CAF Development Bank, formerly known as the Corporacion Andino de Fomento, is a multilateral financial institution owned by 16 shareholder countries and 14 private banks in Latin America and the Caribbean, as well as Spain and Portugal. Established in 1970 in Caracas, Venezuela, CAF provides loans for purposes such as microfinance, infrastructure and health in Latin America and the Caribbean. It also provides financial advisory services and technical services.