Filed Pursuant to Rule 424(b)(3)
Registration No. 333- 290939

 

 

TABLE OF CONTENTS

PROSPECTUS SUPPLEMENT

 

		Page
ABOUT THIS PROSPECTUS SUPPLEMENT			S-iii
FORWARD-LOOKING INFORMATION			S-iv
SUMMARY OF THE OFFERING			S-1
RECENT DEVELOPMENTS			S-3
SUMMARY FINANCIAL INFORMATION			S-5
USE OF PROCEEDS			S-7
CAPITALIZATION AND INDEBTEDNESS			S-8
CAPITAL STRUCTURE			S-9
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			S-16
DESCRIPTION OF THE NOTES			S-26
GLOBAL CLEARANCE AND SETTLEMENT PROCEDURES			S-31
UNDERWRITING			S-32
VALIDITY OF THE NOTES			S-37
UNAUDITED CONDENSED INTERIM FINANCIAL INFORMATION			S-38
SUPPLEMENTARY INFORMATION (UNAUDITED) AS OF SEPTEMBER 30, 2025			S-72

PROSPECTUS

 

ABOUT THIS PROSPECTUS			1
FORWARD-LOOKING INFORMATION			1
CORPORACIÓN ANDINA DE FOMENTO			2
LEGAL STATUS OF CAF			4
USE OF PROCEEDS			5
RECENT DEVELOPMENTS			5
CAPITALIZATION AND INDEBTEDNESS			6
CAPITAL STRUCTURE			7
SUMMARY FINANCIAL INFORMATION			15
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			17
OPERATIONS OF CAF			31
FUNDED DEBT			42
DEBT RECORD			44
ASSET AND LIABILITY MANAGEMENT			45
ADMINISTRATION			46
THE FULL MEMBER SHAREHOLDER COUNTRIES			50
DESCRIPTION OF THE DEBT SECURITIES			51
DESCRIPTION OF THE GUARANTEES			57
TAXATION			58
PLAN OF DISTRIBUTION			68
VALIDITY OF THE DEBT SECURITIES			69
VALIDITY OF THE GUARANTEES			69
EXPERTS			69
AUTHORIZED REPRESENTATIVE			69
WHERE YOU CAN FIND MORE INFORMATION			70
INDEX TO FINANCIAL STATEMENTS			F-1
SUPPLEMENTARY INFORMATION (UNAUDITED)			F-88

 

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IMPORTANT INFORMATION

You should rely only on the information contained in this document or to which CAF has referred you. CAF has not, and the underwriters have not, authorized anyone to provide you with information that is different. This document may only be used where it is legal to sell these securities. The information in this document may only be accurate on the date of this document.

In connection with the issue of the notes, Barclays Bank PLC, as the Stabilization Manager (or persons acting on behalf of any Stabilization Manager) may over-allot notes or effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail. However, stabilization may not necessarily occur. Any stabilization action may begin on or after the date on which adequate public disclosure of the terms of the offer of the notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the notes and 60 days after the date of the allotment of the notes. Any stabilization action or over-allotment must be conducted by the relevant Stabilization Manager (or person(s) acting on behalf of any Stabilization Manager) in accordance with all applicable laws and rules.

UK MIFIR PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY

TARGET MARKET

Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the notes has led to the conclusion that: (i) the target market for the notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook, and professional clients, as defined in UK MiFIR; and (ii) all channels for distribution of the notes to eligible counterparties and professional clients are appropriate. Any distributor should take into consideration the manufacturers’ target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is responsible for undertaking its own target market assessment in respect of the notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters related to investments and who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, of the United Kingdom (the “Financial Promotion Order”); (iii) persons who fall within Articles 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order; and (iv) any other persons to whom this document may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied on by other persons in the United Kingdom. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. This document must not be acted on or relied on by persons who are not relevant persons.

NOTIFICATION UNDER SECTION 309B(1) OF THE SINGAPORE SFA

The notes are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

 

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ABOUT THIS PROSPECTUS SUPPLEMENT

The notes described in this prospectus supplement are debt securities of CAF that are being offered under a registration statement filed with the SEC under the U.S. Securities Act of 1933, as amended (the “Securities Act”).

This prospectus supplement supplements the accompanying prospectus, dated November 5, 2025. The accompanying prospectus provides you with a general description of the debt securities that CAF may issue, and this prospectus supplement contains specific information about the terms of this offering and the notes. This prospectus supplement also may add, update or change information provided in the accompanying prospectus. To the extent that certain information in this prospectus supplement is inconsistent with information in the accompanying prospectus, the information in this prospectus supplement replaces the information in the accompanying prospectus and you should rely on the information in this prospectus supplement. Consequently, before you invest, you should read this prospectus supplement together with the accompanying prospectus.

The registration statement, any post-effective amendments to the registration statement and their various exhibits contain additional information about CAF, the notes and other matters. All of these documents are available on the internet website of the SEC at www.sec.gov. Certain terms that are used, but not defined in this prospectus supplement, have the meanings given to them in the accompanying prospectus.

CAF, having made all reasonable inquiries, confirms that this prospectus supplement and the accompanying prospectus contain all the information regarding CAF and the notes which is (in the context of the issue of the notes) material; that such information is true and accurate in all material respects and is not misleading in any material respect; and that this prospectus supplement and the accompanying prospectus do not omit to state any material fact necessary to make such information not misleading in any material respect. CAF accepts responsibility for the information contained in this prospectus supplement and the accompanying prospectus.

Except as otherwise specified, all amounts in this prospectus supplement are expressed in U.S. Dollars (“dollars,” “$,” “US$,” “USD,” “US Dollars” or “U.S. dollars”).

Laws in certain jurisdictions may restrict the distribution of this prospectus supplement and the accompanying prospectus and the offering of the notes. You should inform yourself about and observe these restrictions. See “Underwriting” in this prospectus supplement.

 

S-iii

FORWARD-LOOKING INFORMATION

This prospectus supplement and the accompanying prospectus contain forward-looking statements. Statements that are not historical facts, including statements about CAF’s beliefs and expectations, are forward-looking statements. These statements are identified by words such as “believe,” “expect,” “anticipate,” “should” and words of similar meaning.

Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual financial and other results may differ materially from the results discussed in the forward-looking statements. Therefore, you should not place undue reliance on them. Factors that might cause such a difference include, but are not limited to, those discussed in this prospectus supplement and the accompanying prospectus, such as the effects of economic or political turmoil in one or more of CAF’s shareholder countries. CAF undertakes no obligations to update any forward-looking statement, which speak only as of the date of this prospectus supplement.

 

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USE OF PROCEEDS

CAF will use the net proceeds of the sale of the securities for general corporate purposes that are lawful in accordance with U.S., EU and UK sanctions law and regulations, including due to being licensed or exempt.

 

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CAPITALIZATION AND INDEBTEDNESS

The following table sets forth CAF’s capitalization and indebtedness as of September 30, 2025, and does not give effect to any transaction since that date.

 

		As of September 30, 2025(4)
		(in USD millions)
Total liabilities(1)(3)			46,915.8
Shareholders’ equity			16,908.1
Capital
Subscribed and paid-in capital (authorized capital USD 25.0 billion)(2)(4)			5,993.0
Additional paid-in capital			5,104.5
Total capital			11,097.5
Reserves
Mandatory reserve pursuant to Article 42 of the Constitutive Agreement			743.1
General reserve			4,624.4
Total reserves			5,367.5
Retained earnings			443.1
Total shareholders’ equity			16,908.1
Total liabilities and shareholders’ equity			63,824.0

(1)	Includes deposits, commercial papers, borrowings from other financial institutions, bonds, accrued interest payable, derivative financial instruments, and accrued expenses and other liabilities.

(2)	Authorized capital also includes callable capital of USD 7.0 billion as of September 30, 2025. Subscribed capital of USD 10.1 billion less callable capital portion of USD 1.9 billion and less capital subscriptions receivable USD 2.2 billion.

(3)	Since September 30, 2025, there have been issuances of bonds. See “Supplementary Information (Unaudited)” as of September 30, 2025, included elsewhere in this prospectus.

(4)	See “Recent Developments” for more information on the most recent changes to CAF’s capital since September 30, 2025.

 

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CAPITAL STRUCTURE

General

As of September 30, 2025, CAF’s total authorized capital was USD 25.0 billion, of which USD 18.0 billion was ordinary capital shares and USD 7.0 billion was callable capital shares. On March 8, 2022, the Shareholders’ Assembly of CAF (the “Shareholders’ Assembly”) approved a general paid-in capital increase for a total amount of USD 7.0 billion. Several bilateral subscription agreements with each shareholder country have already been negotiated and signed. As of September 30, 2025, USD 887.4 million were already paid. See “Capital Structure — Paid-in Capital and Unpaid Capital” for recent capital subscriptions as of September 30, 2025.

Paid-in Capital and Unpaid Capital

As of September 30, 2025, CAF’s subscribed paid-in and unpaid capital (excluding callable capital) was USD 8.2 billion, of which USD 6.0 billion was paid-in capital and USD 2.2 billion was unpaid capital. The unpaid capital is receivable in installments according to the subscription agreements with the shareholder countries. Over the years, CAF has had several increases of subscribed capital.

Since 1990, capital contributions made to CAF comprise a premium paid on each Series “B” and Series “C” share purchased and the nominal USD 5,000 per share value established by CAF’s by-laws. The premium component of such capital contributions is determined at the beginning of each subscription and applies to all payments under that subscription.

Information regarding recent capital subscriptions and annual capital contributions made by shareholder countries as of September 30, 2025, is as follows:

Antigua and Barbuda

In December 2024, Antigua and Barbuda subscribed to an additional USD 14.9 million in Series “C” shares, to be paid in a single installment. This installment of USD 14.9 million was subsequently paid in 2025.

Argentina

In March 2016, Argentina subscribed for an additional USD 572.0 million in Series “B” shares to be paid in seven installments. The final installment was paid in 2023.

In July 2022, Argentina subscribed for an additional USD 807.7 million in Series “B” shares to be paid in ten different annual installments, of which it paid USD 5.0 million in 2023, USD 97.4 million in 2024 and USD 97.4 million in 2025.

Bahamas

In April 2024, Bahamas subscribed for an additional USD 50.0 million in Series “C” shares to be paid in two different annual installments, of which it paid USD 25.0 million in 2024. Bahamas’ 2025 installment amounts to USD 25.0 million.

