of principal and interest and deducting the amount of paid-in capital and additional paid-in capital for US$842,865 and US$1,550,872, respectively. The Program was completed for Venezuela in July 2024. Currently, Venezuela holds 105 Series "B" shares and its Series "A" share.

As of December 31, 2024, the total amount of delayed payments for operations in Venezuela amounted to US$287,682, including interests. In accordance with CAF's policies, a loan is considered to be in non-accrual status when a payment is more than 180 days overdue in the case of public sector loans. As of June 30, 2025 and December 31, 2024, all outstanding loans with Venezuela amounting to US$1,939,316 were placed in non-accrual status. Additionally, as of December 31, 2024, not collected Interests and Commissions amounted to US$92,248 were reversed, and the related individually assessed allowance for credit losses was US$52,860.

As of June 30, 2025, the total amount of delayed payments for operations in Venezuela amounted to US$551,422, including interests. Not collected Interests and Commissions amounted to US$59,340, and the related individually assessed allowance for credit losses was US$52,860. Additionally, as of June 30, 2025, overdue interests amount to US$8,608.

CAF expects to collect all amounts due, including interest and fees. Venezuela is one of the founding shareholders of CAF and has reiterated its commitment and its intention to undertake payments. CAF's Management monitors its credit exposure periodically.

As of December 31, 2024, the total principal amount of non-accrual loans related to private sector borrowers (non-sovereign loans) for US$36,182, which were 3,023 days overdue. As of June 30, 2025, there were no non-accrual loans related to private sector borrowers (non-sovereign loans). As of June 30, 2025 and December 31, 2024, there were no interest income recognized for non-accrual loans. The allowance of loan losses for non-accrual loans with the private sector amount to US$4,739 as of December 31, 2024.

***Exposure Exchange Agreements***

On May 23, 2025, as part of its balance sheet optimization strategy, CAF entered into an Exposure Exchange Agreement (EEA) to reduce its sovereign-guaranteed loan portfolio risk concentration. Through EEA, Multilateral Development Banks (MDB) reduce portfolio concentration by simultaneously exchanging coverage for potential nonaccrual events for sovereign exposures from borrowing countries in which an MDB is concentrated, to countries in which an MDB has no, or low, exposure.

Under an EEA, there is no direct exchange of assets, and all aspects of the client relationship remain with the originating MDB. However, each MDB assumes the credit risk on a specified EEA amount for a set of borrowing countries (the EEA seller of protection, or EEA Seller) in exchange for passing on the credit risk on a set of different borrowing countries to the other MDB (the EEA buyer of protection, or EEA Buyer). If

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

a nonaccrual event occurs for one of the countries that is part of the EEA transactions, the EEA Seller compensates the EEA Buyer at an agreed upon rate. Each participating MDB is required to retain a minimum of 50% of the total exposure to each country that is part of the EEA. If no events of no nonaccrual occur during the life of the EEA, the EEA expires at the end of the agreed upon period.

As of June 30, 2025, CAF executed a bilateral EEA transaction with another MDB. In this transaction, CAF is the EEA Seller (provided a financial guarantee for its counterparty) and the EEA Buyer (received a financial guarantee from its counterparty) for the following countries and exposure amounts:

---

| | | |
|:---|:---|:---|
|  | **EEA Seller** | **EEA Seller** |
| **Country** | **Amount** | **S&P Rating** |
|  Costa Rica | 90000 | BB- |
|  Dominican Republic | 150000 | BB |
|  El Salvador | 250000 | B- |
|  Honduras | 210000 | BB- |
|  | 700000 |  |
|  | **EEA Buyer** | **EEA Buyer** |
| **Country** | **Amount** | **S&P Rating** |
|  Argentina | 100000 | CCC |
|  Brazil | 250000 | BB |
|  Colombia | 136000 | BB |
|  Ecuador | 214000 | B- |
|  | 700000 |  |

---

EEA transaction was accounted for as an exchange of two separate financial guarantees (provided and received).

The fair value of the guarantee provided is initially recorded as an asset (equivalent to the present value of the theoretical guaranteed fees receivable) and a liability (the non-contingent portion of the guarantee stand ready to perform), respectively, included in Other Assets-Other and Accrued expenses and other liabilities-Other, respectively. These amounts will be amortized over the term of the guarantee on the exchanged exposure and recorded in Non-interest income – Other Income and Non-interest expenses – Other Expenses. The carrying amount under the guarantees received or provided amounted to US$36,213. Final maturity date will be May 2040. As of June 30, 2025, no non-accrual events have occurred.

As of June 30, 2025 CAF recognized US$161 as Other expenses and US$203 as Other income related to the allowance for Current Expected Credit Losses of the guarantees exchanged.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

***A/B Loans***

CAF only assumes the credit risk for the portion of its participations of the loan. As of June 30, 2025 and December 31, 2024, CAF maintains loans of this nature amounting to US$1,271,226 and US$1,215,792, respectively, whereas other financial institutions provided funds for US$986,698 and US$978,988, respectively.

***Allowance for Loan Losses***

Changes in the allowance and the balance for loan losses over the outstanding amounts, individually and collectively evaluated, are presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Credit risk** | **Credit risk** | | **Credit risk** | **Credit risk** | |
|  | **Sovereign** | **Non-<br>sovereign** |<br>**Total** | **Sovereign** | **Non-<br>sovereign** |<br>**Total** |
|  Balances at beginning of period | 58220 | 26537 | 84757 |  | 56913 | 56913 |
|  Provision (credit) for loan losses | 976 | (17999) | (17023) |  | (7285) | (7285) |
|  Recoveries |  | 14806 | 14806 |  | 74 | 74 |
|  Balances at end of period | 59196 | 23344 | 82540 |  | 49702 | 49702 |

---

For the six-month periods ended June 30, 2025 and 2024, CAF recorded US$14,806 and US$74, respectively, as revenue from recovery of written-off portfolio in caption "Credit for loan losses".

Changes in the provision for contingencies and the off-balance-sheet undisbursed loan commitments and financial guarantees, individually and collectively evaluated, are presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Credit risk** | **Credit risk** | | **Credit risk** | **Credit risk** | |
|  | **Sovereign** | **Non-<br>sovereign** |<br>**Total** | **Sovereign** | **Non-<br>sovereign** |<br>**Total** |
|  Balances at beginning of period |  | 6230 | 6230 |  | 6849 | 6849 |
|  Provision (credit) contingencies | 2318 | (1921) | 397 |  | 89 | 89 |
|  Balances at end of period | 2318 | 4309 | 6627 |  | 6938 | 6938 |

---

For the six-month periods ended June 30, 2025 and 2024, provision for contingencies and the off-balance-sheet undisbursed loan commitments and financial guarantees are included in the unaudited condensed interim statements of income as part the Non-interest expenses-other expenses.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**6.** **OTHER ASSETS** 

A summary of other assets follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Derivative-related collateral | 1266361 | 2537059 |
|  Intangible assets, net of accumulated amortization of US$18,774 and US$15,245, respectively | 104673 | 87290 |
|  Receivable from investment securities sold | 49582 | 30842 |
|  Other | 74045 | 36338 |
|  | 1494661 | 2691529 |

---

**7.** **DEPOSITS** 

A summary of deposits follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br>2025** | **June 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2024** |
|  Demand deposits |  | 382480 |  | 194935 |
|  Time deposits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than one year |  | 3896834 |  | 3302403 |
|  |  | 4279314 |  | 3497338 |

---

As of June 30, 2025 and December 31, 2024, the weighted average interest rate was 4.22% and 5.18%, respectively. Deposits are issued for amounts equal to or more than US$100. Total deposits denominated in currencies other than the U.S. dollar amount to an equivalent of US$454,605 and US$105,726 as of June 30, 2025 and December 31, 2024, respectively.

**8.** **COMMERCIAL PAPERS** 

A summary of commercial papers follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  U.S. dollars | 3705230 | 3023627 |
|  British pound sterling | 183914 | 170640 |
|  Euros | 24264 | 98793 |
|  | 3913408 | 3293060 |
|  Less commercial papers issuance discount | (40694) | (43952) |
|  | 3872714 | 3249108 |

---

As of June 30, 2025 and December 31, 2024, the weighted average interest rate was 4.56% and 5.54%, respectively. As of June 30, 2025, commercial papers mature in 2026 and 2025. Likewise, as of December 31, 2024, commercial papers mature in 2025.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**9.** **BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS** 

A summary of borrowings from other financial institutions by currency follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  U.S. dollars | 1626587 | 1575801 |
|  Euros | 531932 | 573765 |
|  Colombian pesos | 25004 | 25243 |
|  Others | 4933 | 2165 |
|  | 2188456 | 2176974 |
|  Fair value adjustments | 11384 | (52295) |
|  Less debt issuance costs | 116 | 132 |
|  | 2199724 | 2124547 |

---

As of June 30, 2025 and December 31, 2024, the fixed interest-bearing borrowings amounted to US$233,784 and US$242,010, respectively. As of June 30, 2025 and December 31, 2024, the weighted average interest rate after considering the impact of interest rate swaps was 5.68% and 6.85%, respectively.

Borrowings from other financial institutions, by remaining maturities, are summarized below:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Less than one year | 259005 | 430458 |
|  Between one and two years | 441116 | 234226 |
|  Between two and three years | 233742 | 228185 |
|  Between three and four years | 201556 | 206237 |
|  Between four and five years | 203580 | 187593 |
|  Over five years | 849457 | 890275 |
|  | 2188456 | 2176974 |

---

As of June 30, 2025 and December 31, 2024, there were unused term credit facilities amounting to US$855,967 and US$1,445,913, respectively.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**10.** **BONDS** 

