# EDGAR Filing Document

**Accession Number:** 0000947438
**File Stem:** 0001193125-23-020376
**Filing Date:** 2023-1
**Character Count:** 53692
**Document Hash:** 66ea984a2ae4a91ac5e5183b2275a0ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-020376.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001193125-23-020376

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267056
- **FILM NUMBER:** 23572883

**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

**As filed with the U.S. Securities and Exchange Commission on January 31, 2023** 

**Registration No. 333-267056** 

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

**Washington, D.C. 20549** 

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**POST-EFFECTIVE AMENDMENT NO. 2** 

**REGISTRATION STATEMENT** 

***UNDER SCHEDULE B***

***OF***

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

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

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

**Puglisi & Associates** 

**850 Library Avenue, Suite 204** 

**Newark, Delaware 19711** 

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***Copies to:***

---

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

---

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The securities registered hereby will be offered on a delayed or continuous basis pursuant to the procedures set forth in Release Nos. 33-6240 and 33-6424 under the U.S. Securities Act of 1933, as amended (the "Securities Act").

This Post-Effective Amendment No. 2 to the Registration Statement is filed pursuant to Rule 462(d) under the Securities Act.

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**PART II EXPLANATORY NOTE** 

This Post-Effective Amendment No. 1 to the Registration Statement (Registration No. 333-267056) under Schedule B of the Securities Act is filed pursuant to Rule 462(d) under the Securities Act solely to add exhibits.

**EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| O | [Pricing Agreement, dated January 19, 2023, among CAF and the underwriters party thereto, relating to the 4.750% Notes due 2026](d455272dex99o.htm) |
| P | [Opinion and consent of Jorge Luis Silva Méndez, General Counsel to CAF, with respect to legality of the 4.750% Notes due 2026](d455272dex99p.htm) |
| Q | [Opinion and consent of Latham & Watkins LLP, United States counsel to CAF, with respect to legality of the 4.750% Notes due 2026](d455272dex99q.htm) |

---

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**SIGNATURE OF REGISTRANT** 

Pursuant to the requirements of the Securities Act of 1933, 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 Bogotá, Colombia, on the 31st day of January, 2023.

---

| | |
|:---|:---|
| CORPORACIÓN ANDINA DE FOMENTO | CORPORACIÓN ANDINA DE FOMENTO |
| By: | /s/ Gabriel Felpeto |
|  | Name: Gabriel Felpeto |
|  | Title: Vice President of Finance and |
|  | Chief Financial Officer |

---

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**SIGNATURE OF AUTHORIZED AGENT IN THE UNITED STATES** 

Pursuant to the requirements of the Securities Act of 1933, 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 31st day of January, 2023.

---

| | |
|:---|:---|
| PUGLISI & ASSOCIATES | PUGLISI & ASSOCIATES |
| By: | /s/ Donald J. Puglisi |
|  | Name: Donald J. Puglisi |
|  | Title: Managing Director |

---

## Ex-99.O

**Exhibit O** 

**Execution Version** 

***<u>PRICING AGREEMENT</u>***

BofA Securities, Inc.

One Bryant Park

New York, NY 10036

United States

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Deutsche Bank AG, London Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

United Kingdom

Goldman Sachs International

Plumtree Court

25 Shoe Lane

London EC4A 4AU

United Kingdom

January 19, 2023

As Representatives of the several Underwriters

named in Schedule I to this Pricing Agreement

Ladies and Gentlemen:

Corporación Andina de Fomento ("***CAF***"), a multilateral financial institution, the Series A shareholders and full members of which are the Plurinational State of Bolivia, the Republics of Argentina, Colombia, Ecuador, Panama, Paraguay, Peru, and Trinidad and Tobago, the Federative Republic of Brazil, El Salvador, the Oriental Republic of Uruguay and the Bolivarian Republic of Venezuela, proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated August 9, 2019 between CAF and the representatives of the several underwriters named in the respective pricing agreements described therein (the "***Underwriting Agreement***"), to issue and sell to the Underwriters named in Schedule I hereto (the "***Underwriters***"), for whom BofA Securities, Inc., Citigroup Global Markets Limited, Deutsche Bank AG, London Branch and Goldman Sachs International are acting as Representatives, the Securities specified in Schedule II

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hereto (the "***Designated Securities***"). In connection with the offering and sale of the Designated Securities, each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety except to the extent such provision has been amended or otherwise modified by the provisions of this Pricing Agreement, and such incorporated provisions of the Underwriting Agreement, as amended by this Pricing Agreement, shall be deemed to be a part of this Pricing Agreement. Each reference to Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Representatives and on behalf of each of the Underwriters of the Designated Securities pursuant to Section 16 of the Underwriting Agreement and the addresses of the Representatives referred to in Section 12 thereof are set forth at the end of Schedule II hereto.