Barbados

In November 2023, Barbados subscribed for an additional USD 50.0 million in Series “C” shares to be paid in three different annual installments, of which it paid USD 16.7 million in 2023, USD 16.7 million in 2024, and the final installment of USD 16.7 million in 2025.

 

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Bolivia

In October 2009, Bolivia subscribed for an additional USD 105.0 million in Series “B” shares, to be paid in eight installments. The final installment was paid in 2017.

In March 2016, Bolivia subscribed for an additional USD 190.0 million in Series “B” shares, to be paid in six installments. The final installment was paid in 2022.

In July 2022, Bolivia subscribed for an additional USD 269.2 million in Series “B” shares, to be paid in eight different annual installments, of which it paid USD 25.0 million in 2023. Bolivia’s 2025 installment amounts to USD 30.8 million.

Brazil

In July 2017, Brazil subscribed for an additional USD 572.0 million in Series “B” shares, to be paid in eight different annual installments. Brazil paid USD 20.1 million in 2018, and the installment schedule was modified beginning in 2019, under which it paid USD 45.0 million in 2020, USD 26.2 million in 2021, USD 124.8 million in 2022, USD 178.0 million in 2023, USD 75.0 million in 2024, and USD 30.5 million in 2025.

Chile

In June 2022, Chile subscribed for an additional USD 1,457.8 million in Series “C” shares, to be paid in fourteen different annual installments, of which it paid USD 132.0 million in 2023, and USD 102.0 million in 2024. Chile’s 2025 installment amounts to USD 102.0 million.

In June 2022, Chile subscribed for USD 122.0 million in callable capital.

In March 2023, Chile became a full member shareholder country after fulfilling all the necessary conditions and obtaining all necessary approvals, converting its Series “C” shares to Series “B” shares and acquiring a Series “A” share for USD 1.2 million.

Colombia

In June 2012, Colombia subscribed for an additional USD 210.0 million in Series “B” shares to be paid in three installments. The final installment was paid in 2018.

In July 2016, Colombia subscribed for an additional USD 572.0 million in Series “B” shares, paid in full in eight different annual installments. The payments were made as follows: USD 5.0 million in 2017, USD 5.0 million in 2018, and USD 93.7 million each year from 2019 to 2024, with the final installment paid in 2024.

In July 2022, Colombia subscribed for an additional USD 807.7 million in Series “B” shares to be paid in ten different annual installments, of which it paid USD 3.0 million in 2023, and USD 14.0 million in 2024. Colombia’s 2025 installment amounts to USD 112.0 million.

Costa Rica

In September 2019, Costa Rica subscribed for USD 110.0 million in Series “C” shares, which it paid in full in 2019.

In July 2022, Costa Rica subscribed for an additional USD 303.3 million in Series “C” shares, to be paid in five different annual installments, of which it paid USD 62.5 million in 2024 and USD 60.2 million in 2025.

 

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In November 2024, Costa Rica became a full member shareholder country after fulfilling all necessary conditions and obtaining all necessary approvals, converting its Series “C” shares to Series “B” shares and acquiring a Series “A” share for USD 1.2 million.

Dominican Republic

In February 2016, the Dominican Republic subscribed for an additional USD 50.0 million in Series “C” shares, to be paid in four installments. The final installment was paid in 2020.

In December 2021, the Dominican Republic subscribed for an additional USD 310.1 million in Series “C” shares to be paid in six different annual installments starting in 2022, of which it paid USD 46.0 million in 2022, USD 48.0 million in 2023, and USD 50.0 million in 2024. The Dominican Republic’s 2025 installment amounts to USD 53.0 million.

In October 2023, the Dominican Republic became a full member shareholder country. Its Series “C” shares were exchanged into Series “B” shares and it acquired a Series “A” share for USD 1.2 million.

Ecuador

In June 2016, Ecuador subscribed for an additional USD 190.0 million in Series “B” shares, to be paid in six installments. The final installment was paid in 2020.

In July 2022, Ecuador subscribed for an additional USD 269.2 million in Series “B” shares to be paid in eleven different annual installments starting in 2022, of which it paid USD 53.8 million in 2022, USD 22.1 million in 2023, USD 21.9 million in 2024, and USD 21.9 million in 2025.

El Salvador

In December 2021, El Salvador began its process to become a full member shareholder country and subscribed for USD 460.0 million in Series “B” shares to be paid in seven different annual installments, of which it paid USD 65.7 million in 2022, USD 65.7 million in 2023, and USD 65.7 million in 2024. El Salvador’s 2025 installment amounts to USD 65.7 million.

In December 2021, El Salvador subscribed for USD 36.0 million in callable capital.

In July 2022, El Salvador became a full member shareholder country after fulfilling all the necessary conditions and obtaining the required approvals, including the acquisition of a Series “A” share for USD 1.2 million.

Grenada

In April 2024, Grenada subscribed for USD 5.0 million in Series “C” shares to be paid in three different annual installments starting in 2024, of which it paid USD 1.0 million in 2024 and USD 2.0 million in 2025.

Honduras

In July 2022, Honduras subscribed for USD 460.0 million in Series “B” shares to be paid in eight different annual installments starting in 2023, of which it paid USD 38.2 million in 2023 and USD 42.0 million in 2024. Honduras’ 2025 installment amounts to USD 51.0 million.

On October 15, 2023, Honduras became a full member shareholder country and acquired a Series “A” share for USD 1.2 million.

 

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Panama

In February 2016, Panama subscribed for an additional USD 190.0 million in Series “B” shares, to be paid in six installments beginning in 2017. The final installment was paid in 2022.

In October 2022, Panama subscribed for an additional USD 269.2 million in Series “B” shares, to be paid in eight different annual installments, of which it paid USD 25.0 million in 2023 and USD 28.8 million in 2025 for its 2024 installment. Panama’s 2025 installment amounts to USD 30.8 million.

Paraguay

In March 2016, Paraguay subscribed for an additional USD 190.0 million in Series “B” shares, to be paid in six installments. The final installment was paid in 2022.

In March 2022, Paraguay subscribed for an additional USD 269.2 million in Series “B” shares, to be paid in eight different annual installments, of which it paid USD 14.2 million in 2023, USD 19.5 million in 2024, and USD 33.7 million in 2025.

Peru

In March 2016, Peru subscribed for an additional USD 572.0 million in Series “B” shares, to be paid in eight installments. The final installment was paid in 2022.

In June 2023, Peru subscribed for an additional USD 807.7 million in Series “B” shares, to be paid in eight different annual installments, of which it paid USD 60.0 million in 2024 and USD 75.0 million in 2025.

Portugal

In December 2017, Portugal subscribed for USD 6.4 million in Series “C” shares to be paid in three equal installments. The final installment was paid in 2019.

Spain

In December 2017, Spain subscribed for an additional USD 173.2 million of paid-in capital to be paid in five installments. The final installment was paid in 2021.

In September 2023, Spain subscribed for an additional USD 302.0 million in Series “C” shares, to be paid in four different annual installments, of which it paid USD 152.1 million in 2024 and USD 57.1 million in 2025.

Trinidad and Tobago

In December 2018, Trinidad and Tobago subscribed for an additional USD 190.0 million of paid-in capital to be paid in eight different annual installments, of which it paid USD 20.0 million in 2019, USD 20.0 million in 2020, USD 25.0 million in 2021, USD 31.2 million in 2022, USD 31.2 million in 2024 and USD 31.2 million in 2025.

In July 2022, Trinidad and Tobago subscribed for an additional USD 269.2 million of paid-in capital to be paid in eight different annual installments, of which it paid USD 5.0 million in 2024 and USD 5.0 million in 2025.

Uruguay

In March 2016, Uruguay subscribed for an additional USD 190.0 million in Series “B” shares, to be paid in six different annual installments. The final installment was paid in 2022.

 

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In June 2024, Uruguay subscribed for an additional USD 269.2 million in Series “B” shares, to be paid in eight different annual installments, beginning in 2025. Uruguay’s 2025 installment amounts to USD 24.9 million.

Venezuela

In August 2009, Venezuela subscribed for an additional USD 380.0 million in Series “B” shares to be paid in eight installments. In December 2016, the agreement was amended to provide for payment in nine installments.

Venezuela had paid a total of USD 268.2 million as of September 30, 2017. In March 2018, the agreement was amended to provide for payment in three installments, with the final installment scheduled to be paid in 2020. As of September 30, 2025, USD 111.8 million to be paid under the agreement, as amended in March 2018, are past due. CAF has not approved any new loans to Venezuela since 2018.

In March 2016 and May 2016, Venezuela subscribed for an additional USD 572.0 million in Series “B” shares. In March 2018, the agreement was amended to provide for payment in eight annual installments, with the final installment scheduled to be paid in 2025. As of September 30, 2025, USD 572.0 million to be paid under the agreement, as amended in March 2018, are past due.

On March 31, 2020, CAF implemented a Support Program for liquidity management in exceptional situations, following formal approval by the Shareholders’ Assembly on March 3, 2020 (the “Support Program”). The Support Program was created in order to provide shareholder countries with flexibility, resources, and support in the repayment of outstanding debt obligations, particularly for shareholder countries whose economies were expected to be materially and adversely impacted by the COVID-19 pandemic. The Support Program allowed CAF to repurchase the shares of a shareholder country that fulfilled the requirements of the Support Program and apply the proceeds to that country’s debt service. CAF notified Venezuela that it had fulfilled the requirements, and Venezuela was admitted to the Support Program in 2020. From the inception of the Support Program until July 4, 2024, CAF repurchased a total of 168,573 shares totaling USD 2,393.74 million (comprised of USD 842.87 million of paid-in capital and USD 1,550.87 million of additional paid-in capital) and applied this amount to repay due and overdue amounts of principal, interests, and fees. The Support Program was completed in July 2024, and as of September 30, 2025, Venezuela holds 105 Series “B” shares and one Series “A” share.