A summary of outstanding bonds follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |<br>**At original**<br>**exchange**<br>**rate** |<br>**At spot**<br>**exchange**<br>**rate** | **Weighted**<br>**average**<br>**cost, after**<br>**swaps (%)**<br>**(period end)** |<br>**At original**<br>**exchange**<br>**rate** |<br>**At spot**<br>**exchange**<br>**rate** | **Weighted**<br>**average**<br>**cost, after**<br>**swaps (%)**<br>**(year end)** |
|  U.S. dollars | 12718624 | 12718624 | 5.31 | 9328042 | 9328042 | 5.61 |
|  Euro | 7843815 | 8089870 | 5.67 | 9751807 | 8827267 | 6.19 |
|  Great British pound sterling | 2515076 | 2744990 | 5.08 | 1261108 | 1254705 | 5.39 |
|  Swiss francs | 2057492 | 2427491 | 5.74 | 2336350 | 2434706 | 6.06 |
|  Australian dollars | 1489541 | 1427431 | 5.64 | 1756001 | 1570852 | 5.93 |
|  Japanese yen | 1434931 | 1164907 | 5.60 | 1540983 | 1148597 | 5.93 |
|  Mexican pesos | 1190349 | 1275288 | 5.57 | 1190208 | 1158240 | 5.94 |
|  Indian Rupee | 588995 | 580656 | 5.19 | 338717 | 329694 | 5.62 |
|  Norwegian kroner | 549487 | 387051 | 5.66 | 549486 | 344122 | 6.09 |
|  Hong Kong dollars | 533061 | 527006 | 5.75 | 533062 | 532686 | 6.15 |
|  Colombian pesos | 405955 | 330466 | 5.42 | 405959 | 306630 | 5.57 |
|  Costa Rica colón | 287313 | 292254 | 5.18 | 223336 | 225770 | 5.78 |
|  Uruguayan pesos | 225616 | 232163 | 5.99 | 53213 | 47951 | 3.53 |
|  Brazilian real | 201662 | 196425 | 5.24 | 201662 | 172746 | 5.47 |
|  Turkish lira | 128121 | 67196 | 4.99 | 128121 | 75713 | 5.29 |
|  Indonesian rupee | 101991 | 103153 | 5.03 |  |  |  |
|  Paraguay guaraní | 95176 | 91330 | 5.21 | 85284 | 82096 | 5.86 |
|  Chinese renminbi | 52751 | 53511 | 4.96 | 52751 | 52350 | 5.06 |
|  New Zealand dollar | 46247 | 43800 | 5.16 | 59898 | 52540 | 5.72 |
|  Canadian dollars | 30395 | 29386 | 5.68 | 30395 | 27869 | 6.12 |
|  South African rand | 26940 | 28250 | 5.14 |  |  |  |
|  Jamaican dollars | 26101 | 24967 | 4.95 | 26101 | 25725 | 5.30 |
|  Philippines peso | 25134 | 24851 | 4.88 |  |  |  |
|  Polish zloty |  |  |  | 61130 | 65777 | 5.29 |
|  Czech koruna |  |  |  | 11211 | 10335 | 5.58 |
|  | 32574773 | 32861066 |  | 29924825 | 28074413 |  |
|  Fair value adjustments |  | (205556) |  |  | (670944) |  |
|  Less debt issuance costs |  | 11556 |  |  | 7057 |  |
|  |  | 32643954 |  |  | 27396412 |  |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

A summary of the bonds issued, by remaining maturities at original exchange rate, follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  No maturities | 500000 |  |
|  Less than one year | 6616964 | 5213782 |
|  Between one and two years | 4764819 | 5493209 |
|  Between two and three years | 4315941 | 4608073 |
|  Between three and four years | 5946637 | 4377320 |
|  Between four and five years | 5749007 | 3954230 |
|  Over five years | 4681405 | 6278211 |
|  | 32574773 | 29924825 |

---

As of June 30, 2025 and December 31, 2024, fixed interest rate bonds amounted to US$32,273,908 and US$29,624,973, respectively, of which US$19,835,585 and US$20,586,650, respectively, are denominated in currencies other than U.S. dollar.

As part of its balance sheet optimization strategy, in June 2025, CAF issued a bond with characteristics of a hybrid debt instrument, aimed at strengthening its capital base and increasing its lending capacity. The transaction involved a US$500 million perpetual subordinated hybrid debt note with a 6.75% coupon, callable after 5.5 years and every five years thereafter at CAF's discretion or under specific events, such as rating methodology change or at any time pursuant to a substantial repurchase event. The bond pays a discretionary coupon, which CAF may, at its sole discretion, declare and pay, cancel, or defer indefinitely. It also contains a permanent write-down feature, triggered upon the occurrence of certain future events. The exercise of this write-down feature, as well as the cancellation or indefinite deferral of interest, does not constitute an event of default.

Bond's investors are exposed to residual risk. CAF has no contractual obligation to repay the principal or coupon on the hybrid debt; any such repayment is entirely at the CAF's sole discretion.

There were no bonds repurchased for the six-month periods ended June 30, 2025, and the year ended December 31, 2024.

**11.** **ACCRUED EXPENSES AND OTHER LIABILITIES** 

A summary of accrued expenses and other liabilities follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Derivative-related collateral | 601356 | 89749 |
|  Employees' severance benefits and savings plan | 116379 | 110008 |
|  Contributions to Shareholders' Special Funds (Note 12) | 52588 |  |
|  Payable for investment securities purchased | 87627 | 34314 |
|  Provision for contingencies (Note 5) | 6627 | 6230 |
|  Other | 45199 | 14781 |
|  | 909776 | 255082 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**12.** **CONTRIBUTIONS TO SHAREHOLDERS' SPECIAL FUNDS** 

In March 2025, the Shareholders' Assembly of CAF approved the contribution up to a maximum amount of US$200,000 to some shareholders' special funds for 2025. Subsequently, during the six-month periods ended June, 30, 2025, based on the analysis of the new commitments contracted or the resources required by the shareholders' special funds, authorized the contributions of US$100,000, US$90,500, US$6,000 and US$3,500 to Compensatory Financial Found (FFC), Technical Cooperation Fund (FCT), Human Development Fund (FDH) and Fund for the Development of Small and Medium Enterprises (FIDE), respectively. For the six-month periods ended June 30, 2025, CAF has recognized US$127,828 as an expense and, as of June 30, 2025, recognized an unconditional obligation (accounts payable) for US$52,588 which was paid in July 2025.

In March 2024, the Shareholders' Assembly of CAF approved the contribution up to a maximum amount of US$138,000 to some shareholders' special funds for 2024. Subsequently, during the six-month periods ended June 30, 2024, based on the analysis of the new commitments contracted or the resources required by the shareholders' special funds, authorized contributions of US$97,000, US$34,000, US$4,500 and US$2,500 to FFC, FCT, FDH, and FIDE, respectively. For the six-month periods ended June 30, 2024, CAF has recognized US$77,801 as an expense and, as of June 30, 2024, recognized an unconditional obligation (accounts payable) for US$42,128 which was paid in July 2024.

**13.** **TAX EXEMPTIONS** 

Pursuant to its Constitutive Agreement, CAF is exempt, in all of its Member Countries, from all taxes and tariffs on income, properties or assets, and from any liability involving payment, withholding or collection of any taxes.

In addition, CAF has entered into agreements with each of the associated shareholder countries (defined in Article 3 of CAF's General Regulations as any shareholder country holding directly or indirectly shares of CAF). Pursuant to these agreements, each country that is a shareholder but do not qualify as a Member Country has agreed to extend to CAF, with respect to its activities in and concerning that country, immunities and privileges similar to those than have been granted to CAF in the Member Countries.

**14.** **DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES** 

CAF utilizes derivative financial instruments to reduce exposure to interest rate risk, price risk and foreign currency risk. CAF does not hold or issue derivative financial instruments for trading or speculative purposes.

The market risk associated with interest rate and foreign currency is managed by swapping marketable securities – trading, loans, borrowings from other financial institutions and bonds, subject to fixed interest rates and denominated in currency other than the U.S. dollar into floating interest rate instruments denominated in U.S. dollars. CAF enters into derivative financial instruments to offset the economic changes in value of specifically identified marketable securities – trading, loans, borrowings from other financial institutions and bonds.

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

Derivative financial instruments held by CAF consist of interest rate swaps designated as fair value hedges of specifically identified loans, bonds or borrowings from other financial institutions with fixed interest rates and denominated in U.S. dollars. Also, CAF enters into cross-currency and interest rate swaps as an economic hedge (derivative that is entered into to manage a risk but is not accounted as a hedge) for interest rate and foreign exchange risks related with deposits, bonds, borrowings or loans denominated in currencies other than the U.S. dollar where CAF's management elected to measure those liabilities and assets at fair value under the fair value option guidance in order to mitigate volatility in CAF's financial statements, considering that both the financial instruments and the associated hedging instruments are held until maturity.

When the fair value of a derivative financial instrument is positive, the counterparty owes CAF, creating credit risk for CAF. When the fair value of a derivative financial instrument is negative, CAF owes the counterparty and, therefore, it does not have credit risk. CAF minimizes the credit risk in derivative financial instruments by entering into transactions with high-quality counterparties whose credit rating is "A" or higher.

In order to reduce the credit risk in derivative financial instruments, CAF enters into credit support agreements with its major swap counterparties. This provides risk mitigation, as the swap contracts are regularly marked-to-market, and the party being the net obligor is required to post collateral when net mark to-market exposure exceeds certain predetermined thresholds. This collateral is in the form of cash.

CAF does not offset for each counterparty, the fair value amount recognized for derivative financial instruments with the fair value amount recognized for the collateral, whether posted or received, under master netting arrangements executed with the same counterparty. CAF reports separately the cumulative gross amounts for the receivable from and payable to for derivative financial instruments.

CAF also utilizes U.S. treasury futures to reduce exposure to price risk. These are contracts for delayed delivery of U.S. treasury notes in which the seller agrees to make delivery at a specified future date of a specified instrument at a specified price or yield. Initial margin requirements are met with cash or securities. CAF generally closes out open positions prior to maturity. Therefore, cash receipts or payments are limited to the change in fair value of the U.S. treasury futures. Additionally, CAF utilizes cross-currency forward contracts to reduce exposure to foreign currency risk.

The balance sheet details related to CAF's derivative financial instruments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Derivative assets** | **Derivative assets** | **Derivative liabilities** | **Derivative liabilities** |
|  | **June 30,<br>2025** | **December 31,<br>2024** | **June 30,<br>2025** | **December 31,<br>2024** |
|  Cross-currency swap | 1228461 | 209657 | 1410691 | 2707319 |
|  Interest rate swap | 376026 | 323324 | 128847 | 228970 |
|  U.S. treasury futures | 289 | 483 | 6504 | 171 |
|  Cross-currency forward contracts |  | 1993 | 29 | 22 |
|  | 1604776 | 535457 | 1546071 | 2936482 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

The following table presents the notional amount and fair values of interest rate swaps and cross-currency swaps and the underlying hedged items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notional amount** | **Notional amount** | **Fair value** | **Fair value** |
|  | **Interest rate**<br>**swap** | **Cross-<br>currency**<br>**swap** | **Derivative**<br>**assets** | **Derivative**<br>**liabilities** |
|  As of June 30, 2025: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 2070709 |  | 231596 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 1113177 | 19525 | 119517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 531932 | 10577 | 22884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions | 23860 |  |  | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 19783273 | 1198359 | 1268290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 12633323 |  | 144430 | 125297 |
|  | 14727892 | 21428382 | 1604487 | 1539538 |
|  | **Notional amount** | **Notional amount** | **Fair value** | **Fair value** |
|  | **Interest rate** | **Cross-<br>currency** | **Derivative** | **Derivative** |
|  | **swap** | **swap** | **assets** | **Liabilities** |
|  As of December 31, 2024: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 2118906 |  | 294081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 1114141 | 53676 | 18572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 573765 |  | 75608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions | 41053 |  |  | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 20533438 | 155981 | 2613139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 9233323 |  | 29243 | 228024 |
|  | 11393282 | 22221344 | 532981 | 2936289 |

---

The following table presents the notional amount and fair values of U.S. treasury futures and cross-currency forward contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | | | | | |
|  | | | | |<br>**Fair value** |
|  | <br>**Start date** | <br>**Termination date** | <br>**Contract<br>Currency** |<br>**Notional<br>amount** | **Derivative<br>assets** |
|  Futures long | Various | Until Sep 2025 | US$ | 79400 | 289 |
|  |  |  |  |  | **Fair value** |
|  | **Start date** | **Termination date** | **Contract<br>Currency** | **Notional<br>amount** | **Derivative<br>liabilities** |
|  Futures short | Various | Until Sep 2025 | US$ | 1391500 | (6504) |
|  Futures long | Various | Until Sep 2025 | US$ | 4000 |  |
|  Cross-currency Forwards | Various | Various | Various | 2843 | (29) |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | | | | | |
|  | | | | |<br>**Fair value** |
|  | <br>**Start date** | <br>**Termination date** | <br>**Contract<br>Currency** |<br>**Notional<br>amount** | **Derivative<br>assets** |
|  Futures short | Various | Until March 2025 | Various | 58152 | 453 |
|  Futures long | Various | Until March 2025 | US$ | 66600 | 30 |
|  Forward contracts | Various | Various | Various | 96303 | 1993 |
|  |  |  |  |  | **Fair value** |
|  | **Start date** | **Termination date** | **Contract<br>Currency** | **Notional<br>amount** | **Derivative<br>liabilities** |
|  Futures long | Various | Until March 2025 | Various | 168128 | (171) |
|  Forward contracts | Various | Various | Various | 2739 | (22) |

---

The amounts of collateral posted related to U.S. treasury futures as of June 30, 2025 and December 31, 2024 were US$15,522 and US$1,414, respectively. As of June, 30 2025 and December 31 2024, the amount of collateral received related to U.S. treasury futures was US$14 and US$129, respectively.

