Arias, Fábrega & Fábrega acted as counsel to the Corporación Andina de Fomemento (CAF) in connection with the listing of US$100 million Medium Term Notes.

This was the first listing ever of securities by a multilateral organization in the Panama Stock Exchange. In order to get the listing of the Notes approved, CAF relied on an exemption from registration that had only been used before by the Republic of Panama and some instrumentalities thereof. Panama Stock Exchange standard forms and regulations did not fully contemplate the listing of an international organization. ARIFA lawyers worked closely with CAF and the Panama Stock Exchange in getting the forms and contracts adjusted to suit CAF's needs.

The Notes were part of a US$2,500,000,000 Medium Term Note Programme qualified for listing in the London Stock Exchange plc.

HSBC Bank (Panama), S.A. acted as underwriter in this transaction.

CAF is a multilateral international organization created by an international treaty. 18 countries, including Panama, have ratified the treaty and have acquired shares in CAF.