The following table sets out the nominal value of CAF’s subscribed paid-in capital and unpaid capital as of September 30, 2025:

 

Shareholders		Paid-in Capital				Unpaid Capital
		(in USD thousands)
Series “A” Shares:
Argentina			1,200				—
Bolivia			1,200				—
Brazil			1,200				—
Chile			1,200				—
Colombia			1,200				—
Costa Rica			1,200				—
Dominican Republic			1,200				—
Ecuador			1,200				—
El Salvador			1,200				—
Honduras			1,200				—
Panama			1,200				—
Paraguay			1,200				—
Peru			1,200				—
Trinidad and Tobago			1,200				—
Uruguay			1,200				—
Venezuela			1,200				—

 

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Shareholders		Paid-in Capital				Unpaid Capital
		(in USD thousands)
Series “B” Shares:
Argentina			727,940				214,080
Bolivia			332,775				86,000
Brazil			615,200				25,515
Chile			110,090				430,910
Colombia			1,087,995				278,410
Costa Rica			98,395				63,590
Dominican Republic			103,495				58,490
Ecuador			367,635				52,745
El Salvador			69,420				92,565
Honduras			28,245				133,740
Panama			220,095				75,845
Paraguay			222,435				71,105
Peru			1,131,715				236,860
Trinidad and Tobago			176,705				102,290
Uruguay			207,300				—
Venezuela			525				240,780
Commercial Banks			2,785				155
Series “C” Shares:
Antigua y Barbuda			5,280				—
Barbados			35,220				—
Bahamas			8,805				8,800
Grenada			1,055				705
Jamaica			910				—
Mexico			76,835				—
Portugal			9,600				—
Spain			333,370				32,665
Total			5,993,025				2,205,250

Reserves

Article 42 of the Constitutive Agreement requires that at least 10% of CAF’s net income in each year be allocated to a mandatory reserve until that reserve amounts to 50% of subscribed capital. The mandatory reserve can be used only to offset losses. The mandatory reserve is an accounting reserve. CAF also maintains a general reserve to cover contingent events and as a source of funding of last resort in the event of temporary illiquidity or when funding in the international markets is unavailable or impractical.

As of September 30, 2025, CAF’s reserves totaled USD 5.4 billion. At such date, the mandatory reserve pursuant to Article 42 of the Constitutive Agreement amounted to USD 0.7 billion, or 9.1%, of subscribed paid-in and capital subscriptions receivable, and the general reserve amounted to USD 4.6 billion.

Callable Capital

In addition to CAF’s subscribed paid-in and unpaid capital, CAF’s shareholder countries have subscribed for callable capital totaling USD 1.9 billion as of September 30, 2025. CAF’s callable capital may be called by the Board of Directors to meet the obligations of CAF only to the extent that CAF is unable to meet such obligations with its own resources. See Note 15 to CAF’s audited financial statements included elsewhere in this prospectus.

The Constitutive Agreement provides that the obligation of CAF’s shareholder countries to pay for the shares of callable capital, upon demand by the Board of Directors, continues until such callable capital is paid in

 

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full. Thus, CAF considers the obligations of shareholder countries to pay for their respective callable capital subscriptions to be binding obligations backed by the full faith and credit of the respective governments. If the callable capital were to be called, the Constitutive Agreement requires that the call be prorated among CAF’s shareholder countries in proportion to their shareholdings.

 

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

The following discussion should be read in conjunction with CAF’s audited financial statements, its unaudited condensed interim financial information and the notes thereto, included elsewhere in this prospectus.

Market Overview and Portfolio Trends

During the last year, important regional and global developments have occurred, including:

 

•

moderate economic growth in Latin America and the Caribbean, reflecting ongoing structural challenges and external headwinds, but benefiting from improved competitiveness in some sectors, such as commodity-exporting industries, renewable energy development, and manufacturing;

 

•

an active electoral cycle across several major economies in Latin America and the Caribbean in 2025–2026, which may influence policy direction, macroeconomic priorities, and investor sentiment;

 

•

a weakening of the U.S. dollar, which, for several countries in the region, has translated into lower real costs for USD-denominated debt and moderate relief in external obligations, improving external financing conditions;

 

•

potential upside for exports and trade competitiveness in commodity and export-oriented economies as public and private borrowers with export capacity may benefit from more favorable external demand and exchange-rate conditions;

 

•

persistent structural constraints and fiscal and debt vulnerabilities in many countries, which continue to require prudent risk management and selective borrower assessment; and

 

•

a constructive environment for development-focused financing, as structural underinvestment and evolving opportunities in infrastructure, energy and trade bolster the role of MDBs in supporting sustainable economic expansion.

Over the past three years (2024, 2023, and 2022), CAF’s loan portfolio has grown as a result of its strategy to expand its shareholder base in Central America and the Caribbean while maintaining its capitalization ratios. This expansion has been driven primarily by additional paid-in capital contributions from several existing shareholder countries, as well as the issuance of shares to new shareholder countries. These two main drivers have led to loan portfolio growth of 1.0% in 2024, 9.3% in 2023, and 3.5% in 2022.

As of September 30, 2025, CAF’s loan portfolio was distributed by country as follows:

 

Argentina			13.5	%
Ecuador			11.5	%
Colombia			11.3	%
Brazil			10.2	%
Bolivia			8.3	%
Panama			7.4	%
Paraguay			7.2	%
Venezuela			5.2	%
Peru			5.0	%
Uruguay			4.6	%
Mexico			3.8	%
Trinidad & Tobago			3.7	%
Chile			2.9	%
El Salvador			2.1	%
Costa Rica			1.2	%
Dominican Republic			1.2	%
Barbados			0.6	%
Honduras			0.2	%

 

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Notwithstanding the presence of other state-sponsored development banks in the regions in which CAF operates, CAF does not expect that the growth of its loan portfolio will be materially affected by the activities of other development banks in these regions, since the financing needs of its shareholder countries exceed the current supply of lending resources. CAF believes that the activities of other development banks in the regions in which it operates are complementary to its lending operations.

Venezuela-Related Sanctions of the United States

The Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) administers sanctions in respect of the Government of Venezuela and certain Venezuelan-related individuals and entities, including certain Venezuelan government officials. CAF is not a U.S. Person (as defined by the laws and regulations administered by OFAC, 31 CFR Parts 500-598) and has not been sanctioned; however, the following discussion of the current sanctions administered by OFAC is included because Venezuela is a member shareholder country and minority shareholder of CAF, with which CAF has had transactional activity, including loans to Venezuela.

With regard to any individual or entity who has been added to OFAC’s list of Specially Designated Nationals and Blocked Persons (“SDN List”) under Venezuela-related sanctions, U.S. persons may not make to such listed persons, or receive from such listed persons, any contribution or provision of funds, goods, or services, or otherwise deal in property or interests in property of such persons. The OFAC-administered sanctions also prohibit, among other things and with certain limited exceptions:

 

•

transactions by a U.S. person or within the United States relating to new debt with a maturity greater than 30 days or new equity of the Government of Venezuela, bonds issued by the Government of Venezuela prior to August 25, 2017, and dividend payments or other distributions of profits to the Government of Venezuela from its controlled entities, and

 

•

direct or indirect purchases by a U.S. person or within the United States of securities from the Government of Venezuela (other than new debt with a maturity of 30 days or less).

For purposes of these sanctions, certain amendments to outstanding debt of the Government of Venezuela, such as an extension of the maturity date, could be considered a “new debt” or other prohibited extension of credit. Unless otherwise specified in the relevant prospectus supplement, CAF will use the net proceeds of securities issued under the Registration Statement to fund its lending operations. CAF will not earmark the proceeds of particular issuances of securities to fund specific loan commitments or purchase specific investments. Accordingly, CAF believes that purchasers of securities will not acquire a direct or indirect interest in CAF’s loans to Venezuela, or any other specific assets of CAF, for purposes of the OFAC sanctions.

Although Venezuela is a member shareholder country and minority shareholder of CAF and two Venezuelan nationals designated by Venezuela serve as directors on the Board of Directors, neither the Government of Venezuela nor any member of the Board of Directors (whether or not a Venezuelan national) exercises control over CAF, has any operational or management role in CAF, or has any authority to negotiate on behalf of CAF or make binding commitments on behalf of CAF. In addition, CAF has implemented a robust business continuity plan that allows all of CAF’s operations to be conducted simultaneously from multiple country offices, which CAF believes ensures operational resilience in the event of unexpected disruptions in any specific location, including CAF’s office in Caracas.

Although CAF generally is not required to comply with the OFAC sanctions outlined above because CAF is not a U.S. person and does not generally operate in or from the United States, CAF also transacts in the ordinary course with various commercial counterparties in the United States that are required to comply with OFAC sanctions. Some of these U.S. counterparties may serve as correspondent banks or as other intermediaries with potential involvement in funds flows in respect of CAF’s loan operations, including CAF’s loans to the Government of Venezuela, and to the extent that they are so involved, would be required to comply with the

 

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Venezuela-related sanctions of the United States. In addition, U.S. persons may purchase CAF’s debt securities. CAF has been monitoring and will continue to monitor OFAC sanctions and restrictions thereunder as applied to U.S. persons, as well as potential sanctions that may be imposed by authorities in other jurisdictions in the future, including the European Union and the United Kingdom, insofar as such sanctions and restrictions may have an effect on CAF’s business and operations.

The OFAC sanctions on Venezuela, and any additional sanctions that may be imposed in the future, could make it more difficult for Venezuela to service or renegotiate its outstanding debt, including its outstanding loans from CAF.

In light of the November 2017 downgrade in Venezuela’s long-term foreign ratings by Standard & Poor’s (“S&P”) to selective default from CC and by Fitch Ratings, Inc. to restricted default from C, CAF increased its provisions for loan losses with respect to loans made to Venezuela to USD 28.3 million as of March 31, 2019, from the USD 19.8 million reported in September 2017. The provision for loan losses for Venezuela as of September 30, 2025, and December 31, 2024 was USD 59.3 million and USD 52.9 million, respectively. See Note 2(h) (“Basis of Presentation and Significant Accounting Policies–Loans ”) and Note 6 (“Loans”) to CAF’s audited financial statements, and Note 5 (“Loans”) to CAF’s unaudited condensed interim financial information, included elsewhere in this prospectus for further information regarding allowance for loan loss calculations.

On December 29, 2017, CAF granted to the Central Bank of Venezuela a credit facility in a total amount of USD 400.0 million. As of September 30, 2018, the credit facility was disbursed in full. On December 14, 2018, CAF granted to the Central Bank of Venezuela a credit facility in a total amount of USD 500.0 million. As of December 31, 2019, the credit facility was disbursed in full.

On January 25, 2019, President Trump signed an Executive Order amending prior economic sanctions targeting the Maduro government, and on January 28, 2019, Petróleos de Venezuela S.A. (“PDVSA”) and certain of its affiliates were designated under Executive Order 13850 and added to the SDN List.