CAF enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting arrangements with all of its derivative counterparties. These legally enforceable master netting arrangements give CAF the right to take cash or liquidate securities held as collateral and to offset receivables and payables with the same counterparty, in the event of default by the counterparty. The following tables present information about the effect of offsetting of derivative financial instruments, although CAF has elected not to offset any derivative financial instruments by counterparty in the balance sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | | | | |
| ***Derivative assets*** | | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** | |
| **Description** |<br>**Gross<br>amounts of<br>recognized<br>assets** | **Financial<br>instruments** | **Cash<br>and securities<br>collateral received** |<br>**Net<br>amount** |
|  Swaps | 1604487 | (937914) | (601342) | 65231 |
| ***Derivative liabilities*** |  | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** |  |
| **Description** | **Gross<br>amounts of<br>recognized<br>liabilities** | **Financial<br>instruments** | **Cash and<br>securities<br>collateral pledged** | **Net<br>amount** |
|  Swaps | (1539538) | 937914 | 1250839 | 649215 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | | | | |
| ***Derivative assets*** | | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** | |
| **Description** |<br>**Gross<br>amounts of<br>recognized<br>assets** | **Financial<br>instruments** | **Cash and<br>securities<br>collateral received** |<br>**Net<br>amount** |
|  Swaps | 532981 | (435335) | (89620) | 8026 |
| ***Derivative liabilities*** |  | **Gross amounts not offset in the<br>balance sheet** | **Gross amounts not offset in the<br>balance sheet** |  |
| **Description** | **Gross<br>amounts of<br>recognized<br>liabilities** | **Financial<br>instruments** | **Cash and<br>securities<br>collateral pledged** | **Net<br>amount** |
|  Swaps | (2936289) | 435335 | 2535645 | 34691 |

---

**15.** **FAIR VALUE MEASUREMENTS** 

The following section describes the valuation methodologies used by CAF to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each financial instrument is classified. Where appropriate, the description includes details of the valuation methodologies and the key inputs to those methodologies.

When available, CAF generally uses quoted prices in active markets to determine fair value.

If quoted market prices in active markets are not available, fair value is based upon internally developed valuation methodologies that use, where possible, current market-based or independently sourced market inputs, such as interest rates, currency rates, etc.

Where available, CAF may also make use of quoted prices in active markets for recent trading activity in positions with the same or similar characteristics to the financial instrument being valued. The frequency and size of trading activity and the amount of the bid-ask spread are among the factors considered in determining the liquidity of markets and the relevance of observed quoted prices from those markets.

The following valuation methodologies are used to estimate the fair value and determine the classification in the fair value hierarchy of CAF's financial instruments:

*Marketable securities – trading:* CAF uses unadjusted quoted prices in active markets to determine the fair value of marketable securities classified as Level 1; quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, or pricing models with observable inputs for the term of the marketable securities classified as Level 2. These securities are classified in Level 1 and Level 2 of the fair value hierarchy. <br>

- *Loans:* The fair value of fixed rate loans is determined using a discounted cash flow technique using the current variable interest rate for similar loans. These loans are classified in Level 2 of the fair value hierarchy.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

*Derivative assets and liabilities:* The fair value is calculated using market prices provided by an independent financial information services company, which are determined using discounted cash flow valuation technique using observable inputs. Derivative assets and liabilities are classified in Level 2 of the fair value hierarchy. <br>

*Bonds, borrowings from other financial institutions and deposits:* For CAF's bonds issued and medium and long term borrowings from other financial institutions and deposits, fair value is determined by using a discounted cash flow technique, taking into consideration benchmark interest yield curves at the end of the reporting period to discount the expected cash flows for the applicable maturity, thus reflecting market fluctuations of key variables such as interest and exchange rates. These yield curves are adjusted to incorporate CAF credit risk spread. Bonds, borrowings from other financial institutions and deposits are generally classified in Level 2 of the fair value hierarchy based on the observability of significant inputs to the discounted cash flow valuation technique. <br>

***Items Measured at Fair Value on a Recurring Basis***

The following tables present for each of the fair value hierarchy levels CAF's financial assets and liabilities that are measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. securities | 5761104 | 11818 |  | 5772922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. governments and government entities bonds | 198862 |  |  | 198862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions and corporate securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers |  | 3683863 |  | 3683863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposits | 3770988 |  |  | 3770988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2043540 |  |  | 2043540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized mortgage obligation | 457882 | 2124 |  | 460006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity funds | 349518 |  |  | 349518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded fund | 107640 |  |  | 107640 |
|  | 6729568 | 3685987 |  | 10415555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total financial assets at fair value | 12689534 | 3697805 |  | 16387339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 3148067 |  | 3148067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swap |  | 1228461 |  | 1228461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  | 376026 |  | 376026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 289 |  | 289 |
|  |  | 1604776 |  | 1604776 |
|  Total financial assets at fair value | 12689534 | 8450648 |  | 21140182 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 567176 |  | 567176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 32497870 |  | 32497870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swap |  | 1410691 |  | 1410691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  | 128847 |  | 128847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 6504 |  | 6504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 29 |  | 29 |
|  |  | 1546071 |  | 1546071 |
|  Total financial liabilities at fair value |  | 34611117 |  | 34611117 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. securities | 5916834 |  |  | 5916834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. governments and government entities bonds | 200281 | 124614 |  | 324895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institutions and corporate securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial papers |  | 2417869 |  | 2417869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposits | 1995211 |  |  | 1995211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 2197129 |  |  | 2197129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized mortgage obligation | 407921 | 1424 |  | 409345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity funds | 307422 |  |  | 307422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded funds | 104011 |  |  | 104011 |
|  | 5011694 | 2419293 |  | 7430987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total financial assets at fair value | 11128809 | 2543907 |  | 13672716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 3003195 |  | 3003195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swap |  | 209657 |  | 209657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  | 323324 |  | 323324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 483 |  | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 1993 |  | 1993 |
|  |  | 535457 |  | 535457 |
|  Total financial assets at fair value | 11128809 | 6082559 |  | 17211368 |

---

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions |  | 562522 |  | 562522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds |  | 27250667 |  | 27250667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swap |  | 2707319 |  | 2707319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  | 228970 |  | 228970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S treasury futures |  | 171 |  | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency forward contracts |  | 22 |  | 22 |
|  |  | 2936482 |  | 2936482 |
|  Total financial liabilities at fair value |  | 30749671 |  | 30749671 |

---

***Items that are not measured at fair value***

The carrying amount and estimated fair values of CAF's financial instruments that are not recognized in the balance sheets at fair value are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Items that are not measured at fair value** | | | | | |
|  | | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  |<br>**Hierarchy<br>Levels** | **Carrying<br>amount** | **Estimated<br>fair value** | **Carrying<br>amount** | **Estimated<br>fair value** |
|  Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 1 | 74699 | 74699 | 233196 | 233196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits with banks | 1 | 3700502 | 3700502 | 3369941 | 3369941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments: |  | 2164018 | 2164018 | 873792 | 1265038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank deposit | 1 | 1991520 | 1991520 | 712598 | 712598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Drawing Rights | 2 | 172498 | 172498 | 161194 | 161194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans, net | 2 | 32814669 | 32810357 | 30572479 | 30571648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest and commissions receivable | 2 | 990944 | 990944 | 1007802 | 1007802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivate related collateral | 1 | 1266361 | 1266361 | 2537059 | 2537059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment securities sold | 1 | 49582 | 49582 | 30842 | 30842 |
|  Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 2 | 4279314 | 4279314 | 3497338 | 3497338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper | 2 | 3872714 | 3872714 | 3249108 | 3249108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings from other financial institutions, net | 2 | 1632548 | 1629785 | 1562025 | 1559670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, net | 2 | 146084 | 148019 | 145745 | 151544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest payable | 2 | 989913 | 989913 | 1011611 | 1011611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivate related collateral | 1 | 601356 | 601356 | 89749 | 89749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 1 | 87627 | 87627 | 34314 | 34314 |

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

The following methods and assumptions were used to estimate the fair value of those financial instruments not accounted for at fair value on recurring basis:

*Cash and due from banks, deposits with banks, other investments* – Deposits with banks due more than 90 days, accrued interest and commissions receivable, deposits, commercial papers, accrued interest payable, derivative-related collateral, receivable from investment securities sold and payable for marketable securities purchased: The carrying amounts approximate fair value because of the short maturity of these instruments. <br>

*Other investments – Special drawing rights:* The carrying amount approximates fair value because this asset is based on a basket of five international currencies (the U.S. dollar, the Euro, the Chinese renminbi, the Japanese yen, and the British pound sterling) reviewed and published by the IMF. <br>

*Loans:* CAF is one of the few institutions that grant loans for development projects in the shareholder countries. A secondary market does not exist for the type of loans granted by CAF. As rates on variable rate loans are reset on a semiannual basis, the carrying value, adjusted for credit risk, was determined to be the best estimate of fair value. The fair value of fixed rate loans is determined by using the current variable interest rate for similar loans. The fair value of non-accrual status loans is estimated using the discounted cash flow technique. <br>

*Equity investments:* The direct investments in equity securities of companies without a readily determinable fair values are measured at cost, less impairment plus or minus observable price changes of an identical or similar instrument of the same issuer. As of June 30, 2025 and December 31, 2024, the carrying amount of those investments amounted to US$107,867 and US$108,168, respectively. In addition, as of June 30, 2025 and December 31, 2024, investments in funds without a readily determinable fair value, with carrying amount of US$246,342 and US$222,547, respectively, and the net effects of impairment and the changes in fair value related to equity investment for the six-month periods ended June 30, 2025 and 2024 amounted to US$(8969) and US$3,004, respectively, are accounted for at fair value applying the practical expedient, using the net asset value per share. These financial instruments are generally classified in level 3 of the fair value hierarchy based on the observability of significant inputs to the valuation methodology (these instruments are not disclosed in the table above). <br>