A supplement to the Statutory Prospectus relating to the Designated Securities, in the form heretofore delivered to you, is now proposed to be filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, CAF agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from CAF, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the principal amount of the Designated Securities set forth opposite the name of each such Underwriter in Schedule I hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In connection with the offering and sale of the Designated Securities, the Underwriting Agreement is hereby revised and supplemented as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The term "Registration Statement" shall mean, as of any time, the Registration Statement (File No. 333-267056, filed with the Commission on October 18, 2022 and as amended by any post-effective amendments thereto) relating to the Designated Securities, including any amendment thereto and any information in a prospectus deemed to be a part thereof pursuant to Rule 430C. The term "Applicable Time" shall mean 12:00 p.m. New York City time on January 19, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subsection (a)(i) of Section 2 is modified in its entirety to read as follows:

"CAF has filed with the Securities and Exchange Commission (the "Commission") a registration statement under Schedule B relating to the Designated Securities (such registration statement, including any amendment thereto and any information in a prospectus deemed to be a part thereof pursuant to Rule 430C, the "Registration Statement"); the Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered or to be delivered to the Representatives for each of the Underwriters, excluding exhibits to the Registration Statement, have been declared effective by the Commission in such form; no other document with respect to the Registration Statement has heretofore been filed or transmitted for filing with the Commission (other than any prospectus filed pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities Act of 1933, as amended (the "1933 Act") or any issuer free writing prospectus filed pursuant to Rule 433(d) of the 1933 Act,

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each in the form heretofore delivered to the Representatives); the Commission did not object to the filing of the Registration Statement under Schedule B before the time the Registration Statement initially became effective, and the Registration Statement was deemed filed on the proper registration form at such time by operation of Rule 401(g)(1) of the 1933 Act; and no stop order suspending the effectiveness of the Registration Statement and no proceeding for that purpose has been initiated or threatened by the Commission. The term "Statutory Prospectus" as of any time means the prospectus relating to the Designated Securities that is included in the Registration Statement immediately prior to the time of the first contract of sale for the Designated Securities, including any basic prospectus or prospectus supplement deemed to be a part thereof pursuant to Rule 430C that has not been superseded or modified. The term "Final Prospectus" means the Statutory Prospectus that discloses the public offering price and other final terms of the Designated Securities and otherwise satisfies Section 10(a) of the 1933 Act."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Subsection (c) of Section 2, is modified in its entirety to read as follows:

"The *Convenio Constitutivo* dated February 7, 1968, as amended (the "Constitutive Agreement"), pursuant to which CAF was established, has been duly executed and ratified by all of the signatory countries thereto and constitutes a legally binding obligation of each Full Member Shareholder Country (collectively, the "Signatory Countries") under public international law, and the obligations of CAF's shareholder countries to pay the subscription price of the callable capital that has been subscribed by them are unconditional and absolute obligations of each such shareholder country that CAF considers backed by the full faith and credit of the government of each such shareholder country, as described in the General Disclosure Package."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subsection (p) of Section 2, is modified in its entirety to read as follows:

"Neither CAF nor, to the best of the knowledge of CAF, any director, officer, agent, employee, affiliate, or any other person acting on behalf of CAF, has engaged in any activity or conduct which would violate any applicable anti-bribery or anti-corruption law or regulation, and CAF and, to the best of CAF's knowledge, its affiliates, conduct their businesses in compliance with the Foreign Corrupt Practices Act of 1977 and the U.K. Bribery Act 2010 and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subsection (r) of Section 2, is modified in its entirety to read as follows: 

"Except as otherwise disclosed in the General Disclosure Package, none of CAF, any director or, to the knowledge of CAF, any officer, agent, employee, affiliate or representative of CAF is an individual or entity (a "Person") that is the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the United Nations Security Council ("UNSC"), the European Union, His Majesty's Treasury ("HMT"), or other relevant sanctions authority (collectively, "Sanctions"); CAF is not located, organized under the laws of, or resident in, a country or territory that is subject to comprehensive country-wide or territory-wide Sanctions