CAF does not have direct lending relationships with PDVSA or its subsidiaries. The sanctions on PDVSA and its affiliates, however, may adversely affect the ability of the Maduro government to receive payment for PDVSA’s production and sale of oil and related products and may therefore adversely affect macroeconomic conditions in Venezuela. As a result, Venezuela may find it more difficult to service its outstanding debt, including its outstanding loans from CAF.

On March 22, 2019, OFAC designated the Economic and Social Development Bank of Venezuela (“BANDES”) under Executive Order 13850 for operating in the financial sector of the Venezuelan economy and added it to the SDN List. As a result of that designation, all property and interests in property of BANDES, including any entity that is owned, directly or indirectly, 50% or more by BANDES, located in the United States or in the possession or control of U.S. persons, are blocked and must be reported to OFAC by persons subject to OFAC jurisdiction. As of September 30, 2025, BANDES holds Series “B” shares of CAF and holds approximately 0.0043% of CAF’s equity. The designation of BANDES therefore does not extend to CAF. Moreover, CAF is not a U.S. person and, therefore, the current sanctions regulations do not prevent CAF from engaging in transactions or dealings with BANDES that occur outside of U.S. jurisdiction. CAF continues to maintain a control framework aimed at verifying its counterparties against OFAC’s SDN List and other applicable sanctions lists.

On April 17, 2019, OFAC designated the Central Bank of Venezuela under Executive Order 13850 for operating in the financial sector of the Venezuelan economy and added it to the SDN List. At the same time, OFAC issued General License 20, which authorizes certain transactions and activities that are for the official business of certain international organizations, including CAF. OFAC has since issued the Venezuela Sanctions Regulations, 31 CFR part 591 (“VSR”), and has included an authorization for the conduct of the official business of CAF and other international organizations and entities, at 31 CFR § 591.510 (Official business of certain

 

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international organizations and entities). This provision of the VSR authorizes CAF to conduct transactions and activities involving the Central Bank of Venezuela to the extent they are subject to U.S. jurisdiction and are for CAF’s official business, subject to the terms of the authorization. Accordingly, the designation of the Central Bank of Venezuela has not had a material impact on CAF or its relationship with the Central Bank of Venezuela.

On August 5, 2019, President Donald Trump signed Executive Order 13884, which blocks all property and interests in property of the Government of Venezuela that are in or come within the United States or the possession or control of a U.S. person. For purposes of the Executive Order, the term “Government of Venezuela” is defined to include, among others, any person who has acted or purported to act directly or indirectly for or on behalf of the Government of Venezuela or of any political subdivision, agency, or instrumentality thereof, including the Central Bank of Venezuela. The CAF directors appointed by Venezuela as a Series “A” shareholders and by BANDES as a Series “B” shareholders may be considered to fall within the definition of “Government of Venezuela” in the Executive Order. The authorization at 31 CFR § 591.510 of the VSR (Official business of certain international organizations and entities), however, by its terms does not authorize transactions or dealings with any person other than the Central Bank of Venezuela whose property and interests in property are blocked under Executive Order 13850. Nevertheless, CAF has not observed any material adverse effects on CAF following the issuance of Executive Order 13884. CAF does not anticipate that the blocking of the Government of Venezuela will have a material adverse effect on CAF in the future.

When appropriate, CAF consults with OFAC regarding its activities related to Venezuela and believes that CAF is in compliance with U.S. sanctions, to the extent CAF is subject to U.S. jurisdiction. CAF understands that any repurchase of securities of Venezuela under the Support Program should not be affected by sanctions or risk direct or indirect violations of sanctions. Should the repurchase of shares of Venezuela under the Support Program be considered subject to U.S. jurisdiction, CAF believes that the authorization at 31 CFR §591.510 of the VSR (Official business of certain international organizations and entities) may be available to authorize such activity. CAF has also implemented measures to segregate its U.S. Dollar treasury, including funds from the offering, from funds used for distributions to Venezuela, which distributions are made only in non-U.S. currencies. CAF does not source any funds for distribution to Venezuela through any transactions involving U.S. persons, so CAF does not believe that the purchasers of the securities that may be offered by CAF under the Registration Statement and the applicable prospectus supplement face the risk of violating U.S. sanctions as a result of such purchases. CAF has not observed any material adverse effects on CAF following the issuance of Executive Order 13884. CAF does not anticipate that the blocking of the Government of Venezuela will have a material adverse effect on CAF in the future.

Venezuela Loan Portfolio

On March 31, 2020, following formal approval by the Shareholders’ Assembly, CAF implemented the Support Program. The Support Program allowed CAF to repurchase the shares of a shareholder country that fulfilled the requirements and to apply the proceeds to that country’s outstanding loans that were already due or overdue. The time frame to apply to the Support Program was six months. The only shareholder country that met the necessary requirements to apply to the Support Program was Venezuela. As part of the Support Program, Venezuela maintained its representation on the Board of Directors but was not allowed to have any new loans approved. From the inception of the Support Program until July 4, 2024, CAF repurchased a total of 168,573 shares totaling USD 2,393.74 million (comprised of USD 842.87 million of paid-in capital and USD 1,550.87 million of additional paid-in capital) and applied this amount to repay due and overdue amounts of principal, interests, and fees. The Support Program was completed in July 2024, and, as of the date of this prospectus, Venezuela currently holds 105 Series “B” shares and one Series “A” share.

As of December 31, 2024, the total amount of delayed payments for operations in Venezuela amounted to USD 287.7 million, including interest. In accordance with CAF´s policies, a loan is considered to be in non-accrual status when a payment is more than 180 days overdue in the case of public sector loans. As of September 30, 2025, and December 31, 2024, all outstanding loans with Venezuela amounting to USD 1,945.9 million and

 

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USD 1,939.3 million, respectively, were placed in non-accrual status. Additionally, as of December 31, 2024, uncollected interest and commissions amounting to USD 92.2 million were reversed, and the related individually assessed allowance for credit losses was USD 52.9 million.

As of September 30, 2025, the total amount of delayed payments for operations in Venezuela amounted to USD 645.1 million including interest. Uncollected interest and commissions amounted to USD 87.0 million and the related individually assessed allowance for credit losses was USD 59.3 million. Additionally, as of September 30, 2025, overdue interest amounted to USD 16.0 million.

CAF expects to collect all amounts due, including interest and fees. Venezuela is one of the founding shareholders of CAF and has reiterated its commitment and its intention to undertake payments. CAF’s management monitors its credit exposure periodically.

Critical Accounting Policies

General

The financial statements of CAF are prepared in accordance with U.S. GAAP, which requires it in some cases to use estimates and assumptions that may affect its reported results and disclosures. CAF describes its significant accounting policies in Note 2 to its unaudited financial statements included elsewhere in this prospectus. Some of the more significant accounting policies CAF uses to present its financial results involve the use of accounting estimates that CAF considers to be critical because they require (1) significant management judgment and assumptions about matters that are complex and inherently uncertain; and (2) the use of a different estimate or a change in estimate could have a material impact on CAF’s reported results of operations or financial condition. Specifically, the estimates CAF uses to determine the allowance for loan losses are critical accounting estimates.

Additionally, other important estimates related to the preparation of CAF’s financial statements are those related to revenue recognition and the valuation and classification at fair values of financial instruments. The fair values for some financial assets and liabilities recorded in CAF’s financial statements are determined according to the procedures established by the accounting pronouncement ASC 820. As of the date of this prospectus, CAF has not changed or reclassified any asset or liability from one level to another pursuant to the hierarchy reflected in ASC 820, thereby maintaining consistency in the application of accounting principles in this matter.

Statements of Income

Interest Income

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s interest income was USD 2,536.8 million, representing a decrease of USD 282.7 million, or 10.0%, compared to interest income of USD 2,819.5 million for the corresponding period in 2024. This decrease was primarily driven by a reduction in interest income from loans, which fell by USD 263.4 million, or 13.8%, mainly due to lower interest rates. Interest rates charged on loans accruing interest based on the six-month Secured Overnight Financing Rate (“Term SOFR”) and the spread differential were lower in the first nine months of 2025 compared to the corresponding period in 2024, averaging 4.16% and 5.10%, respectively.

Interest Expense

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s interest expense was USD 1,749.4 million, representing a decrease of USD 185.5 million, or 9.6%, compared to interest expense of USD 1,934.9 million for the corresponding period in 2024. This decrease was primarily driven by a reduction in interest expense on bonds (USD 125.3 million), commercial paper (USD 49.6 million), and borrowings from other financial institutions (USD 19.7 million), compared to the corresponding period in 2024. Average market interest rates were lower during the first nine months of 2025, with the six-month Term SOFR averaging 4.16%, compared to 5.10% in the corresponding period of 2024.

 

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Net Interest Income

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s net interest income was USD 787.4 million, representing a decrease of USD 97.2 million, or 11.0%, compared to net interest income of USD 884.6 million for the corresponding period in 2024. Both interest income and interest expense declined in line with lower average market interest rates. However, the decrease in interest income outpaced the reduction in interest expense. As a result, CAF’s net interest margin narrowed to 1.81% for the period, compared to 2.27% in the same period of 2024.

Credit for Loan Losses

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF recorded a credit for loan losses of USD 7.9 million, compared to a credit for loan losses of USD 7.7 million for the corresponding period in 2024. This credit for loan losses was mainly due to recoveries on non-accrual loans during the period.

Non-Interest Income

CAF’s non-interest income consists mainly of other commissions, dividends arising from equity investments not accounted for using the equity method, its corresponding share of earnings or losses on equity investments, which are accounted for using the equity method, and other income.

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s non-interest income was USD 22.9 million, representing an increase of USD 2.4 million, or 11.7%, compared to non-interest income of USD 20.5 million for the corresponding period in 2024. This increase was primarily driven by higher dividends and equity in earnings of investees, which rose from USD 10.1 million in the prior period to USD 11.6 million, as well as by other commissions, which increased by USD 0.4 million, or 25.0%.

Non-Interest Expenses

CAF’s non-interest expenses consist mainly of administrative expenses, which include salaries and employee benefits, business expenses, telecommunications and technology, depreciation and amortization, logistics and infrastructure, and other expenses.

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s non-interest expenses were USD 179.4 million, representing an increase of USD 11.2 million, or 6.7%, compared to non-interest expenses of USD 168.2 million for the corresponding period in 2024. This increase was primarily driven by higher administrative expenses, which amounted to USD 164.7 million for the period ending September 30, 2025, up from USD 152.6 million in 2024, representing a rise of USD 12.1 million, or 7.9%, mainly due to higher business operating costs.