*Bonds and borrowings from other financial institutions:* For CAF**'**s bonds issued and medium and long term borrowings, fair value is determined using a discounted cash flow valuation technique, taking into consideration yield curves to discount the expected cash flows for the applicable maturity, thus reflecting the fluctuation of variables such as interest and exchange rates. These yield curves are adjusted to incorporate CAF credit risk spread. Those financial instrument are generally classified in Level 2 of the fair value hierarchy based on the observability of significant inputs to the valuation methodology. <br>

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##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**16.** **UNREALIZED CHANGES IN FAIR VALUE RELATED TO OTHER FINANCIAL INSTRUMENTS** 

Changes in fair value of cross-currency swaps, financial assets and liabilities carried at fair value under the fair value option are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** | **For the six-month period ended June 30, 2025** |
|  | **Gain (loss)<br>on derivatives** | **Gain (loss)<br>on hedged item** | **Net<br>Gain (loss)** |
|  **Cross-currency swaps:** |  |  |  |
|  Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387227 | (2379455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7772 |
|  Loans | (135096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128363 | (6733) |
|  Borrowings from other financial institutions | 63302 | (63100) | 202 |
|  | 2315433 | (2314192) | 1241 |
|  | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** | **For the six-month period ended June 30, 2024** |
|  | **Gain (loss)<br>on derivatives** | **Gain (loss)<br>on hedged item** | **Net<br>Gain (loss)** |
|  **Cross-currency swaps:** |  |  |  |
|  Bonds | (912898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22193 |
|  Loans | 31988 | (56223) | (24235) |
|  Borrowings from other financial institutions | (15107) | 10921 | (4186) |
|  | (896017) | 889789 | (6228) |

---

In addition, during the six-month periods ended June 30, 2025 and 2024, CAF recorded losses of US$16,617 and net gains US$3,045, respectively, related to changes in fair value of U.S. treasury futures and U.S. treasury forwards and changes in fair value of the U.S. Treasury Notes.

**17.** **COMMITMENTS AND CONTINGENCIES** 

Commitments and contingencies include the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  Loan commitments subscribed – eligible | 6255533 | 6028158 |
|  Lines of credit | 4937439 | 5338813 |
|  Loan commitments subscribed – non eligible | 1524389 | 1989933 |
|  Equity investments agreements subscribed | 158524 | 187266 |
|  Guarantees | 958508 | 273450 |

---

These commitments and contingencies arose from the normal course of CAF**'**s business and are related principally to loans that have been approved or committed for disbursement.

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

In the ordinary course of business, CAF has entered into commitments to extend loans; such loan commitments are reported in the above table upon signing the corresponding loan agreement and are reported as loans in the balance sheets when disbursements are made. Loan commitments that have fulfilled the necessary requirements for disbursement are classified as eligible.

The commitments to extend loans have fixed expiration dates and in some cases expire without a loan being disbursed. Therefore, the amounts of total commitment to extend loans do not necessarily represent future cash requirements. Also, based on experience, portions of the loan commitments are disbursed on average two years after the signing of the loan agreement.

The lines of credit are extended to financial and corporate institutions as a facility to grant short term loans basically to finance working capital and international trade activities.

As of June 30, 2025 Guarantees includes US$700,000 related to EEA financial guarantees provided (Note 5).

Guarantees mature as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,**<br>**2025** | **June 30,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2024** |
|  Less than one year |  | 1356 |  | 16564 |
|  Between one and five years |  | 15085 |  | 12304 |
|  Over five years |  | 942067 |  | 244582 |
|  |  | 958508 |  | 273450 |

---

To the best knowledge of CAF**'**s management, CAF is not involved in any litigation that is material to CAF**'**s business or that is likely to have any impact on its business, financial condition or results of operations.

**18.** **ADMINISTRATIVE EXPENSES** 

During the six-month periods ended June 30, 2025 and 2024, the details of administrative expenses are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  Salaries and employee benefit |  | 67066 |  | 67049 |
|  Business expenses |  | 18114 |  | 10250 |
|  Telecommunications and technology |  | 10527 |  | 11284 |
|  Depreciation and amortization |  | 7559 |  | 7289 |
|  Logistics and infrastructure |  | 6987 |  | 7364 |
|  |  | 110253 |  | 103236 |

---

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

Notes to the Unaudited Condensed Interim Financial Statements Information

As of June 30, 2025 and December 31, 2024

and for the six-month periods ended June 30, 2025 and 2024

(In thousands of U.S. dollars)

**19.** **SEGMENT REPORTING AND CONCENTRATIONS** 

We operate as one operating and reportable segment. CAF offers financial and related services to governments of its shareholder countries, as well as their public and private institutions, corporations and joint ventures. The Board Executive President act as the chief operating decision maker ("CODM") of CAF. The CODM reviews financial information presented in our statements of income and the balance sheets when making decisions related to assessing the operating performance and allocating resources.

Net income, which is reported in the accompanying statements of income, is the measure of segment profit or loss that is regularly reviewed by the CODM. Net income is used by the CODM in assessing the operating performance of the segment and to monitor budget versus actual results. Refer to the accompanying statements of income for the presentation of net income for the six-month periods ended June 30, 2025 and 2024.

The measure of segment assets is reported in the accompanying balance sheets as "Total" in the asset section. The accounting policies of our single operating and reportable segment are the same as those described in Note 2 – Basis of Presentation and Significant Accounting Policies included in the CAF**'**s audited financial statements as of and for the years ended December 31, 2024 and 2023 and the notes thereto ("audited financial statements").

For the six-month periods ended June 30, 2025 and 2024, loans made to or guaranteed by three countries individually generated in excess, of 10% of interest income on loans, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  Argentina |  | 161640 |  | 178249 |
|  Ecuador |  | 138608 |  | 166177 |
|  Brazil |  | 131161 |  | 124089 |
|  |  | 431409 |  | 468515 |

---

**20.** **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through August 15, 2025, the date these financial statements were available to be issued. As a result of this evaluation, management has determined that there are no subsequent events that require a disclosure in these financial statements except for:

On July 8, 2025, CAF issued bonds for PYG 75,000 million, equivalent to US$9,7 million, 7,25% due 2030, under its CAF**'**s G1 Global Issuance Program in Paraguay. <br>

On August 5, 2025, CAF issued bonds for PYG 34,000 million, equivalent to US$4,6 million, 7,45% due 2030, under its CAF**'**s G1 Global Issuance Program in Paraguay. <br>

On July 8, 2025, the Government of Grenada officially completed the process to become shareholder country of CAF. The Government of Grenada paid 1,055 Series "C" ordinary shares of CAF, for a total amount of 14,9 million. <br>

