NEW YORK, Dec. 21, 2012 /PRNewswire/ -- The United Nations General Assembly today granted observer status to CAF, in recognition of its role as the development bank of Latin America. The decision was taken as a result of a determined push by all the countries of Latin America and the Caribbean, and the support of the 193 members of the United Nations organization.

Bank president Enrique Garcia noted that "In recent years, CAF has consolidated its position as the development bank of Latin America. This new dimension positions us as a regional player that performs a vital role in promoting integration and sustainable development, and in projecting the Latin American region on the global stage. The moment had arrived for CAF to join the United Nations."

"In this way," added Garcia, "CAF continues to build bridges between Latin America and the rest of the world."

The participation of CAF as an observer in the General Assembly will allow it to play a more active role in following through on key issues related the regional and international agenda, which the UN addresses and which are consistent with CAF's mission to promote sustainable development and regional integration.

In addition, CAF's observer status will strengthen its relationships with other organizations that are part of the United Nations system, allowing for more effective coordination of programs and activities in areas of common interest.

The General Assembly is the deliberative body that represents the United Nations and is responsible for policy formulation. UN observers are invited to participate and voice their opinions in the General Assembly meetings. It is worth noting more than 60 international organizations qualify as observers, including other multilateral institutions such as the World Bank, the Inter-American Development Bank (IADB) and the Asian Development Bank.

SOURCE CAF