Income before unrealized changes in fair value related to financial instruments and contributions to Shareholders’ Special Funds

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s income before unrealized changes in fair value related to financial instruments and contributions to Shareholders’ Special Funds was USD 638.9 million, representing a decrease of USD 105.7 million, or 14.2%, compared to an income before unrealized changes in fair value related to financial instruments and contributions to Shareholders’ Special Funds of USD 744.6 million for the corresponding period in 2024. This decrease was primarily driven by lower interest income.

 

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Unrealized changes in fair value related to other financial instruments

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s unrealized changes in fair value related to other financial instruments resulted in a loss of USD 13.0 million, compared with a gain of USD 21.6 million for the corresponding period in 2024. This change was mainly driven by a net loss of USD 15.1 million in the fair value of U.S. Treasury futures, forwards, and notes, compared to a net gain of USD 27.7 million in the corresponding period of 2024.

Net Income

Nine Months Ended September 30, 2025 and 2024. For the nine-month period ended September 30, 2025, CAF’s net income was USD 443.1 million, representing a decrease of USD 185.1 million, or 29.5%, compared to net income of USD 628.2 million for the corresponding period in 2024. The decrease was mainly attributable to lower interest income resulting from declining interest rates, along with higher contributions to Shareholders’ Special Funds, which rose 32.4% to USD 182.7 million for the nine-month period ended September 30, 2025, compared to USD 138.0 million in 2024. It was also affected by a decline in unrealized changes in the fair value of other financial instruments, leading to a net loss of USD 13.0 million for the period, versus a gain of USD 21.6 million in the corresponding period of 2024.

Balance Sheet

Assets

September 30, 2025. As of September 30, 2025, CAF’s total assets were USD 63.8 billion, representing an increase of USD 7.3 billion, or 12.9%, compared to total assets of USD 56.5 billion as of December 31, 2024. The increase in total assets was due to a USD 3.1 billion, or 9.2%, growth in net loans compared to December 31, 2024, as well as higher liquidity assets. Specifically, marketable securities – trading, increased by USD 2.3 billion, or 16.8%; cash due from banks and deposits with banks grew by 27.8%; and other investments rose by 100.0%. The growth in liquidity assets was mainly driven by marketable securities with maturities of less than one year, as well as by other investments in U.S. dollar deposits with banks maturing in more than 90 days.

Liabilities

September 30, 2025. As of September 30, 2025, CAF’s total liabilities were USD 46.9 billion, representing an increase of USD 6.4 billion, or 15.8%, compared to total liabilities of USD 40.5 billion as of December 31, 2024. The increase in liabilities was primarily due to an increase in the outstanding amount of bonds, which grew by 21.4% compared to December 31, 2024. On June 17, 2025, as part of its capital and balance sheet management strategy, CAF issued a USD 500 million perpetual subordinated hybrid debt instrument.

Shareholders’ Equity

September 30, 2025. As of September 30, 2025, CAF’s total shareholders’ equity was USD 16.9 billion, representing an increase of USD 0.9 billion, or 5.6%, compared to total shareholders’ equity of USD 16.0 billion as of December 31, 2024. The slight increase in CAF’s total shareholders’ equity was driven mainly by higher reserves and additional paid-in capital.

Asset Quality

Overdue Loans

September 30, 2025. As of September 30, 2025, there was one loan in overdue status for USD 0.3 million (not including non-accrual loans in overdue status).

 

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Impaired Loans and Non-accrual Loans

September 30, 2025. As of September 30, 2025, the total principal amount of CAF’s non-accrual loans was USD 1,945.9 million, or 5.27%, of the total loan portfolio. This represents CAF’s total loan exposure to Venezuela, all of which is classified as public sector and is currently under non-accrual status. The related individually assessed allowance for credit losses is USD 59.3 million. CAF considers a loan to be impaired when it is in non-accrual status.

Restructured Loans

September 30, 2025. As of September 30, 2025, there were no newly restructured loans.

Loan Write-offs and Recoveries

September 30, 2025. As of September 30, 2025, there were recoveries for USD 14.8 million (non-sovereign) and no loans were written-off.

Exposure Exchange Agreements

On May 23, 2025, as part of its balance sheet optimization strategy, CAF entered into an Exposure Exchange Agreement (an “EEA”) to reduce its sovereign-guaranteed loan portfolio risk concentration. Through an EEA, Multilateral Development Banks (each, a “MDB”) reduce portfolio concentration by simultaneously exchanging coverage for potential nonaccrual events for sovereign exposures from borrowing countries in which a MDB is concentrated, to countries in which a MDB has no, or low, exposure.

As of September 30, 2025, CAF executed a bilateral EEA transaction with another MDB. In this transaction, CAF is the “EEA Seller” (i.e., CAF provided a financial guarantee for its counterparty) and the EEA Buyer (received a financial guarantee from its counterparty) for the following countries and exposure amounts:

 

		EEA Seller
Country		Amount (in USD millions)				S&P Rating
Costa Rica			90.0				BB-
Dominican Republic			150.0				BB
El Salvador			250.0				B-
Honduras			210.0				BB-
Total			700.0

 

		EEA Buyer
Country		Amount (in USD millions)				S&P Rating
Argentina			100.0				CCC
Brazil			250.0				BB
Colombia			136.0				BB
Ecuador			214.0				B-
Total			700.0

The carrying amount under the guarantees received or provided amounted to USD 36.2 million. The final maturity date under the EEA is May 23, 2040. As of September 30, 2025, no non-accrual events have occurred.

As of September 30, 2025, CAF recognized USD 0.16 million as other expenses and USD 0.21 million as other income related to the allowance for current expected credit losses of the guarantees exchanged.

 

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See “Operations of CAF — Asset Quality” and “Operations of CAF — Loan Portfolio” in the accompanying prospectus for further information regarding CAF’s asset quality and the distribution of CAF’s loans by country and economic sector, respectively.

Liquidity

CAF’s liquidity policy requires it to maintain sufficient liquid assets to cover at least 12 months of net cash requirements.

Net cash requirements under the policy are calculated as follows:

 

(+)

Scheduled loan collections

 

(+)

Committed paid-in capital payments

 

(-)

Scheduled debt service

 

(-)

Committed disbursements

CAF’s investment policy requires that at least 90% of CAF’s liquid assets be held in the form of investment grade instruments rated A-/A3/A- or better by a U.S. nationally recognized statistical rating organization. The remaining portion of CAF’s liquid assets may be invested in non-investment grade instruments rated B-/Ba3/B or better by a U.S. nationally recognized statistical rating organization. CAF’s investment policy emphasizes security and liquidity over yield.

As of September 30, 2025, CAF’s liquid assets consisted of USD 22.4 billion in cash due from banks, deposits with banks, marketable securities and trading and other investments, of which 96.5% were invested in investment grade instruments rated A-/A3/A- or better by a U.S. nationally-recognized statistical rating organization; 34.1% of CAF’s liquid assets were invested in U.S. Treasury Notes, 27.6% in time deposits in financial institutions, 11.3% in commercial paper, 10.4% in certificates of deposit, 10.2% in corporate and financial institutions bonds, and 6.4% in other instruments, including deposits in cash.

As of September 30, 2025, CAF’s liquid assets were distributed by country as follows:

 

United States			48.6	%
Kuwait			7.8	%
Supranationals(1)(2)			7.7	%
Chile			4.7	%
Switzerland			4.5	%
Germany			3.6	%
Qatar			3.2	%
United Arab Emirates			3.1	%
Saudi Arabia			2.9	%
Japan			1.9	%
United Kingdom			1.8	%
Singapore			1.6	%
China			1.4	%
Republic of Korea			1.2	%
France			1.2	%
Others			4.8	%

 

(1)

Entities formed by multiple countries that operate beyond national boundaries with their own legal framework.

(2)

African Development Bank, Asian Development Bank, Bank for International Settlements, Central American Bank for Economic Integration, Foreign Trade Bank of Latin America, International Bank for Reconstruction and Development, and Latin American Reserve Fund.

 

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Commitments and Contingencies

CAF enters into commitments and contingencies in the normal course of business to facilitate its business and objectives. Commitments and contingencies include:

 

•

credit agreements subscribed and pending loan disbursements,

 

•

lines and letters of credit for foreign trade,

 

•

equity investment agreements subscribed, and

 

•

partial credit guarantees.

See Note 17 to CAF’s unaudited financial statements included elsewhere in this prospectus.

Strategy and Capital Resources

CAF’s business strategy is to provide financing for projects, trade, and investment in the shareholder countries. Management expects CAF’s assets to grow in the future, which will increase its need for additional funding. Likewise, maturing debt obligations will need to be replaced. In addition to scheduled capital increases, CAF’s management anticipates a need to increase funds raised in the international capital markets and to maintain funding through borrowings from multilateral and other financial institutions. While the substantial majority of CAF’s equity will continue to be held by full member shareholder countries, CAF intends to continue offering equity participation to associated shareholder countries through the issuances of Series “C” shares to such countries. See “Capital Structure.”

CAF intends to continue its programs to foster sustainable growth within the shareholder countries, and to increase its support for the private sector within its markets, either directly or through financial intermediaries. See “Operations of CAF” in the accompanying prospectus.

 

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DESCRIPTION OF THE NOTES

This prospectus supplement describes the terms of the notes in greater detail than the accompanying prospectus and may provide information that differs from the accompanying prospectus. If the information in this prospectus supplement differs from the accompanying prospectus, you should rely on the information in this prospectus supplement.

General

The price, interest and payment terms of the notes are described on the cover and in the summary of this prospectus supplement.

CAF will issue the notes under a fiscal agency agreement, dated as of March 17, 1998, between CAF and The Bank of New York Mellon (as successor-in-interest to JPMorgan Chase Bank, N.A.), as fiscal agent.

This description of the notes includes summaries of CAF’s understanding of certain customary rules and operating procedures of DTC that affect transfers of interests in the global note. DTC may amend its customary rules and operating procedures after the date of this prospectus supplement.

The notes are not secured by any of CAF’s property or assets. Accordingly, your ownership of notes means you are one of CAF’s unsecured creditors. The notes are not subordinated in right of payment to any of CAF’s other unsecured debt obligations and therefore they rank equally with all CAF’s other unsecured and unsubordinated indebtedness. “Indebtedness” means all indebtedness of CAF in respect of monies borrowed by CAF and guarantees given by CAF for monies borrowed by others.