------

##### [**Table of Contents**](#toc)
**CORPORACIÓN ANDINA DE FOMENTO (CAF)** 

**SUPPLEMENTARY INFORMATION (UNAUDITED)** 

**AS OF JUNE 30, 2025** 

**BONDS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Title** | **Interest Rate** | **Coupon** | **Date of<br>Agreement<br>of Issue** | **Year of<br>Final<br>Maturity** | **Currency** | **Principal Amount<br>Outstanding as of<br>June 30, 2025<br>(in millions)** |
|  4.25% Euro Bond (Schuldschein) | Fixed | 4.25% | 2012 | 2027 | EUR(1) | 82 |
|  4.375% Euro Bond (Schuldschein) | Fixed | 4.38% | 2012 | 2032 | EUR | 60 |
|  5.0% Euro Dollar Bond | Fixed | 5.00% | 2012 | 2042 | USD | 50 |
|  3.25% Euro Bonds | Fixed | 3.25% | 2013 | 2033 | EUR | 100 |
|  3.25% Euro Bonds | Fixed | 3.25% | 2013 | 2033 | EUR | 100 |
|  4.27% Euro Hong Kong Dollar Bonds | Fixed | 4.27% | 2013 | 2028 | HKD(2) | 940 |
|  3.66% Euro Bond | Fixed | 3.66% | 2013 | 2033 | EUR | 51 |
|  3.625% Euro Bond (Schuldschein) | Fixed | 3.63% | 2013 | 2033 | EUR | 200 |
|  3.31% Euro Bonds | Fixed | 3.31% | 2013 | 2028 | EUR | 226 |
|  3.31% Euro Bonds | Fixed | 3.31% | 2013 | 2028 | EUR | 25 |
|  3.51% Euro Bonds | Fixed | 3.51% | 2014 | 2034 | EUR | 65 |
|  3.500% Euro Bonds | Fixed | 3.50% | 2014 | 2039 | EUR | 200 |
|  4.29% Euro Bonds | Fixed | 4.29% | 2014 | 2026 | NOK(3) | 1500 |
|  3.925% Euro Bonds | Fixed | 3.93% | 2014 | 2029 | HKD | 1257 |
|  3.05% Euro Bonds | Fixed | 3.05% | 2014 | 2030 | EUR | 50 |
|  1.50% Swiss Franc Bonds | Fixed | 1.50% | 2014 | 2028 | CHF(4) | 225 |
|  0.51% Swiss Franc Bonds | Fixed | 0.51% | 2015 | 2026 | CHF | 200 |
|  0.51% Swiss Franc Bonds | Fixed | 0.51% | 2015 | 2026 | CHF | 150 |
|  3.05% Euro Bonds | Fixed | 3.05% | 2015 | 2035 | NOK | 1000 |
|  3.05% Euro Bonds | Fixed | 3.05% | 2015 | 2030 | NOK | 800 |
|  0.45% Samurai Market | Fixed | 0.45% | 2016 | 2026 | JPY(5) | 4500 |
|  0.51% Swiss Market Bond | Fixed | 0.51% | 2016 | 2026 | CHF | 125 |
|  2.89% Euro Bonds | Fixed | 2.89% | 2016 | 2026 | HKD | 320 |
|  4.50% Kangaroo Market Bond | Fixed | 4.50% | 2016 | 2026 | AUD(6) | 110 |
|  1.70% Euro Bonds | Fixed | 1.70% | 2016 | 2031 | EUR | 70 |
|  1.803% Euro Bonds | Fixed | 1.80% | 2016 | 2031 | EUR | 100 |
|  4.50% Kangaroo Market Bond | Fixed | 4.50% | 2016 | 2026 | AUD | 80 |
|  1.796% Euro Bonds | Fixed | 1.80% | 2016 | 2031 | EUR | 50 |
|  3.50% Euro Bonds | Fixed | 3.50% | 2017 | 2037 | CAD(7) | 40 |
|  4.50% Kangaroo Market Bond | Fixed | 4.50% | 2017 | 2027 | AUD | 175 |
|  3.265% Euro Bonds | Fixed | 3.27% | 2017 | 2027 | HKD | 1620 |
|  4.50% Kangaroo Market Bond | Fixed | 4.50% | 2017 | 2027 | AUD | 75 |
|  4.50% Kangaroo Market Bond | Fixed | 4.50% | 2018 | 2027 | AUD | 75 |
|  8.50% Mexican Pesos Bond | Fixed | 8.50% | 2018 | 2028 | MXN(8) | 3000 |
|  6.77% Euro Bond | Fixed | 6.77% | 2018 | 2028 | COP(9) | 510000 |
|  6.75% Euro Bond | Fixed | 6.75% | 2018 | 2028 | COP | 150000 |
|  3.90% Uruguayan Bond | Fixed | 3.90% | 2019 | 2040 | UIU(10) | 39 |
|  6.77% Colombian Pesos Bond | Fixed | 6.77% | 2019 | 2028 | COP | 99500 |
|  9.60% Mexican Pesos | Fixed | 9.60% | 2019 | 2039 | MXN | 965 |
|  3.90% Uruguayan Bond | Fixed | 3.90% | 2019 | 2040 | UIU | 7 |
|  2.97% Euro Dollar Bond | Fixed | 2.97% | 2019 | 2029 | USD | 140 |
|  0.18% Euro Bond | Fixed | 0.18% | 2019 | 2027 | EUR | 50 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2019 | 2039 | UIU | 2.5 |
|  0.625% Euro Bond | Fixed | 0.63% | 2019 | 2026 | EUR | 750 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Title** | **Interest Rate** | **Coupon** | **Date of<br>Agreement<br>of Issue** | **Year of<br>Final<br>Maturity** | **Currency** | **Principal Amount<br>Outstanding as of<br>June 30, 2025<br>(in millions)** |
|  3.90% Uruguayan Bond | Fixed | 3.90% | 2019 | 2040 | UIU | 8 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2020 | 2039 | UIU | 5 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2020 | 2038 | UIU | 2 |
|  3.30% Uruguayan Bond | Fixed | 3.20% | 2020 | 2037 | UIU | 7 |
|  4.2581% Uruguayan Bond | Fixed | 4.26% | 2020 | 2039 | UIU | 1 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2020 | 2039 | UIU | 6 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2020 | 2038 | UIU | 6 |
|  1.025% Japanese Bond | Fixed | 1.03% | 2020 | 2040 | JPY | 3000 |
|  6.78% Mexican Bond | Fixed | 6.78% | 2020 | 2027 | MXN | 1200 |
|  3.30% Uruguayan Bond | Fixed | 3.20% | 2020 | 2037 | UIU | 15 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2020 | 2038 | UIU | 9 |
|  7.5% Mexican Bond | Fixed | 7.50% | 2020 | 2030 | MXN | 1525 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2020 | 2039 | UIU | 7 |
|  0.77% Japanese Bond | Fixed | 0.77% | 2020 | 2025 | JPY | 17200 |
|  0.70% Swiss Market Bond | Fixed | 0.70% | 2020 | 2025 | CHF | 350 |
|  1.60% Euro Bond | Fixed | 1.60% | 2020 | 2025 | USD | 40 |
|  0.727% Japanese Bond | Fixed | 0.73% | 2020 | 2025 | JPY | 20000 |
|  6.75% Colombian Bond | Fixed | 6.75% | 2020 | 2028 | COP | 104200 |
|  3.30% Uruguayan Bond | Fixed | 3.20% | 2020 | 2037 | UIU | 11 |
|  4.26% Uruguayan Bond | Fixed | 4.26% | 2020 | 2029 | UIU | 5 |
|  1.625% Euro Bond | Fixed | 1.63% | 2020 | 2025 | USD | 750 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2020 | 2039 | UIU | 9 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2020 | 2038 | UIU | 11 |
|  6.77% Colombian Bond | Fixed | 6.77% | 2020 | 2028 | COP | 145000 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2020 | 2037 | UIU | 5 |
|  1.332% Euro Bond | Fixed | 1.33% | 2020 | 2025 | USD | 30 |
|  4.2% Uruguayan Bond | Fixed | 4.26% | 2020 | 2039 | UIU | 6 |
|  1.327% Euro Bond | Fixed | 1.33% | 2020 | 2025 | USD | 30 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2021 | 2039 | UIU | 6 |
|  0.25% Euro Bond | Fixed | 0.25% | 2021 | 2026 | EUR | 1250 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2021 | 2038 | UIU | 12 |
|  0.35% Samurai Bond | Fixed | 0.35% | 2021 | 2026 | JPY | 13300 |
|  0.45% Samurai Bond | Fixed | 0.45% | 2021 | 2028 | JPY | 1400 |
|  0.35% Samurai Bond | Fixed | 0.35% | 2021 | 2026 | JPY | 16600 |
|  6.8% Mexican Bond | Fixed | 6.82% | 2021 | 2031 | MXN | 3535 |
|  1.58% Euro Bond | Fixed | 1.58% | 2021 | 2026 | USD | 50 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2021 | 2037 | UIU | 9 |
|  4.26% Uruguayan Bond | Fixed | 4.26% | 2021 | 2039 | UIU | 9 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2021 | 2039 | UIU | 5 |
|  1.00% Samurai Bond | Fixed | 1.00% | 2021 | 2026 | AUD | 30 |
|  2.5% Euro Bonds | Fixed | 2.50% | 2021 | 2031 | NOK | 600 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2021 | 2038 | UIU | 9 |
|  Brazilian Real Bond | Index-linked | N.A. | 2021 | 2033 | BRL(11) | 215 |
|  Brazilian Real Bond | Index-linked | N.A. | 2021 | 2026 | BRL | 70 |
|  0.30% Euro Yen Bonds | Fixed | 0.30% | 2021 | 2031 | JPY | 3000 |
|  Brazilian Real Bond | Index-linked | N.A. | 2021 | 2033 | BRL | 239 |
|  Brazilian Real Bond | Index-linked | N.A. | 2021 | 2026 | BRL | 80 |
|  3.54% Mexican Bond | Fixed | 3.54% | 2021 | 2031 | MXN-UDI(12) | 211 |
|  0.45% Japanese Bond | Fixed | 0.45% | 2021 | 2028 | JPY | 20000 |
|  0.32% Japanese Bond | Fixed | 0.32% | 2021 | 2027 | JPY | 5500 |
|  0.22% Japanese Bond | Fixed | 0.22% | 2021 | 2026 | JPY | 5000 |
|  3.20% Uruguayan Bond | Fixed | 3.20% | 2021 | 2037 | UIU | 7 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2021 | 2039 | UIU | 1 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Title** | **Interest Rate** | **Coupon** | **Date of<br>Agreement<br>of Issue** | **Year of<br>Final<br>Maturity** | **Currency** | **Principal Amount<br>Outstanding as of<br>June 30, 2025<br>(in millions)** |
|  4.26% Uruguayan Bond | Fixed | 4.26% | 2021 | 2039 | UIU | 6 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2021 | 2038 | UIU | 12 |
|  Brazilian Real Bond | Index-linked | N.A. | 2021 | 2026 | BRL | 261 |
|  Brazilian Real Bond | Index-linked | N.A. | 2021 | 2026 | BRL | 40 |
|  Brazilian Real Bond | Index-linked | N.A. | 2021 | 2033 | BRL | 163 |
|  2.16% Australian Bond | Fixed | 2.16% | 2021 | 2031 | AUD | 65 |
|  1.92% Euro Bond | Fixed | 1.92% | 2021 | 2031 | USD | 50 |
|  3.90% Uruguayan Bond | Fixed | 3.90% | 2021 | 2040 | UIU | 8 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2021 | 2039 | UIU | 4 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2021 | 2038 | UIU | 7 |
|  4.26% Uruguayan Bond | Fixed | 4.26% | 2021 | 2039 | UIU | 2 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2021 | 2039 | UIU | 2 |
|  3.20% Uruguayan Bond | Fixed | 3.20% | 2021 | 2037 | UIU | 6.5 |
|  0.46% Swiss Bond | Fixed | 0.46% | 2022 | 2027 | CHF | 350 |
|  2.25% Yankee Bond | Fixed | 2.25% | 2022 | 2027 | USD | 650 |
|  0.60% Samurai Bond | Fixed | 0.60% | 2022 | 2032 | JPY | 7200 |
|  3.64% Uruguayan Bond | Fixed | 3.64% | 2022 | 2039 | UIU | 2 |
|  6.8% Mexican Bond | Fixed | 6.82% | 2022 | 2031 | MXN | 7500 |
|  9.0% Mexican Bond | Fixed | 9.0% | 2022 | 2027 | MXN | 2000 |
|  3.64% Uruguayan Bond | Fixed | 3.64% | 2022 | 2039 | UIU | 4 |
|  4.04% Uirdashi Bond | Fixed | 4.04% | 2022 | 2027 | NZD(13) | 22 |