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(currently, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, the Donetsk and Luhansk People's Republic regions of Ukraine and other non-Ukrainian controlled regions of Ukraine); and CAF will not directly or indirectly use the proceeds of the sale of the Designated Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person that, at the time of such funding, is the subject of Sanctions, or in any country or territory that is subject to comprehensive country-wide or territory-wide Sanctions (currently, Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine, the Donetsk and Luhansk People's Republic regions of Ukraine and other non-Ukrainian controlled regions of Ukraine), in any manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; provided, that, for purposes of this subsection (r) of Section 2, a Person shall not be deemed to be an affiliate solely as a result of a minority shareholding in CAF.

Each of CAF and the Underwriters acknowledges and agrees that the representation, warranty and agreement given in this subsection (r) of Section 2 is only sought and given to the extent that to do so would not result in a violation of, or conflict by (i) such Underwriter of Council Regulation (EC) 2271/96, as amended (including, if applicable, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended) and/or any associated and applicable national law, instrument or regulation related thereto and (ii) Deutsche Bank AG, London Branch of Section 7 of the German Foreign Trade Ordinance (*Verordnung zur Durchführung des Außenwirtschaftsgesetzes (Außenwirtschaftsverordnung – AWV*)) or any other applicable anti-boycott laws or regulations."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. New subsection (s) of Section 2 is added as follows:

"(s) CAF will apply to the Financial Conduct Authority in its capacity as competent authority pursuant to Part VI of the Financial Services and Markets Act 2000 (the "Financial Conduct Authority") for the Designated Securities to be admitted to the official list of the Financial Conduct Authority (the "Official List") and to the London Stock Exchange plc (the "London Stock Exchange") for the Designated Securities to be admitted to trading on the London Stock Exchange's Regulated Market."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In the last sentence in Section 6(a), the following is added immediately after the words "disbursements of their counsel" and before the period:

"; <u>provided</u>, <u>however</u>, that CAF shall reimburse the Representatives upon demand for the reasonable fees and disbursements of Venezuelan counsel to the Underwriters in an aggregate amount of up to $4,000."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subsection 7(b) is replaced in its entirety as follows:

"(b) The General Counsel of CAF shall have furnished to the Representatives his written opinion, dated the Time of Delivery for such Designated Securities, in the form delivered to and agreed by the Representatives on or prior to the date hereof."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Subsection 7(c) is replaced in its entirety as follows:

"(c) Latham & Watkins LLP, United States counsel to CAF, shall have furnished to the Representatives their written opinion, dated the Time of Delivery for such Designated Securities, in the form delivered to and agreed by the Representatives on or prior to the date hereof."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Subsection 7(f) is eliminated in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. New subsection (l) of Section 7 is added as follows:

"(l) Application shall have been made to the Financial Conduct Authority for the Designated Securities to be admitted to the Official List and to the London Stock Exchange for the Designated Securities to be admitted to trading on the London Stock Exchange's Regulated Market."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. New Section 24 is added as follows:

"24. <u>UK Broker-Dealer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understandings between Citigroup Global Markets Limited and Goldman Sachs International (collectively, the "UK Broker-Dealers") and CAF, CAF acknowledges and accepts that a UK Bail-in Liability arising under this Agreement may be subject to the exercise of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by:

&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;(i) the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to any UK Bail-in Liability of the UK Broker-Dealers to CAF under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&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;(A) the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

&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;(B) the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other obligations of the UK Broker-Dealers or another person, and the issue to or conferral on CAF of such shares, securities or obligations;

&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;(C) the cancellation of the UK Bail-in Liability;

&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;(D) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period;

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&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;(ii) the variation of the terms of this Agreement, as deemed necessary by the relevant resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant resolution authority.

&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;(iii) For purposes of this Section 24(a), the following definitions apply:

&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;(A) "UK Bail-in Legislation" means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

&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;(B) "UK Bail-in Liability" means a liability in respect of which the UK Bail-in Powers may be exercised.