The notes will not be entitled to the benefit of any sinking fund.

Interest on any note will be paid to the person in whose name such note was registered at the close of business on the preceding      and     , whether or not a business day (as defined below). For purposes of this prospectus supplement, “business day” is a day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York are authorized or required by law or executive order to remain closed.

If an interest payment date (other than the interest payment date that is also the date of maturity) would fall on a day that is not a business day, the payment of interest in respect of that interest payment date will be postponed to the following day that is a business day, except that if such next business day is in a different month, then the payment of interest in respect of that interest payment date will be on the day immediately preceding that interest payment date that is a business day. The amount of interest payable in respect of an interest payment date will remain the same notwithstanding that the actual day of payment thereof is changed in accordance with the preceding sentence. If the date of maturity is not a business day, the payment of principal of and interest on the notes will be made on the following day that is a business day, and no interest will accrue for the period from and after such date of maturity.

The issuance by CAF from time to time of its debt securities has been authorized by the resolution of the Executive President of CAF dated October 7, 2025, and a further resolution dated    , 2026, pursuant to powers delegated to the Executive President by Resolution No. 2626/2025 of the Board of Directors of CAF dated December 16, 2025.

 

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Form and Denominations

The Global Note

CAF will issue the notes in the form of one or more global debt securities (collectively, the “global note”) registered in the name of Cede & Co., as nominee of DTC. The global note will be issued:

 

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only in fully registered form, and

 

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without interest coupons.

You may hold beneficial interests in the global note directly through DTC if you have an account at DTC, or indirectly through organizations that clear through or maintain a custodial relationship with a DTC account holder, either directly or indirectly. Euroclear Bank SA/NV, as operator of the Euroclear System (“Euroclear”), and Clearstream Banking, S.A. (“Clearstream, Luxembourg”), are indirect participants in DTC, and therefore participants in Euroclear and Clearstream, Luxembourg will hold beneficial interests in the global notes indirectly at DTC.

What is a Global Security? A global security (such as the global note) is a special type of security held in the form of a certificate by a depositary for the investors in a particular issue of securities. The aggregate principal amount of the global security equals the sum of the principal amounts of the issue of securities it represents. The depositary or its nominee is the sole legal holder of the global security. The beneficial interests of investors in the issue of securities are represented in book-entry form in the computerized records of the depositary. If investors want to purchase securities represented by a global security, they must do so through brokers, banks or other financial institutions that have an account with the depositary. In the case of the notes, DTC will act as depositary and Cede & Co. will act as DTC’s nominee.

Special Investor Considerations for Global Securities. Because you, as an investor, will not be a registered legal holder of the global note, your rights relating to the global note will be governed by the account rules of your bank or broker and of the depositary, DTC, as well as general laws relating to securities transfers. While the notes are held as global notes, CAF will not recognize a typical investor as a legal owner of the notes and instead will deal only with the fiscal agent and DTC or its nominee, the registered legal holder of the global note.

You should be aware that as long as the notes are issued only in the form of a global security:

 

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You cannot get the notes registered in your own name.

 

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You cannot receive physical certificates for your interests in the notes.

 

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You will not be a registered legal holder of the notes and must look to your own bank or broker for payments on the notes and protection of your legal rights relating to the notes.

 

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You may not be able to sell interests in the notes to some insurance companies and other institutions that are required by law to own their securities in the form of physical certificates.

 

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As an owner of beneficial interests in the global note, you may not be able to pledge your interests to anyone who does not have an account with DTC, or to otherwise take actions in respect of your interests, because you cannot get physical certificates representing those interests.

 

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DTC’s policies will govern payments of principal and interest, transfers, exchanges and other matters relating to your interest in the global note. CAF and the fiscal agent have no responsibility for any aspect of DTC’s actions or for its records of ownership interests in the global note. Also, CAF and the fiscal agent do not supervise DTC in any way.

 

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DTC will require that interests in the global note be purchased or sold within its system using same-day funds.

 

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Description of DTC. CAF understands that: 

DTC is a limited purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

DTC was created to hold securities for financial institutions that have accounts with it, and to facilitate the clearance and settlement of securities transactions between the account holders through electronic book-entry changes in their accounts, thereby eliminating the need for physical movement of certificates. DTC account holders include securities brokers and dealers, banks, trust companies and clearing corporations. Indirect access to the DTC system is also available to banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC account holder, either directly or indirectly.

DTC’s rules are on file with the SEC.

DTC’s records reflect only the identity of the account holders to whose accounts beneficial interests in the global note are credited. These account holders may or may not be the owners of the beneficial interests so recorded. The account holders will be responsible for keeping account of their holdings on behalf of the beneficial owners.

Definitive Notes

In a few special situations described in the next paragraph, the global note will terminate and your interests in it will be exchanged for physical certificates representing the notes (the “definitive notes”). After that exchange, the choice of whether to hold the definitive notes directly or in “street name” (in computerized book-entry form) will be up to you. You must consult your own bank or broker to find out how to have your interests in the definitive notes transferred to your own name, if you wish to be a direct legal holder of the definitive notes.

CAF will cause definitive notes to be issued in exchange for the global note if it decides in its sole discretion not to have any of the notes represented by the global note or if DTC or its nominee notifies CAF that:

 

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it is unwilling, unable or no longer qualified to continue acting as the depositary for the global note and CAF does not appoint a successor depositary within 90 days;

 

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it has ceased to be a clearing agency registered under the Exchange Act at a time when it is required to be so registered and CAF does not appoint a successor depositary within 90 days; or

 

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an event of default with respect to the notes represented by the global note has occurred and is continuing as described under “Description of the Debt Securities — Default; Acceleration of Maturity” in the accompanying prospectus.

CAF would issue definitive notes:

 

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in fully registered form;

 

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without interest coupons; and

 

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in denominations of multiples of USD 1,000.

Any definitive notes issued in this way would be registered in the names and denominations requested by DTC.

Payments on the Notes

The Global Notes. The fiscal agent will make payments of principal of, and interest on, the global notes to Cede & Co., the nominee for DTC, as the registered owner. The principal of, and interest on, the notes will be payable in immediately available funds in U.S. dollars.

 

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CAF understands that it is DTC’s current practice, upon DTC’s receipt of any payment of principal of, or interest on, global securities such as the global note, to credit the accounts of DTC account holders with payment in amounts proportionate to their respective beneficial interests in the principal amount of the global note as shown on the records of DTC. Payments by DTC account holders to owners of beneficial interests in the global note held through these account holders will be the responsibility of the account holders, as is now the case with securities held for the accounts of customers registered in “street name.”

Neither CAF nor the fiscal agent will have any responsibility or liability for any aspect of DTC’s or its account holders’ records relating to, or payments made on account of, beneficial ownership interests in the global note or for maintaining, supervising or reviewing any records relating to these beneficial ownership interests.

 

Definitive Notes. Payment of the principal of definitive notes, if any exist, may be made at the office of the fiscal agent. Payment of the interest on definitive notes will be paid by check mailed to you if you are a registered holder of definitive notes. At the request of a registered holder of more than USD 1,000,000 principal amount of definitive notes, payments of principal or interest may be made to that holder by wire transfer.

Unclaimed Payments on the Notes. Any monies CAF pays to the fiscal agent or any paying agent for the payment of the principal of or interest on any notes that remain unclaimed at the end of two years after such principal or interest has become due and payable will be repaid to CAF by such agent. Upon such repayment, all liability of the fiscal agent or any paying agent with respect to such monies shall thereupon cease, without, however, limiting in any way CAF’s unconditional obligation to pay principal of or any interest on the notes when due.

Transfer and Exchange of the Notes

The Global Note. Except as described below, the global note may be transferred, in whole and not in part, only to DTC, to one or more nominees of DTC or to a successor of DTC or its nominee.

Beneficial Interests in the Global Note. Beneficial interests in the global note will be represented, and transfers of such beneficial interests will be made, through accounts of financial institutions acting on behalf of beneficial owners either directly as account holders, or indirectly through account holders, at DTC. Beneficial interests will be in multiples of USD 1,000.

Definitive Notes. You may present definitive notes, if any exist, for registration of transfer or exchange at the corporate trust office of the fiscal agent in The City of New York, which CAF has appointed as the security registrar and transfer agent for the notes.

Exercise of Legal Rights Under the Notes

DTC may grant proxies or otherwise authorize DTC account holders (or persons holding beneficial interests in the notes through DTC account holders) to exercise any rights of a legal holder of the global note or take any other actions that a holder is entitled to take under the fiscal agency agreement or the notes. Under its usual procedures, as soon as possible after a record date, DTC would mail an omnibus proxy to us assigning Cede & Co.’s consenting or voting rights to those DTC account holders to whose accounts the notes are credited on such record date. Accordingly, in order to exercise any rights of a holder of notes, as an owner of a beneficial interest in the global note you must rely on the procedures of DTC and, if you are not an account holder, on the procedures of the account holder through which you own your interest.

 

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We understand that, under existing industry practice, in the event that you, as an owner of a beneficial interest in the global note, desire to take any action that Cede & Co., as the holder of the global note, is entitled to take, Cede & Co. would authorize the relevant DTC account holder to take the action, and the account holder would authorize you, as an owner of a beneficial interest in the global note, through its accounts, to take the action or would otherwise act upon the instructions of beneficial owners owning through it.

Although DTC has agreed to the procedures described herein in order to facilitate transfers of notes among DTC account holders, DTC is under no obligation to perform or continue to perform such procedures, and these procedures may be modified or discontinued at any time.

 

Notices

Notices will be sent by mail to the registered holders of the notes. If the notes are represented by a global note, any such notices will be delivered to DTC.

Certain Other Provisions

You should refer to the accompanying prospectus under the heading “Description of the Debt Securities” for a description of certain other provisions of the notes and the fiscal agency agreement.

 

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GLOBAL CLEARANCE AND SETTLEMENT PROCEDURES

Initial settlement for interests in the notes will be made in same-day U.S. dollar funds.

With regard to secondary market trading of interests in the notes, CAF understands the following:

Secondary market sales of interests in the notes between DTC participants will occur in the ordinary way in accordance with DTC rules. Secondary market sales of interests in the notes held through Euroclear or Clearstream, Luxembourg to purchasers of interests in the notes through Euroclear or Clearstream, Luxembourg will be conducted in accordance with the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg and will be settled using the procedures applicable to conventional eurobonds.