|  3.40% Uridashi Bond | Fixed | 3.40% | 2022 | 2027 | AUD | 12 |
|  2.81% Uridashi Bond | Fixed | 2.81% | 2022 | 2027 | USD | 7 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2022 | 2039 | UIU | 1 |
|  4.26% Uruguayan Bond | Fixed | 4.26% | 2022 | 2039 | UIU | 4 |
|  2.88% Uruguayan Bond | Fixed | 2.88% | 2022 | 2039 | UIU | 15 |
|  2.38% Euro Bond | Fixed | 2.38% | 2022 | 2027 | EUR | 500 |
|  5.00% Kangaroo Bond | Fixed | 5.00% | 2022 | 2029 | AUD | 55 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2022 | 2039 | UIU | 0.8 |
|  3.20% Uruguayan Bond | Fixed | 3.20% | 2022 | 2037 | UIU | 8.3 |
|  4.26% Uruguayan Bond | Fixed | 4.26% | 2022 | 2039 | UIU | 3.2 |
|  2.09% Swiss Bond | Fixed | 2.09% | 2022 | 2028 | CHF | 235 |
|  2.72% Euro Bond (Schuldschein) | Fixed | 2.72% | 2022 | 2046 | EUR | 111 |
|  3.50% Panamanian Bond | Fixed (Step-up) | 3.50% | 2022 | 2042 | USD | 200 |
|  4.83% Mexican Bond | Fixed | 4.83% | 2022 | 2037 | MXN-UDI | 750 |
|  2.88% Uruguayan Bond | Fixed | 2.88% | 2022 | 2039 | UIU | 13 |
|  5.90% Kangaroo Bond | Fixed | 5.90% | 2022 | 2037 | AUD | 35 |
|  37.0% Turkish Lire | Fixed | 37.0% | 2022 | 2027 | TRY(14) | 850 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2022 | 2039 | UIU | 0.5 |
|  3.20% Uruguayan Bond | Fixed | 3.20% | 2022 | 2037 | UIU | 6.0 |
|  5.25% Yankee Bond | Fixed | 5.25% | 2022 | 2025 | USD | 800 |
|  2.88% Uruguayan Bond | Fixed | 2.88% | 2022 | 2039 | UIU | 5.8 |
|  32.5% Turkish Lire Bond | Fixed | 32.5% | 2023 | 2026 | TRY | 500 |
|  4.75% Yankee Bond | Fixed | 4.75% | 2023 | 2026 | USD | 1500 |
|  2.44% Swiss Bond | Fixed | 2.44% | 2023 | 2030 | CHF | 190 |
|  USD FRN Bond | Float | SOFR + 0.97% | 2023 | 2026 | USD | 50 |
|  5.00% Kangaroo Bond | Fixed | 5.00% | 2023 | 2033 | AUD | 45 |
|  USD FRN Bond | Float | SOFR + 1.20% | 2023 | 2028 | USD | 30 |
|  5.55% New Zealand Bond | Fixed | 5.55% | 2023 | 2028 | NZD | 50 |
|  0.84% Yen Bonds | Fixed | 0.84% | 2023 | 2028 | JPY | 10000 |
|  6.77% Colombian Bond | Fixed | 6.77% | 2023 | 2028 | COP | 200000 |
|  4.50% Euro Bond | Fixed | 4.50% | 2023 | 2028 | EUR | 1000 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Title** | **Interest Rate** | **Coupon** | **Date of<br>Agreement<br>of Issue** | **Year of<br>Final<br>Maturity** | **Currency** | **Principal Amount<br>Outstanding as of<br>June 30, 2025<br>(in millions)** |
|  5.95% Kangaroo Bond | Fixed | 5.95% | 2023 | 2033 | AUD | 75 |
|  25.0% Turkish Lire | Fixed | 25.0% | 2023 | 2027 | TRY | 675 |
|  10.35% Mexican Bond | Fixed | 10.35% | 2023 | 2033 | MXN | 2000 |
|  USD FRN Bond | Float | SOFR + 1.15% | 2023 | 2028 | USD | 59 |
|  11.5% Colombian Bond | Fixed | 11.5% | 2023 | 2031 | COP | 142120 |
|  3.81% Uruguayan Bond | Fixed | 3.81% | 2023 | 2042 | UIU | 2 |
|  4.71% Euro Dollar Bond | Fixed | 4.17% | 2023 | 2028 | USD | 51 |
|  4.28% Kangaroo Bond | Fixed | 4.28% | 2023 | 2028 | AUD | 62 |
|  2.88% Uruguayan Bond | Fixed | 2.88% | 2023 | 2039 | UIU | 1.4 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2023 | 2039 | UIU | 0.3 |
|  5.30% Kangaroo Bond | Fixed | 5.30% | 2023 | 2033 | AUD | 45 |
|  4.50% Kangaroo Bond | Fixed | 4.50% | 2023 | 2033 | AUD | 70 |
|  5.79% Kangaroo Bond | Fixed | 5.79% | 2023 | 2038 | AUD | 115 |
|  USD FRN Bond | Float | SOFR + 1.12% | 2023 | 2028 | USD | 36 |
|  USD FRN Bond | Float | SOFR + 0.95% | 2023 | 2026 | USD | 100 |
|  5.79% Australian Bond | Fixed | 5.79% | 2023 | 2038 | AUD | 145 |
|  7.08% Costa Rican Bond | Fixed | 7.08% | 2023 | 2028 | CRC(15) | 28 |
|  7.68% Costa Rican Bond | Fixed | 7.68% | 2023 | 2033 | CRC | 25 |
|  7.75% Paraguayan Bond | Fixed | 7.75% | 2023 | 2026 | PYG(16) | 72.4 |
|  2.88% Uruguayan Bond | Fixed | 2.88% | 2023 | 2039 | UIU | 4.8 |
|  4.50% Australian Bond | Fixed | 4.50% | 2023 | 2027 | AUD | 50 |
|  1.10% Yen Bond | Fixed | 1.10% | 2023 | 2033 | JPY | 5000 |
|  5.79% Australian Bond | Fixed | 5.79% | 2023 | 2038 | AUD | 160 |
|  2.55% Swiss Bond | Fixed | 2.55% | 2023 | 2029 | CHF | 110 |
|  2.88% Uruguayan Bond | Fixed | 2.88% | 2023 | 2039 | UIU | 10.3 |
|  3.64% Uruguayan Bond | Fixed | 3.64% | 2023 | 2039 | UIU | 0.4 |
|  6.00% Yankee Bond | Fixed | 6.00% | 2023 | 2027 | USD | 1750 |
|  5.04% Uridashi Bond | Fixed | 5.04% | 2023 | 2028 | USD | 29.7 |
|  5.00% Australian Bond | Fixed | 5.00% | 2023 | 2033 | AUD | 50 |
|  0.73% Samurai Bond | Fixed | 0.73% | 2023 | 2027 | JPY | 18300 |
|  0.96% Samurai Bond | Fixed | 0.96% | 2023 | 2028 | JPY | 17700 |
|  3.81% Uruguayan Bond | Fixed | 3.81% | 2023 | 2042 | UIU | 5.2 |
|  3.64% Uruguayan Bond | Fixed | 3.64% | 2023 | 2039 | UIU | 1.4 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2023 | 2039 | UIU | 1 |
|  3.90% Uruguayan Bond | Fixed | 3.90% | 2023 | 2040 | UIU | 55.5 |
|  3.76% Uruguayan Bond | Fixed | 3.76% | 2023 | 2039 | UIU | 39.3 |
|  USD FRN Bond | Float | SOFR + 0.68% | 2024 | 2026 | USD | 25 |
|  3.61% Uruguayan Bond | Fixed | 3.61% | 2024 | 2039 | UIU | 9.1 |
|  5.0% Yankee Bond | Fixed | 5.0% | 2024 | 2029 | USD | 1750 |
|  7.80% Paraguayan Bond | Fixed | 7.80% | 2024 | 2029 | PYG | 222000 |
|  3.63% Euro Bond | Fixed | 3.63% | 2024 | 2030 | EUR | 1500 |
|  5.30% Kangaroo Bond | Fixed | 5.30% | 2024 | 2029 | AUD | 500 |
|  2.375% Euro Bond | Fixed | 2.375% | 2024 | 2027 | EUR | 200 |
|  5.90% Australian Bond | Fixed | 5.90% | 2024 | 2040 | AUD | 100 |
|  7.65% Indian Rupee Bond | Fixed | 7.65% | 2024 | 2031 | INR(17) | 4200 |
|  7.70% Indian Rupee Bond | Fixed | 7.70% | 2024 | 2029 | INR | 3300 |
|  3.10% Uruguayan Bond | Fixed | 3.10% | 2024 | 2032 | UIU | 20.4 |
|  7.50% Indian Rupee Bond | Fixed | 7.50% | 2024 | 2034 | INR | 4000 |
|  7.50% Indian Rupee Bond | Fixed | 7.50% | 2024 | 2030 | INR | 4500 |
|  8.50% Jamaican Bond | Fixed | 8.50% | 2024 | 2028 | JMD(18) | 4000 |
|  7.25% Paraguayan Bond | Fixed | 7.25% | 2024 | 2031 | PYG | 150000 |
|  4.75% Sterling Bond | Fixed | 4.75% | 2024 | 2029 | GBP(19) | 1000 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Title** | **Interest Rate** | **Coupon** | **Date of<br>Agreement<br>of Issue** | **Year of<br>Final<br>Maturity** | **Currency** | **Principal Amount<br>Outstanding as of<br>June 30, 2025<br>(in millions)** |
|  6.35% Costa Rican Bond | Fixed | 6.35% | 2024 | 2032 | CRC | 47250 |
|  7.70% Indian Rupee Bond | Fixed | 7.70% | 2024 | 2029 | INR | 2700 |
|  8.25% Indian Rupee Bond | Fixed | 8.25% | 2024 | 2034 | INR | 4500 |
|  6.06% Costa Rican Bond | Fixed | 6.06% | 2024 | 2029 | CRC | 15000 |
|  7.65% Indian Rupee Bond | Fixed | 7.65% | 2024 | 2031 | INR | 5000 |
|  4.50% Australian Bond | Fixed | 4.50% | 2024 | 2034 | AUD | 40 |
|  3.12% Chinese Yuan (offshore) Bond | Fixed | 3.12% | 2024 | 2028 | CNH(20) | 383 |
|  6.00% Euro Dollar Bond | Fixed | 6.00% | 2024 | 2034 | USD | 10 |
|  5.18% Euro Dollar Bond | Fixed | 5.18% | 2024 | 2027 | USD | 30 |
|  3.78% Uruguayan Bond | Fixed | 3.78% | 2024 | 2038 | UIU | 59.1 |
|  4.26% Uruguayan Bond | Fixed | 4.26% | 2024 | 2039 | UIU | 33.2 |
|  2.88% Uruguayan Bond | Fixed | 2.88% | 2024 | 2039 | UIU | 55.3 |
|  3.64% Uruguayan Bond | Fixed | 3.64% | 2024 | 2039 | UIU | 1.8 |
|  30.00% Turkish Bond | Fixed | 30.00% | 2024 | 2028 | TRY | 650 |
|  USD FRN Bond | Float | SOFR + 0.72% | 2024 | 2029 | USD | 20 |
|  3.20% Uruguayan Bond | Fixed | 3.20% | 2024 | 2037 | UIU | 68.9 |
|  3.10% Uruguayan Bond | Fixed | 3.10% | 2024 | 2032 | UIU | 20.1 |
|  3.81% Uruguayan Bond | Fixed | 3.81% | 2024 | 2042 | UIU | 12.7 |
|  3.35% Uruguayan Bond | Fixed | 3.35% | 2024 | 2038 | UIU | 2.9 |
|  4.125% Yankee Bond | Fixed | 4.125% | 2024 | 2028 | USD | 1000 |
|  6.50% Paraguayan Bond | Fixed | 6.50% | 2024 | 2028 | PYG | 197500 |
|  5.00% Yankee Bond | Fixed | 5.00% | 2025 | 2030 | USD | 2000 |
|  8.25% Indian Rupee Bond | Fixed | 8.25% | 2025 | 2034 | INR | 6000 |
|  4.875% Sterling Bond | Fixed | 4.875% | 2025 | 2030 | GBP | 750 |
|  9.25% South African Rand Bond | Fixed | 9.25% | 2025 | 2033 | ZAR(21) | 500 |
|  7.25% Indian Rupee Bond | Fixed | 7.25% | 2025 | 2030 | INR | 4500 |
|  7.65% Indian Rupee Bond | Fixed | 7.65% | 2025 | 2031 | INR | 4500 |
|  6.18% Costa Rican Bond | Fixed | 6.18% | 2025 | 2032 | CRC | 32500 |
|  7.30% Indonesian Rupiah Bond | Fixed | 7.30% | 2025 | 2032 | IDR(22) | 825000 |
|  3.50% Euro Bond | Fixed | 3.50% | 2025 | 2039 | EUR | 30 |
|  6.65% Paraguayan Bond | Fixed | 6.65% | 2025 | 2030 | PYG | 125000 |
|  10.00% Uruguayan Bond | Fixed | 10.00% | 2025 | 2030 | UYU(23) | 2150 |
|  9.88% Uruguayan Bond | Fixed | 9.88% | 2025 | 2030 | UYU | 3000 |
|  4.875% Sterling Bond | Fixed | 4.875% | 2025 | 2030 | GBP | 250 |
|  5.5% Philippine Bond | Fixed | 5.5% | 2025 | 2030 | PHP(24) | 1400 |
|  8.25% Indian Rupee Bond | Fixed | 8.25% | 2025 | 2034 | INR | 6600 |
|  2.975% Euro Bond (Blue) | Fixed | 2.975 | 2025 | 2030 | EUR | 100 |
|  6.75% Perpetual Hybrid Bond | Fixed | 6.75% | 2025 | Perpetual | USD | 500 |
|  |  | (first reset) |  |  |  |  |
|  3.36% Uruguayan Bond | Fixed | 3.36% | 2025 | 2035 | UIU | 2050 |
|  7.40%% Indonesian Rupiah Bond | Fixed | 7.40% | 2025 | 2028 | IDR | 850000 |
|  4.125% Yankee Bond | Fixed | 4.125% | 2025 | 2028 | USD | 1000 |