&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;(C) "UK Bail-in Power" means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between each BRRD Party and each BRRD Counterparty, each BRRD Counterparty acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by:

&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;(i) the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of each BRRD Party to each BRRD Counterparty under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&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;(A) the reduction of all, or a portion, of such BRRD Liability or outstanding amounts due thereon;

&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;(B) the conversion of all, or a portion, of such BRRD Liability into shares, other securities or other obligations of the relevant BRRD Party or another person, and the issue to or conferral on the BRRD Counterparty of such shares, securities or obligations;

&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;(C) the cancellation of such BRRD Liability;

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&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;(D) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period;

&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;(ii) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

&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;(iii) For purposes of this Section 24(b), the following definitions apply:

&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;(A) "Bail-in Legislation" means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time.

&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;(B) "Bail-in Powers" means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation.

&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;(C) "BRRD" means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

&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;(D) "BRRD Counterparty" means each party to this Agreement, other than the relevant BRRD Party, that is a counterparty to any BRRD Party.

&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;(E) "BRRD Liability" means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.

&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;(F) "BRRD Party" means any party to this Agreement subject to the Bail-in Legislation.

&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;(G) "EU Bail-in Legislation Schedule" means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at the LMA website under EU Bail-in Legislation Schedule.

&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;(H) "Relevant Resolution Authority" means the resolution authority with the ability to exercise any Bail-in Powers in relation to the relevant BRRD Party.""

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. New Section 25 is added as follows:

"25. <u>UK MiFIR Product Governance Rules</u>. Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Rules") regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Citigroup Global Markets Limited, Deutsche Bank AG, London Branch and Goldman Sachs International (each a "UK Manufacturer" and together the "UK Manufacturers") understands the responsibilities conferred upon it under the UK MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Designated Securities and the related information set out in the Prospectus Supplement in connection with the Designated Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CAF notes the application of the UK MiFIR Product Governance Rules and acknowledges the target market and distribution channels identified as applying to the Designated Securities by the UK Manufacturers and the related information set out in the Prospectus Supplement in connection with the Designated Securities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. New Section 26 is added as follows:

"26. <u>MIFID Product Governance Rules</u>. Solely for the purposes of the requirements of<u> </u>Article 9(8) of the MIFID Product Governance rules under EU Delegated Directive 2017/593 (the "Product Governance Rules") regarding the mutual responsibilities of manufacturers under the Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deutsche Bank AG, London Branch (the "MIFID Manufacturer") understands the responsibilities conferred upon it under the Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Designated Securities and the related information set out in the Prospectus Supplement in connection with the Designated Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of CAF, Citigroup Global Markets Limited and Goldman Sachs International note the application of the Product Governance Rules and acknowledge the target market and distribution channels identified as applying to the Designated Securities by the MIFID Manufacturer and the related information set out in the Prospectus Supplement in connection with the Designated Securities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. New Section 27 is added as follows:

"27. <u>ICMA Agreement Among Managers</u>. The execution of this Agreement on behalf of all parties hereto will constitute acceptance by each Underwriter of the International Capital Market Association Standard Form (New York Schedule) "*Agreement Among Managers Version 1: Fixed-Price Non Equity-Related Issues – with or without Selling Group*" (the "Agreement Among Managers") subject to any amendment notified to such Underwriter in writing at any time prior to the execution of this Agreement. References in the Agreement Among Managers to the "Lead Manager" and the "Joint Bookrunners" shall mean the Underwriters or the relevant Underwriter, as the case may be, references to the "Settlement Lead Manager" shall mean Goldman Sachs International, references to the "Stabilisation Coordinator" shall mean Deutsche Bank AG, London Branch and references to the "Stabilisation Manager" shall mean Deutsche Bank AG, London Branch.

------

The Underwriters agree to disapply clause 3 of the Agreement Among Managers in favor of Section 9 of the Underwriting Agreement.

The Underwriters further agree for the purposes of the Agreement Among Managers that their respective underwriting commitments as between themselves will be as set out in Schedule I to this Agreement, which shall constitute the Commitment Notification (as defined in the Agreement Among Managers).

Where there are any inconsistencies between this Agreement and the Agreement Among Managers, the terms of this Agreement shall prevail."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. New Section 28 is added as follows:

"28. <u>Stabilization</u>. The parties hereto confirm the appointment of Deutsche Bank AG, London Branch as the central point responsible for public disclosure of stabilization and handling any Financial Conduct Authority requests, in each case, in accordance with Article 6(5) of the UK FCA Stabilisation Binding Technical Standards."

If the foregoing is in accordance with your understanding, please sign and return to us four counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and CAF.