Cross-market transfers between persons holding interests in the notes directly or indirectly through DTC participants, on the one hand, and directly or indirectly through Euroclear or Clearstream, Luxembourg participants, on the other, will be effected in DTC in accordance with DTC rules on behalf of the relevant international clearing system by its U.S. depositary; however, such cross-market transactions will require delivery of instructions to the relevant international clearing system by the counterparty in such system in accordance with its rules and procedures and within its established deadlines (European time). The relevant international clearing system will, if a transaction meets its settlement requirements, deliver instructions to its U.S. depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the notes in DTC, and making or receiving payment in accordance with normal procedures for settlement in DTC. Euroclear participants and Clearstream, Luxembourg participants may not deliver instructions directly to the respective U.S. depositary.

Because of time-zone differences, credits of interests in the notes received in Euroclear or Clearstream, Luxembourg as a result of a transaction with a DTC participant will be made during subsequent securities settlement processing and will be dated the business day following the DTC settlement date. Such credits or any transactions in such interests in the notes settled during such processing will be reported to the relevant Euroclear or Clearstream, Luxembourg participants on such business day. Cash received in Euroclear or Clearstream, Luxembourg as a result of sales of interests in the notes by or through a Euroclear participant or a Clearstream, Luxembourg participant to a DTC participant will be received with value on the DTC settlement date but will be available in the relevant Euroclear or Clearstream, Luxembourg cash account only as of the business day following settlement in DTC.

Although CAF expects that DTC, Euroclear and Clearstream, Luxembourg will follow the foregoing procedures in order to facilitate transfers of interests in notes among participants of DTC, Euroclear and Clearstream, Luxembourg, they are under no obligation to perform or continue to perform such procedures, and such procedures may be changed or discontinued at any time. None of CAF, the fiscal agent or any other agent will have any responsibility for the performance by any clearing system, or their respective direct or indirect participants or accountholders, of their respective obligations under the rules and procedures governing their operations.

 

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UNDERWRITING

Under the terms and subject to the conditions contained in an underwriting agreement dated August 9, 2019 and a related pricing agreement dated     , 2026, CAF has agreed to sell to the underwriters named below and, subject to certain conditions, each underwriter has severally agreed to purchase the following respective principal amounts of notes:

 

Underwriter		Principal Amount
Barclays Bank PLC			USD
BofA Securities, Inc			USD
J.P. Morgan Securities plc			USD
Standard Chartered Bank			USD
The Toronto-Dominion Bank			USD
Total			USD

The underwriting agreement and related pricing agreement provide that the underwriters are obligated to purchase all of the notes if any are purchased.

CAF has agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the notes, subject to prior sale, when, as and if issued to and accepted by them, subject to certain conditions contained in the underwriting agreement and the related pricing agreement, such as the receipt by the underwriters of officer’s certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

To the extent any underwriter that is not a U.S.-registered broker-dealer intends to effect sales of the notes in the United States, it will do so through one or more U.S.-registered broker-dealers in accordance with the applicable U.S. securities laws and regulations.

CAF estimates that its out-of-pocket expenses for this offering will be approximately USD     .

Commissions and Discounts

The underwriters propose to offer the notes initially at the public offering price on the cover page of this prospectus supplement. After the initial public offering the underwriters may change the public offering price and may allow concessions and discounts to broker/dealers.

Trading of the Notes

One or more of the underwriters intends to make a secondary market for the notes. However, the underwriters are not obligated to do so and may discontinue making a secondary market for the notes at any time without notice. These transactions may be effected on the London Stock Exchange, in the over-the-counter market or otherwise. No assurance can be given as to how liquid the trading market for the notes will be.

Price Stabilization and Short Positions

In connection with the offering the underwriters may engage in stabilizing transactions, syndicate covering transactions and penalty bids.

 

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Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.

 

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Syndicate-covering transactions involve purchases of the notes in the open market after the distribution has been completed in order to cover syndicate short positions. A short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the notes in the open market after pricing that could adversely affect investors who purchase in the offering.

 

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Penalty bids permit the representatives to reclaim a selling concession from a syndicate member when the notes originally sold by the syndicate member are purchased in a stabilizing transaction or a syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, syndicate-covering transactions and penalty bids may have the effect of raising or maintaining the market price of the notes or preventing or retarding a decline in the market price of the notes. As a result, the price of the notes may be higher than the price that might otherwise exist in the open market. These transactions, if commenced, may be discontinued at any time.

In connection with the issue of the notes, Barclays Bank PLC, as the Stabilization Manager (or persons acting on behalf of any Stabilization Manager) may over-allot notes or effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail. However, stabilization may not necessarily occur. Any stabilization action may begin on or after the date on which adequate public disclosure of the terms of the offer of the notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the notes and 60 days after the date of the allotment of the notes. Any stabilization action or over-allotment must be conducted by the relevant Stabilization Manager (or person(s) acting on behalf of any Stabilization Manager) in accordance with all applicable laws and rules.

Settlement and Sales of Notes

CAF expects the delivery of the notes will be made against payment therefor on or about the closing date specified on the cover page of this prospectus supplement, which is the      business day following the date hereof (this settlement cycle being referred to as “T+ ”). Under Rule 15c6-1 of the SEC under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to one business day before the delivery of the notes will be required, by virtue of the fact that the notes initially will settle in T+ , to specify an alternate settlement cycle at the time for any such trade to prevent a failed settlement and should consult their own advisor.

Selling Restrictions

The underwriters have represented and agreed that they have not and will not offer, sell or deliver any of the notes directly or indirectly, or distribute this prospectus supplement or the accompanying prospectus or any other offering material relating to the notes, in or from any jurisdiction except under circumstances that will result in compliance with the applicable laws and regulations thereof and in a manner that will not impose any obligations on CAF except as set forth in the underwriting agreement and related pricing agreement.

Brazil. The notes have not been, and will not be, registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or the “CVM”) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated July 13, 2022, as amended, or unauthorized distribution under Brazilian laws and regulations. The notes will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian Professional Investors (as defined by applicable CVM regulation), who may only acquire the notes through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these notes on regulated securities markets in Brazil is prohibited.

 

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Canada. No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the notes, the notes have not been, and will not be, qualified for sale under the securities laws of Canada or any province or territory thereof and no securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus supplement or the merits of the notes and any representation to the contrary is an offence.

The notes may not be offered, sold or distributed, directly or indirectly, in Canada or to or for the benefit of any resident of Canada, except in compliance with applicable securities laws and, without limiting the generality of the foregoing:

(a) any offer, sale or distribution of the notes in Canada has and will be made only to purchasers in that are “accredited investors” (as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions (“NI 45-106”) or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario)), that are also a “permitted clients” (as such term is defined in section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations), that are purchasing as principal, or are deemed to be purchasing as principal in accordance with applicable Canadian securities laws, and that is not a person created or used solely to purchase or hold the notes as an “accredited investor” as described in paragraph (m) of the definition of “accredited investor” in section 1.1 of NI 45-106;

(b) it is either (I) appropriately registered under applicable Canadian securities laws in each relevant province or territory to sell and deliver the notes, (II) such sale and delivery will be made through an affiliate of it that is so registered if the affiliate is registered in a category that permits such sale and has agreed to make such sale and delivery in compliance with the representations, warranties and agreements set out herein, or (III) it is relying on an exemption from the dealer registration requirements under applicable Canadian securities laws and has complied with the requirements of that exemption; and

(c) it has not and will not distribute or deliver this prospectus supplement, or any other offering material in connection with any offering of the notes, in or to a resident of Canada other than in compliance with applicable Canadian securities laws.

Hong Kong. The contents of this prospectus supplement have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer of the notes. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This prospectus supplement does not constitute a “prospectus” (as defined in section 2(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) (the “Companies (Winding Up and Miscellaneous Provisions) Ordinance”)), nor is it an advertisement, invitation or document containing an advertisement or invitation falling within the meaning of section 103 of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “Securities and Futures Ordinance”). The notes may not be offered or sold in Hong Kong by means of any document other than (i) to “professional investors” as defined in the Securities and Futures Ordinance and any rules made thereunder, or (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and Futures Ordinance and any rules made thereunder. This prospectus supplement is strictly confidential to the person to whom it is addressed and must not be distributed, published, reproduced or disclosed (in whole or in part) by you to any other person in Hong Kong or used for any purpose in Hong Kong other than in connection with your consideration of the offer of the notes.

 

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Indonesia. The notes under this prospectus supplement will be offered only to a strictly limited number of persons within the Republic of Indonesia so that such offering would not be considered to be a “public offering,” as defined in Article 1 section 15 of Law No. 8 of 1995 on Capital Markets, and no registration statement will need to be filed with the Financial Services Authority (Otoritas Jasa Keuangan).

You are advised to exercise caution in relation to the offering of the notes. If you are in any doubt about any of the contents of this prospectus supplement, you should obtain independent professional advice. This prospectus supplement is strictly confidential to the person to whom it is addressed and must not be distributed, published, reproduced or disclosed (in whole or in part) by you to any other person in the Republic of Indonesia or used for any purpose in the Republic of Indonesia other than in connection with your consideration of the offer of the notes.

Japan. The notes have not been and will not be registered under Article 4, Paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the “FIEL”) since the offering in Japan constitutes the private placement to qualified institutional investors under Article 2, Paragraph 3, Item 2-A of the FIEL. Any transfer of the notes is prohibited except where it is transferred to qualified institutional investors, as defined in Article 10 of the Ordinance of Cabinet Office Concerning Definitions Provided in Article 2 of the Financial Instruments and Exchange Law of Japan.

People’s Republic of China. The notes may not be offered or sold directly or indirectly in the People’s Republic of China (for the purpose of this prospectus supplement, not including the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan, “PRC”) and neither this prospectus supplement, which has not been submitted to China Securities Regulatory Commission or any other governmental authorities in the PRC, nor any offering material or information contained herein relating to the notes, may be circulated or distributed in the PRC or used in connection with any offer for the subscription or sale of shares in the PRC, except to the extent consistent with applicable laws and regulations of the PRC.