---

Notes:

1) Euros 

2) Hong Kong Dollars

3) Norwegian Kroner

4) Swiss Francs

5) Japanese Yen

6) Australian Dollars

7) Canadian Dollars

8) Mexican Pesos

9) Colombian Pesos

------

##### [**Table of Contents**](#toc)
10) Uruguayan Indexed Units

11) Brazilian Reais

12) Mexican Investment Units

13) New Zealand Dollars

14) Turkish Lira

15) Costa Rican Colones

16) Paraguayan Guarani

17) Indian Rupees

18) Jamaican Dollars

19) British Pound Sterling

20) Chinese Yuan (Offshore)

21) South African Rand

22) Indonesian Rupiah

23) Uruguayan Peso

24) Philippine Peso

**SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through as of the date of this prospectus. As a result of this evaluation, management has determined that there are no subsequent events that require a disclosure in this prospectus except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 8, 2025, CAF issued bonds for PYG 75,000.0 million, equivalent to USD 9.7 million, 7.25%
due 2030, under its Local Paraguayan Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 5, 2025, CAF issued bonds for PYG 34,000.0 million, equivalent to USD 4.6 million, 7.45%
due 2030, under its Local Paraguayan Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 19, 2025, CAF issued bonds for AUD 65.0 million, equivalent to USD 42.1 million, 5.25%
due 2037, under this Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 25, 2025, CAF issued bonds for IDR 800,000.0 million, equivalent to USD 49.6 million,
7.40% due 2035, under Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 25, 2025, CAF issued callable bonds for USD 15.0 million, 4.44% due 2031, under this Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 3, 2025, CAF issued bonds for EUR 1,500.0 million, equivalent to USD 1,739 million,
3.125% due 2032, under this Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 19, 2025, CAF issued bonds for JPY 10,700.0 million, equivalent to USD 72.6 million,
1.37% due 2029, under its Japanese Shelf Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 19, 2025, CAF issued bonds for JPY 10,200.0 million, equivalent to USD 69.2 million,
TONA Shift Compound + 0.47% due 2031, under its Japanese Shelf Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 13, 2025, CAF issued bonds for PYG 110,000.0 million, equivalent to USD 15.6 million,
7.70% due 2030, under its Local Paraguayan Program.

------

##### [**Table of Contents**](#toc)
**LOANS FROM COMMERCIAL BANKS, DEPOSITS AND COMMERCIAL PAPER** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Title** | **Interest<br>Rate** | **Date of<br>Agreement<br>of Issue** | **Year of<br>Final<br>Maturity** | **Currency** | **Principal Amount<br>Outstanding<br>as of June 30, 2025** |
|  | | | | | **(in USD millions)** |
|  Borrowings from other financial institutions, net | Various | Various | Various | Various | 2199.7 |
|  Deposits | Floating | Various | Various | Various | 4279.3 |
|  Commercial Papers | Floating | Various | Various | Various | 3872.7 |

---

**BORROWINGS FROM MULTILATERALS AND BILATERALS, EXIMS AND EXPORT CREDIT AGENCIES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Borrower** | **Interest<br>Rate** | **Date of<br>Agreement<br>of Issue** | **Year of<br>Final<br>Maturity** | **Currency** | **Principal Amount<br>Outstanding as of<br>June 30, 2025<br>(in USD millions)** |
|  Agence Française de Développement — AFD | Various | Various | Various | EUR | 455.4 |
|  Banco Bilbao Vizcaya Argentaria S.A.- BBVA | Various | 2025 | 2027 | USD | 200.0 |
|  Banco Económico S.A. | Fixed | Various | Various | BOB | 4.9 |
|  Inter American Development Bank — IADB | Fixed | 1997 | 2025 | USD | 0.0 |
|  Cassa Depositi e Prestiti S.p.A. | Floating | Various | Various | EUR | 216.8 |
|  Financiera de Desarrollo Nacional S.A.- FDN | Fixed | Various | 2035 | COP | 25.0 |
|  Instituto de Crédito Oficial — ICO | Floating | Various | Various | USD | 515.3 |
|  Japan Bank for International Cooperation — JBIC | Floating | Various | Various | USD | 145.0 |
|  Kreditanstalt für Wiederaufbau — KfW | Various | Various | Various | USD | 656.3 |
|  Nordic Investment Bank — NIB | Floating | 2013 | 2025 | USD | 1.1 |

---

**GUARANTEED DEBT** 

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Date of<br>Agreement<br>of Issue** | **Year of Final<br>Maturity** | **Principal Amount<br>Outstanding as of<br>June 30, 2025<br>(in USD millions)** |
|  Planta de Reserva Fría de Generación de Eten S.A. | 05/12/2013 | 05/12/2033 | 17.3 |
|  H2Olmos S.A. | 24/10/2012 | 25/10/2032 | 16.0 |
|  Concessionária Linha Universidade Participaçóes S.A. | 28/07/2022 | 29/10/2027 | 15.1 |
|  Promotora de Infraestructura Registral, S.A de C.V Sofom | 23/08/2010 | 23/08/2030 | 8.9 |
|  República de El Salvador | 26/09/2024 | 17/12/2046 | 200.0 |

---

------

##### [**Table of Contents**](#toc)
**EXPOSURE EXCHANGE AGREEMENTS** 

As of June 30, 2025, CAF executed a bilateral EEA transaction with another MDB. In this transaction, CAF is the EEA Seller (provided a financial guarantee for its counterparty) and the EEA Buyer (received a financial guarantee from its counterparty) for the following countries and exposure amounts:

---

| | | |
|:---|:---|:---|
|  | **EEA Seller** | **EEA Seller** |
| **Country** | **Amount<br>(in USD millions)** | **S&P<br>Rating** |
|  Costa Rica | 90.0 | BB- |
|  Dominican Republic | 150.0 | BB |
|  El Salvador | 250.0 | B- |
|  Honduras | 210.0 | BB- |
|  Total | 700.0 | N/A |
|  | **EEA Buyer** | **EEA Buyer** |
| **Country** | **Amount<br>(in USD millions)** | **S&P<br>Rating** |
|  Argentina | 100.0 | CCC |
|  Brazil | 250.0 | BB |
|  Colombia | 136.0 | BB |
|  Ecuador | 214.0 | B- |
|  Total | 700.0 | N/A |

---

------

##### [**Table of Contents**](#toc)
**USD 5,000,000,000**![LOGO](g38079g01n42.jpg)

## CORPORACIÓN ANDINA DE FOMENTO
**Debt Securities** 

**Guarantees** 

------

##### [**Table of Contents**](#toc)
**PART II** 

**OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION** 

The following is an estimate of the Registrant's expenses in connection with the issuance of the Securities that are the subject of this registration statement:

---

| | | |
|:---|:---|:---|
|  Securities and Exchange Commission Registration Fee | USD | 690500 |
|  Fiscal and Paying Agent Fees | USD | 10000 |
|  Fees of rating agencies | USD | 350000 |
|  Legal fees | USD | \* |
|  Printing of registration statement, prospectus, and other documents | USD | 75000 |
|  Blue Sky expenses (including counsel fees) | USD | 10000 |
|  Other | USD | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | USD | 1210500 |

---

(\*) Expenses are presently not known and cannot be estimated.

------

##### [**Table of Contents**](#toc)
**UNDERTAKINGS** 

The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

*provided*, *however*, that paragraphs (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) That, for purposes of determining any liability under the Securities Act of 1933 to any purchaser: If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *Provided*, *however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to the purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That, for purposes of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

------

##### [**Table of Contents**](#toc)
**CONTENTS** 

The registration statement comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The facing sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Part II consisting of pages II-1 to II-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The following exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. [Underwriting Agreement for Debt Securities, dated August 9, 2019 (incorporated by reference to CAF's registration statement No. 333-233212)](http://www.sec.gov/Archives/edgar/data/947438/000119312519218257/d783929dex11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Form of Underwriting Agreement pertaining to Guarantees\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. [Form of Pricing Agreement (included in Exhibit A)](http://www.sec.gov/Archives/edgar/data/947438/000119312519218257/d783929dex11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. [Fiscal Agency Agreement, dated March 17, 1998 (incorporated by reference to CAF's registration statement No. 333-180499)](http://www.sec.gov/Archives/edgar/data/947438/000119312512143959/d326002dex41.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Form of Guarantee Agreement, including the form of Guarantee\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. [Form of Note (incorporated by reference to CAF's registration statement No. 333-233212)](http://www.sec.gov/Archives/edgar/data/947438/000119312519218257/d783929dex43.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. [Opinion and consent of Latham & Watkins LLP](d38079dex99g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. [Opinion and consent of Jorge Luis Silva, General Counsel to CAF](d38079dex99h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. [Consent of Lara Marambio & Asociados, a member firm of Deloitte Touche Tohmatsu Limited](d38079dex99i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. [List of names and addresses of the underwriters for Debt Securities (incorporated by reference to CAF's registration statement No. 333-180499)](http://www.sec.gov/Archives/edgar/data/947438/000119312512143959/d326002dex991.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. List of names and addresses of the underwriters for Guarantees\*

\* To be filed by post-effective amendment.

------

##### [**Table of Contents**](#toc)
**SIGNATURE OF REGISTRANT** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant, Corporación Andina de Fomento, has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Bogota, Colombia, on the 17th day of October, 2025.

---

| | | |
|:---|:---|:---|
| CORPORACIÓN ANDINA DE FOMENTO | CORPORACIÓN ANDINA DE FOMENTO | CORPORACIÓN ANDINA DE FOMENTO |
| By: | /s/ Gabriel Felpeto | /s/ Gabriel Felpeto |
|  | Name: | Gabriel Felpeto |
|  | Title: | Vice President of Finance and Chief Financial Officer |

---

------

##### [**Table of Contents**](#toc)
**SIGNATURE OF AUTHORIZED AGENT IN THE UNITED STATES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, appearing below is the signature of Corporación Andina de Fomento's authorized agent in the United States, thereunto duly authorized, in Newark, Delaware, on the 17th day of October, 2025.