[*Signature Pages Follow*]

------

---

| |
|:---|
| Very truly yours, |
| **Corporación Andina de Fomento** |
| By:<u>/s/ Gabriel Felpeto</u> |
| Name: Gabriel Felpeto |
| Title: Chief Financial Officer |

---

[*Signature Page to Pricing Agreement*]

------

---

| |
|:---|
| Accepted as of the date hereof: |
| BofA Securities, Inc. |
| By: <u>/s/ Carlos Ivan Lopez</u> |
| Name: Carlos Ivan Lopez |
| Title: Managin Director |

---

[*Signature Page to Pricing Agreement*]

------

---

| | |
|:---|:---|
| Citigroup Global Markets Limited | Citigroup Global Markets Limited |
| By: | /s/ Konstantinos Chryssanthopoulos |
| Name: Konstantinos Chryssanthopoulos | Name: Konstantinos Chryssanthopoulos |
| Title: Delegated Signatory | Title: Delegated Signatory |

---

[*Signature Page to Pricing Agreement*]

------

---

| | |
|:---|:---|
| Deutsche Bank AG, London Branch | Deutsche Bank AG, London Branch |
| By: | /s/ Ryan E. Montgomery |
| Name: Ryan E. Montgomery | Name: Ryan E. Montgomery |
| Title: Managing Director | Title: Managing Director |
| By: | /s/ Shamit Saha |
| Name: Shamit Saha | Name: Shamit Saha |
| Title: Director | Title: Director |

---

[*Signature Page to Pricing Agreement*]

------

---

| | |
|:---|:---|
| Goldman Sachs International | Goldman Sachs International |
| By: | /s/ Ben Payne |
| Name: Ben Payne | Name: Ben Payne |
| Title: Managing Director | Title: Managing Director |

---

As Representatives of the several

Underwriters named in Schedule I to

this Pricing Agreement

[*Signature Page to Pricing Agreement*]

------

**SCHEDULE I** 

---

| | |
|:---|:---|
| **Underwriter** | **Principal Amount of Designated Securities<br>to be Purchased** |
|  BofA Securities, Inc. | USD 375,000,000 |
|  Citigroup Global Markets Limited | USD 375,000,000 |
|  Deutsche Bank AG, London Branch | USD 375,000,000 |
|  Goldman Sachs International | USD 375,000,000 |
|  **Total** | USD 1,500,000,000 |

---

Schedule I - 1

------

**SCHEDULE II** 

**Title of Designated Securities:** 

4.75% Notes due 2026

**Aggregate principal amount:** 

USD 1,500,000,000

**Price to Public:** 

99.782% of the principal amount of the Designated Securities, plus accrued interest, if any, from January 26, 2023

**Purchase Price by Underwriters:** 

99.682% of the principal amount of the Designated Securities, plus accrued interest, if any, from January 26, 2023

**Form of Designated Securities:** 

Book-entry only form represented by one or more global securities deposited with The Depository Trust Company ("***DTC***") or its designated custodian, to be made available for checking by the Representatives at least twenty-four hours prior to the Time of Delivery at the office of DTC

**Specified funds for payment of purchase price:** 

Federal (same-day) funds

**Time of Delivery:** 

10:00 a.m. (New York City time), January 26, 2023

**Maturity:** 

April 1, 2026

**Interest Rate:** 

4.75% per annum

**Interest Payment Dates:** 

April 1 and October 1, with a first interest payment date on April 1, 2023

Schedule II - 1

------

**Interest Payable From:** 

January 26, 2023

**Redemption Provisions:** 

Redeemeable in whole, but not in part, for tax reasons

**Sinking Fund Provisions:** 

No sinking fund provisions

**Closing location for delivery of Designated Securities:** 

Offices of Clifford Chance US LLP, 31 West 52<sup>nd</sup> Street, 4<sup>th</sup> Floor, New York, NY 10019

**Listing:** 

Application will be made to admit the Designated Securities to the Official List of the Financial Conduct Authority and to the London Stock Exchange for the Designated Securities to be admitted to trading on the Regulated Market of the London Stock Exchange.

**Name and address of the Representatives:** 

BofA Securities, Inc.

