The Peruvian, Luis Carranza Ugarte, shall assume the position on April 1, 2017 for a period of 5 years and shall succeed Enrique García Rodríguez, who drove CAF's transformation from an Andean subregional institution to one of the main development banks of Latin America.

The Board of Directors of CAF - Development Bank of Latin America- chose Luis Carranza Ugarte by a large majority in an extraordinary meeting as the new Executive President of the institution.

Luis Carranza Ugarte, is a renowned Peruvian economist who was the Minister of Economy and Finance in his country on two occasions, he also worked at the International Monetary Fund and he was chief economist for Latin America and Emerging Markets of the BBVA in Spain, among others. Today he is the director of the Center of Competitiveness for Development of the San Martín de Porres University.

The president-elect holds a degree in Economy from the Pontifical Catholic University of Peru. He holds a Master's and a Ph.D. from the University of Minnesota.

CAF is an institution in Latin America and one of the main sources of multilateral financing for the region, with annual approvals that exceed US$3 billion for regional development and integration.