---

| | |
|:---|:---|
| PUGLISI & ASSOCIATES | PUGLISI & ASSOCIATES |
| By: | /s/ Donald J. Puglisi |
|  | Name: Donald J. Puglisi |
|  | Title: Managing Director |

---

------

##### [**Table of Contents**](#toc)
**EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit** | **Exhibits** |
| A. | [Underwriting Agreement for Debt Securities, dated August 9, 2019 (incorporated by reference to CAF's registration statement No. 333-233212)](http://www.sec.gov/Archives/edgar/data/947438/000119312519218257/d783929dex11.htm) |
| B. | Form of Underwriting Agreement pertaining to Guarantees\* |
| C. | [Form of Pricing Agreement (included in Exhibit A)](http://www.sec.gov/Archives/edgar/data/947438/000119312519218257/d783929dex11.htm) |
| D. | [Fiscal Agency Agreement, dated March 17, 1998 (incorporated by reference to CAF's registration statement No. 333-180499)](http://www.sec.gov/Archives/edgar/data/947438/000119312512143959/d326002dex41.htm) |
| E. | Form of Guarantee Agreement, including the form of Guarantee\* |
| F. | [Form of Note (incorporated by reference to CAF's registration statement No. 333-233212)](http://www.sec.gov/Archives/edgar/data/947438/000119312519218257/d783929dex43.htm) |
| G. | [Opinion and consent of Latham & Watkins LLP](d38079dex99g.htm) |
| H. | [Opinion and consent of Jorge Luis Silva, General Counsel to CAF](d38079dex99h.htm) |
| I. | [Consent of Lara Marambio & Asociados, a member firm of Deloitte Touche Tohmatsu Limited](d38079dex99i.htm) |
| J. | [List of names and addresses of the underwriters for Debt Securities (incorporated by reference to CAF's registration statement No. 333-180499)](http://www.sec.gov/Archives/edgar/data/947438/000119312512143959/d326002dex991.htm) |
| K. | List of names and addresses of the underwriters for Guarantees\* |

---

\* To be filed by post-effective amendment.

## Ex-99.G

**Exhibit G** 

---

| | | |
|:---|:---|:---|
|  | 1271 Avenue of the Americas | 1271 Avenue of the Americas |
|  | New York, New York 10020-1401 | New York, New York 10020-1401 |
|  | Tel: +1.212.906.1200 Fax: +1.212.751.4864 | Tel: +1.212.906.1200 Fax: +1.212.751.4864 |
|  | www.lw.com | www.lw.com |
| ![LOGO](g38079dsp1.jpg) | <br> FIRM / AFFILIATE OFFICES | <br> FIRM / AFFILIATE OFFICES |
| ![LOGO](g38079dsp1.jpg) | Austin | Milan |
| ![LOGO](g38079dsp1.jpg) | Beijing | Munich |
| ![LOGO](g38079dsp1.jpg) | Boston | New York |
|  | Brussels | Orange County |
|  | Chicago | Paris |
|  | Dubai | Riyadh |
| October 17, 2025 | Düsseldorf | San Diego |
|  | Frankfurt | San Francisco |
|  | Hamburg | Seoul |
|  | Hong Kong | Silicon Valley |
| Corporación Andina de Fomento | Houston | Singapore |
| Torre CAF | London | Tel Aviv |
| Avenida Luis Roche, Altamira | Los Angeles | Tokyo |
| Caracas, Venezuela | Madrid | Washington, D.C. |

---

Re: <u>Corporación Andina de Fomento – Registration Statement pursuant to Schedule B</u>

To the addressee set forth above:

We have acted as special United States counsel to Corporación Andina de Fomento, a multilateral financial institution established under public international law ("***CAF***"), in connection with its filing on the date hereof with the United States Securities and Exchange Commission (the "***Commission***") of a registration statement pursuant to Schedule B (as amended, the "***Registration Statement***"), including a base prospectus (the "***Base Prospectus***"), which provides that it will be supplemented by one or more prospectus supplements (each such prospectus supplement, together with the Base Prospectus, a "***Prospectus***"), under the United States Securities Act of 1933, as amended (the "***Act***"), relating to the registration for issue and sale by CAF of up to $5,000,000,000 aggregate offering amount of one or more series of CAF's debentures, notes or guarantees (collectively, the "***Securities***") to be issued under a Fiscal Agency Agreement, dated March 17, 1998 (the "***Fiscal Agency Agreement***"), between CAF, as issuer, and The Bank of New York Mellon (as successor in interest to JPMorgan Chase Bank), as fiscal agent, which is filed as an exhibit to the Registration Statement.

This opinion is being furnished in connection with the requirements of the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related Prospectus, other than as expressly stated herein with respect to the issue of the Securities.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of CAF and others as to factual matters without having independently verified such factual matters. We are opining herein as to the internal laws of the State of New York, and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or as to any matters of municipal law or the laws of any local agencies within any state.

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**October 17, 2025** 

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Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the specific terms of a particular series of Securities have been duly established in accordance with the terms of the Fiscal Agency Agreement and authorized by all necessary corporate action of CAF, and such Securities have been duly executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the Fiscal Agency Agreement and in the manner contemplated by the applicable Prospectus and such corporate action, such Securities will be the legally valid and binding obligations of CAF, enforceable against CAF in accordance with their terms.

Our opinions are subject to: (i) the effect of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and remedies of creditors; (ii) (a) the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), (b) concepts of materiality, reasonableness, good faith and fair dealing, and (c) the discretion of the court before which a proceeding is brought; and (iii) the invalidity under certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy. We express no opinion as to (a) any provision for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty; (b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies, or judicial relief; (c) any provision requiring the payment of attorneys' fees, where such payment is contrary to law or public policy; (d) any provision permitting, upon acceleration of any Securities, collection of that portion of the stated principal amount thereof which might be determined to constitute unearned interest thereon; (e) the creation, validity, attachment, perfection, or priority of any lien or security interest; (f) advance waivers of claims, defenses, rights granted by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other procedural rights; (g) waivers of broadly or vaguely stated rights; (h) provisions for exclusivity, election or cumulation of rights or remedies; (i) provisions authorizing or validating conclusive or discretionary determinations; (j) grants of setoff rights; (k) proxies, powers and trusts; (l) provisions prohibiting, restricting, or requiring consent to assignment or transfer of any right or property; (m) any provision to the extent it requires that a claim with respect to Securities denominated in other than United States dollars (or a judgment in respect of such a claim) be converted into United States dollars at a rate of exchange at a particular date, to the extent applicable law otherwise provides; (n) provisions purporting to waive modifications of any guaranteed obligation to the extent such modification constitutes a novation; and (o) the severability, if invalid, of provisions to the foregoing effect.

With your consent, we have assumed (a) that each of the Securities and the Fiscal Agency Agreement (collectively, the "***Documents***") will be governed by the internal laws of the State of New York, (b) that each of the Documents has been or will be duly authorized, executed and delivered by the parties thereto, (c) that each of the Documents constitutes or will constitute legally valid and binding obligations of the parties thereto other than CAF, enforceable against each of them in accordance with their respective terms, and (d) that the status of each of the Documents as legally valid and binding obligations of the parties is not and will not be affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or to make required registrations, declarations or filings with, governmental authorities.

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**October 17, 2025** 

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This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the Prospectus under the headings "Validity of the Debt Securities" and "Validity of the Guarantees." We further consent to the incorporation by reference of this letter and consent into any registration statement or post-effective amendment to the Registration Statement filed pursuant to Rule 462(b) under the Act with respect to the Securities. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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| |
|:---|
| Sincerely, |
| /s/ Latham & Watkins |

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## Ex-99.H

**Exhibit H**![LOGO](g38079g1014235025239.jpg)

October 17, 2025

Ladies and Gentlemen:

In my capacity as General Counsel to Corporación Andina de Fomento ("CAF"), I am familiar with provisions of the treaty of February 7, 1968 establishing CAF, as amended (the "Constitutive Agreement"), and have examined copies of such documents as I have deemed necessary with respect to the entry into force of the Constitutive Agreement.

I have reviewed the Registration Statement under Schedule B of the United States Securities Act of 1933 (the "Registration Statement"), to be filed by CAF with the United States Securities and Exchange Commission on or about October 17, 2025, pursuant to which CAF proposes to offer from time to time up to an aggregate initial offering price of USD 5,000,000,000 of its guarantees (the "Guarantees") or its Debt Securities (the "Debt Securities").

I am also familiar with:

i. The provisions of the form of Fiscal Agency Agreement (the "Fiscal Agency Agreement") between CAF
and The Bank of New York Mellon, as Fiscal Agent, relating to the issue from time to time of the Debt Securities, filed as an exhibit to the Registration Statement;

ii. The form of Debt Security filed as an exhibit to the Registration Statement; and

iii. The proceedings taken by CAF to authorize the issue and sale of the Debt Securities and the Guarantees and the
taking of such other action necessary or appropriate therefore, including, without limitation, (a) the signing of the Fiscal Agency Agreement, and (b) the registration of the Debt Securities and the Guarantees under the United States
Securities Act of 1933.

I have reviewed copies of such other documents and have made such investigations as I have deemed necessary to give this opinion.

Based on the foregoing, I am of the opinion as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fiscal Agency Agreement has been duly authorized, executed and delivered by CAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fiscal Agency Agreement constitutes a valid and legally binding obligation of CAF in accordance with its
terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When the issuance of the Debt Securities and approval of the final terms thereof have been duly authorized by
appropriate corporate action and when the Debt Securities have been duly signed and delivered by CAF and authenticated by the Fiscal Agent in accordance with the Fiscal Agency Agreement, the Debt Securities will constitute valid and legally binding
obligations of CAF in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. When the issuance of the Guarantees and approval of the final terms thereof have been duly authorized by
appropriate corporate action and when the Guarantees have been duly executed and delivered by CAF in accordance with the relevant guarantee agreement, subject to the final terms of the Guarantees being in compliance with applicable law, the
Guarantees will constitute valid and legally binding obligations of CAF in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The filing of the Registration Statement has been duly authorized, and it has been duly executed on behalf of
CAF.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I hereby consent to the filing of this opinion with the Registration Statement and to the use of my name under
the captions "Validity of the Debt Securities" and "Validity of the Guarantees" in the prospectus constituting a part of the Registration Statement. In giving such consent, I do not thereby admit that I am in the category of
persons whose consent is required under Section 7 of the United States Securities Act of 1933.

[*Signature Page Follows*]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| By: | /s/ Jorge Luis Silva Méndez |
|  | Jorge Luis Silva Méndez |
|  | General Counsel |
|  | Corporación Andina de Fomento |

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[*Signature Page to CAF – GC Opinion*]

## Ex-99.I

**Exhibit I** 

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| | |
|:---|:---|
| ![LOGO](g38079g08a01.jpg) | <br> **Lara Marambio & Asociados**<br> RIF.: J-00327665-0<br> Av. Blandín, Edif. Torre la Castellana<br> (BNC), Piso 21<br> Urb. La castellana<br> Caracas 1060- Venezuela<br>Telf: +58(212) 206 8501<br> Fax: +58(212) 206 8870<br> www.deloitte.com/ve |

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**CONSENT OF INDEPENDENT AUDITORS** 

We consent to the use in this registration statement under Schedule B of our Report dated February 10, 2025 relating to the financial statements as of and for the years ended December 31, 2024, 2023 and 2022 of CORPORACION ANDINA DE FOMENTO and our Report dated February 10, 2025 relating to the effectiveness of CORPORACION ANDINA DE FOMENTO's internal control over financial reporting as of December 31, 2024, appearing in the Prospectus, which is a part of this Registration Statement, and to the reference to us under the heading "Experts" is such Prospectus.

/s/ Deloitte.

Caracas Venezuela

October 15, 2025

Lara Marambio & Asociados. A member firm of Deloitte Touche Tohmatsu Limited.

**www.deloitte.com/ve** 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.