114 W 47<sup>th</sup> Street

NY8-114-07-01

New York, NY 10036

United States

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Deutsche Bank AG, London Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

United Kingdom

Goldman Sachs International

Plumtree Court

25 Shoe Lane

London EC4A 4AU

United Kingdom

Schedule II - 2

------

**Fiscal Agency Agreement:** 

Fiscal Agency Agreement, dated as of March 17, 1998, between CAF and The Bank of New York (as successor to JPMorgan Chase Bank, N.A.)

Schedule II - 3

------

**SCHEDULE III** 

**General Disclosure Package** 

1. Prospectus dated October 31, 2022, as supplemented by Preliminary Prospectus Supplement, dated January 18, 2023.

2. Final Term Sheet dated January 19, 2023.

Schedule III - 1

------

**SCHEDULE IV** 

**Free Writing Prospectus** 

Pricing Term Sheet, as dated and filed with the Commission on January 19, 2023.

Schedule IV-1

## Ex-99.P

**Exhibit P**![LOGO](g455272g0131045604818.jpg)

January 31, 2023

Ladies and Gentlemen:

I am General Counsel to Corporación Andina de Fomento ("***CAF***"), and have acted in that capacity in connection with the issuance by CAF on January 26, 2023, of one billion five hundred million USD (USD 1,500,000,000) in aggregate principal amount of its four point seventy five per cent (4.75%) Notes due 2026 (the "***Notes***") pursuant to (i) a registration statement under Schedule B of the United States Securities Act of 1933, as amended (the "***Act***"), initially filed with the United States Securities and Exchange Commission (the "***Commission***") on August 25, 2022 (Registration No. 333-267056) (as so filed and as amended, the "***Registration Statement***"), (ii) a base prospectus dated October 31, 2022, (iii) a preliminary prospectus supplement, dated January 18, 2023 filed with the Commission pursuant to Rule 424(b) under the Act, (iv) an "issuer free writing prospectus" (as defined in Rule 433 and Rule 405 under the Act), dated January 19, 2023, (v) a prospectus supplement dated January 19, 2023, and (vi) a pricing agreement with respect to the Notes, among CAF and the underwriters party thereto, dated January 19, 2023 (the "***Pricing Agreement***") (which incorporates by reference the underwriting agreement, dated August 9, 2019 (the "***Underwriting Agreement***"), among CAF and the underwriters party thereto). The Notes are being issued pursuant to a fiscal agency agreement, dated as of March 17, 1998 (the "***Fiscal Agency Agreement***"), between CAF and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, National Association), as fiscal agent (the "***Fiscal Agent***").

As such counsel, I have considered the *Convenio Constitutivo de la Corporación Andina de Fomento*, signed on February 7, 1968, as amended (the "***Constitutive Agreement***"), among the full member shareholder countries party thereto, pursuant to which CAF was established, and the applicable provisions of public international law as I have considered appropriate for purposes of this letter. I have also examined, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fiscal Agency Agreement and the form of Notes (the Fiscal Agency Agreement and the Notes being herein collectively called the "***Documents***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of CAF's governance documents and CAF's resolutions pertaining to the authorization of the issuance, sale and delivery of the Notes.

In my examination, I have assumed the genuineness of all signatures, including any endorsements, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as facsimile, electronic, certified or photostatic copies and the authenticity of the originals of such copies, except with respect to matters as to which I have personal knowledge.

------

I am not admitted to practice in any jurisdiction of the United States and I am opining as to the effect on the subject transaction only of public international law and the Constitutive Agreement, and I express no opinion with respect to the applicability to the opinions expressed herein, or the effect thereon, of any other laws, or as to any matters of municipal law or the laws of any local agencies within any jurisdiction.

With your consent, except to the extent I have expressly opined as to such matters with respect to CAF herein, I have assumed: (a) that the Documents have been duly authorized, executed and delivered by the parties thereto; (b) that the Documents constitute legally valid and binding obligations of the parties thereto, enforceable against each of them in accordance with their respective terms; and (c) that the status of the Documents as legally valid and binding obligations of the parties is not 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 make required registrations, declarations or filings with, governmental authorities.

Subject to the foregoing and the other matters set forth herein, I am of the opinion that, as of the date hereof, when the Notes have been duly executed, issued, and authenticated in accordance with the terms of the Fiscal Agency Agreement and delivered and paid for in accordance with the terms of the Underwriting Agreement and the Pricing Agreement, the Notes will have been duly authorized by all necessary action of CAF.

I hereby consent to the filing of this letter as an exhibit to the Registration Statement. In giving this consent, I do not thereby admit that I am in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
|  | /s/ Jorge Luis Silva Méndez |
| By: | Jorge Luis Silva Méndez |
| Title: | General Counsel |
|  | Corporación Andina de Fomento |

---

## Ex-99.Q

**Exhibit Q** 

---

| | | |
|:---|:---|:---|
|  | 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](g455272dsp009.jpg) | FIRM / AFFILIATE OFFICES | FIRM / AFFILIATE OFFICES |
| ![LOGO](g455272dsp009.jpg) | Austin | Milan |
|  | Beijing | Munich |
|  | Boston | New York |
|  | Brussels | Orange County |
|  | Century City | Paris |
|  | Chicago | Riyadh |
|  | Dubai | San Diego |
|  | Düsseldorf | San Francisco |
|  | Frankfurt | Seoul |
|  | Hamburg | Shanghai |
|  | Hong Kong | Silicon Valley |
|  | Houston | Singapore |
|  | London | Tel Aviv |
|  | Los Angeles | Tokyo |
|  | Madrid | Washington, D.C. |

---

January 31, 2023

Corporación Andina de Fomento

Torre CAF

Avenida Luis Roche, Altamira

Caracas, Venezuela

---

| | |
|:---|:---|
| Re: | <u>Registration Statement No. 333-267056 - Issuance of 4.75% Notes due 2026</u>  |

---

To the addressee set forth above: 

We have acted as special counsel to Corporación Andina de Fomento, a multilateral financial institution established under public international law ("***CAF***"), in connection with the issuance of $1,500,000,000 aggregate principal amount of 4.75% Notes due 2026 (the "***Notes***"), under a Fiscal Agency Agreement, dated as of 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, National Association), as fiscal agent (the "***Fiscal Agent***"), and pursuant to (i) a registration statement under Schedule B of the United States Securities Act of 1933, as amended (the "***Act***"), initially filed with the United States Securities and Exchange Commission (the "***Commission***") on August 25, 2022 (Registration No. 333-267056) (as so filed and as amended, the "***Registration Statement***"), (ii) a base prospectus, dated October 31, 2022, included in the Registration Statement at the time it originally became effective (the "***Base Prospectus***"), (iii) a final prospectus supplement, dated January 19, 2023, filed with the Commission pursuant to Rule 424(b) under the Act on January 23, 2023 (together with the Base Prospectus, the "***Prospectus***"), and (iv) a pricing agreement, dated January 19, 2023 (the "***Pricing Agreement***"), among CAF and the underwriters party thereto (which incorporates by reference the underwriting agreement, dated August 9, 2019 (the "***Underwriting Agreement***"), among CAF and the underwriters party thereto). 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 the Prospectus, other than as expressly stated herein with respect to the issue of the Notes.

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. Various issues pertaining to public international

------

**January 31, 2023** 

**Page 2**![LOGO](g455272dsp0010.jpg)

law and the *Convenio Constitutivo de la Corporación Andina de Fomento*, dated February 7, 1968, as amended, among the signatory countries party thereto, pursuant to which CAF was established (the "***Constitutive Agreement***"), are addressed in the letter of Mr. Jorge Luis Silva Méndez, General Counsel to CAF, separately provided to you. We express no opinion with respect to those matters, and to the extent elements of those opinions are necessary to the conclusions expressed herein, we have, with your consent, assumed such matters.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Notes have been duly executed, issued, and authenticated in accordance with the terms of the Fiscal Agency Agreement and delivered against payment therefor in the circumstances contemplated by the Underwriting Agreement and the Pricing Agreement, the Notes will be legally valid and binding obligations of CAF, enforceable against CAF in accordance with their terms.

Our opinion is 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 the Notes, 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 Notes 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.

------

**January 31, 2023** 

**Page 3**![LOGO](g455272dsp0010.jpg)

With your consent, we have assumed (a) that the Fiscal Agency Agreement and the Notes (collectively, the "***Documents***") have been duly authorized, executed and delivered by the parties thereto, (b) that the Documents 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 (c) that the status of the Documents as legally valid and binding obligations of the parties is 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 make required registrations, declarations or filings with, governmental authorities.

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 heading "Validity of the Notes." 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 Notes. 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.

Sincerely,<br>/s/ Latham & Watkins LLP<br>