Republic of Korea. The notes offered under this prospectus supplement may not be offered, sold and delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the Financial Investment Services and Capital Markets Act and the Foreign Exchange Transaction Law and the decrees and regulations thereunder. For a period of one year from the issue date of the notes, no holder of the notes who is in Korea or a resident of Korea may transfer the notes in Korea or to any resident of Korea unless such transfer involves all of the notes held by it. The notes have not been registered with the Financial Services Commission of Korea for public offering in Korea. Furthermore, the notes may not be re-sold to Korean residents unless the purchaser of the notes complies with all applicable regulatory requirements (including but not limited to government approval requirements under the Foreign Exchange Transaction Law and its subordinate decrees and regulations) in connection with their purchase.

Singapore. This prospectus supplement has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

Any reference to the “SFA” is a reference to the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time and a reference to any term as defined in the SFA or any provision in the SFA is a reference to that term as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

 

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Taiwan. The notes have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan and/or other regulatory authority or agency of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that requires a registration, filing or approval of the Financial Supervisory Commission of Taiwan and/or other regulatory authority or agency of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the notes in Taiwan.

United Kingdom. Each underwriter has represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any notes in circumstances in which Section 21(1) of the FSMA does not apply to CAF; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any notes in, from or otherwise involving the United Kingdom.

Underwriters and Affiliates

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with CAF. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve CAF’s securities and/or instruments. Certain of the underwriters or their affiliates that have a lending relationship with CAF routinely hedge their credit exposure to CAF consistent with their customary risk management policies. Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in CAF’s securities, including potentially the notes offered hereby. Any such short positions could adversely affect future trading positions of the notes offered hereby. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

 

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VALIDITY OF THE NOTES

Latham & Watkins LLP will pass upon the validity of the notes on CAF’s behalf. Clifford Chance US LLP will pass upon the validity of the notes on behalf of the underwriters. Latham & Watkins LLP and Clifford Chance US LLP may rely as to certain matters on the opinion of Dr. Jorge Luis Silva Méndez, General Counsel of CAF.

 

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CORPORACIÓN ANDINA DE FOMENTO (CAF)

UNAUDITED CONDENSED INTERIM

FINANCIAL INFORMATION

As of September 30, 2025 and December 31, 2024

and for the nine-month periods ended

September 30, 2025 and 2024

Contents

 

 

INDEX TO FINANCIAL STATEMENTS

 

		Pages
Unaudited Condensed Interim Balance Sheets			S-39
Unaudited Condensed Interim Statements of Income			S-40
Unaudited Condensed Interim Statements of Shareholders’ Equity			S-41
Unaudited Condensed Interim Statements of Cash Flows			S-42
Notes to the Unaudited Condensed Interim Financial Information			S-43
Supplementary Information (Unaudited)			S-72

 

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CORPORACIÓN ANDINA DE FOMENTO (CAF)

Unaudited Condensed Interim Balance Sheets

As of September 30, 2025 and December 31, 2024

(In thousands of U.S. dollars)

 

		NOTES		2025				2024
ASSETS
Cash and due from banks					72,472				233,196
Deposits with banks					4,552,785				3,369,941
Cash and due from banks and deposits with banks					4,625,257				3,603,137
Marketable securities - trading		3 and 15			16,000,116				13,672,716
Other investments		4			1,810,852				873,792
Loans (US$ 3,497,446 and US$ 3,003,195 at fair value as of September 30, 2025 and December 31, 2024, respectively)		5 and 15			36,934,663				33,835,802
Less loan commissions, net of origination costs					176,866				175,371
Less allowance for loan losses		5			91,637				84,757
Loans, net					36,666,160				33,575,674
Accrued interest and commissions receivable:
Loans					544,026				438,237
Others					625,789				569,565
					1,169,815				1,007,802
Derivative financial instruments		14 and 15			1,576,054				535,457
Equity investments					417,301				399,765
Property and equipment, net					106,492				100,081
Other assets		6			1,451,925				2,691,529
TOTAL					63,823,972				56,459,953
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Deposits (US$ 111,797 and US$ 0 at fair value as of September 30, 2025 and December 31, 2024, respectively), net		7 and 15			4,748,663				3,497,338
Commercial papers		8			3,403,317				3,249,108
Borrowings from other financial institutions (US$ 524,428 and US$ 562,522 at fair value as of September 30, 2025 and December 31, 2024, respectively), net		9 and 15			2,228,588				2,124,547
Bonds (US$ 33,091,565 and US$ 27,250,667 at fair value as of September 30, 2025 and December 31, 2024, respectively), net		10 and 15			33,247,936				27,396,412
Accrued interest payable					968,471				1,011,611
Derivative financial instruments		14 and 15			1,368,956				2,936,482
Accrued expenses and other liabilities		11			949,900				255,082
Total liabilities					46,915,831				40,470,580
SHAREHOLDERS’ EQUITY:
Subscribed capital					10,053,935				10,010,895
Less callable capital portion					1,855,660				1,819,660
Less capital subscriptions receivable					2,205,250				2,365,685
Paid-in capital					5,993,025				5,825,550
Additional paid-in capital					5,104,494				4,796,340
Reserves					5,367,483				4,750,983
Retained earnings					443,139				616,500
Total shareholders’ equity					16,908,141				15,989,373
TOTAL					63,823,972				56,459,953

See accompanying notes to Unaudited Condensed Interim Financial Information

 

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CORPORACIÓN ANDINA DE FOMENTO (CAF)

Unaudited Condensed Interim Statements of Income

For the nine-month periods ended September 30, 2025 and 2024

(In thousands of U.S. dollars)

 

		NOTES		2025				2024
Interest income:
Loans					1,643,230				1,906,676
Investments and deposits with banks		3 and 4			853,377				868,802
Loan commissions					40,237				44,058
Total interest income					2,536,844				2,819,536
Interest expense:
Bonds					1,355,656				1,480,951
Deposits					154,381				143,438
Commercial papers					136,879				186,449
Borrowings from other financial institutions					92,101				111,833
Commissions					10,422				12,247
Total interest expense					1,749,439				1,934,918
Net interest income					787,405				884,618
Credit for loan losses		5			(7,926	)			(7,704	)
Net interest income, after credit for loan losses					795,331				892,322
Non-interest income:
Dividends and equity in earnings of investees					11,648				10,075
Other commissions					2,030				1,590
Other income					9,251				8,827
Total non-interest income					22,929				20,492
Non-interest expenses:
Administrative expenses		18			164,700				152,639
Other expenses		5			14,694				15,536
Total non-interest expenses					179,394				168,175
Income before unrealized changes in fair value related to other financial instruments and contributions to Shareholders’ Special Funds					638,866				744,639
Unrealized changes in fair value related to other financial instruments		16			(12,997	)			21,556
Income before contributions to Shareholders’ Special Funds, net					625,869				766,195
Contributions to Shareholders’ Special Funds		12			182,730				138,000
Net income					443,139				628,195

See accompanying notes to Unaudited Condensed Interim Financial Information

 

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CORPORACIÓN ANDINA DE FOMENTO (CAF)

Unaudited Condensed Interim Statements of Shareholders’ Equity

For the nine-month periods ended September 30, 2025 and 2024

(In thousands of U.S. dollars)

 

														Reserves
		NOTE				Paid-in capital				Additional paid-in capital				General reserve				Article N° 42 of the Constitutive Agreement				Total reserves				Retained earnings				Total shareholders’ equity
BALANCES AS OF DECEMBER 31, 2023							5,598,310				4,380,427				3,341,342				599,593				3,940,935				810,048				14,729,720
Capital increase							262,740				483,441				—				—				—				—				746,181
Capital decrease due to shares’ repurchase			5				(102,720	)			(189,004	)			—				—				—				—				(291,724	)
Net income							—				—				—				—				—				628,195				628,195
Appropriated for general reserve							—				—				728,548				—				728,548				(728,548	)			—
Appropriated for reserve pursuant to Article N° 42 of the Constitutive Agreement							—				—				—				81,500				81,500				(81,500	)			—
BALANCES AS OF SEPTEMBER 30, 2024							5,758,330				4,674,864				4,069,890				681,093				4,750,983				628,195				15,812,372
BALANCES AS OF DECEMBER 31, 2024							5,825,550				4,796,340				4,069,890				681,093				4,750,983				616,500				15,989,373
Capital increase							167,475				308,154				—				—				—				—				475,629
Net income							—				—				—				—				—				443,139				443,139
Appropriated for general reserve							—				—				554,500				—				554,500				(554,500	)			—
Appropriated for reserve pursuant to Article N° 42 of the Constitutive Agreement							—				—				—				62,000				62,000				(62,000	)			—
BALANCES AS OF SEPTEMBER 30, 2025							5,993,025				5,104,494				4,624,390				743,093				5,367,483				443,139				16,908,141

See accompanying notes to Unaudited Condensed Interim Financial Information

 

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CORPORACIÓN ANDINA DE FOMENTO (CAF)

Unaudited Condensed Interim Statements of Cash Flows

For the nine-month periods ended September 30, 2025 and 2024

(In thousands of U.S. dollars)

 

		NOTES		2025				2024
OPERATING ACTIVITIES:
Net income					443,139				628,195
Adjustments to reconcile net income to net cash used in operating activities:
Unrealized gain on marketable securities - trading					(10,479	)			(61,318	)
Loan commissions, net of amortization of origination costs					(13,868	)			(17,103	)
Credit for loan losses		5			(7,926	)			(7,704	)
Impairment charge for equity investments					27				7,779
Unrealized changes in fair value related to equity investment					9,485				4,773
Equity in earnings of investees					(6,502	)			(3,362	)
Amortization of deferred charges					5,426				5,283
Depreciation of property and equipment					5,803				5,995
Provision for employees’ severance benefits					15,083				14,265
Provision for employees’ savings plan					416				433
Unrealized changes in fair value related to other financial instruments		16			12,997				(21,556	)
Net changes in operating assets and liabilities:
Marketable securities - trading, net					(2,319,210	)			(4,735,659	)
Accrued interest and commissions receivable					(162,013	)			(251,864	)
Other assets					(69,055	)			(8,598	)
Accrued interest payable					(43,140	)			79,184
Severance benefits paid or advanced					(8,406	)			(8,839	)
Employees’ savings plan paid or advanced					(481	)			723
Accrued expenses and other liabilities					94,504				40,967
Total adjustments and net changes in operating assets and liabilities					(2,497,339	)			(4,956,601	)
Net cash used in operating activities					(2,054,200	)			(4,328,406	)
INVESTING ACTIVITIES:
Purchases of other investments		4			(3,492,976	)			(4,400,381	)
Maturities of other investments		4			2,555,916				3,942,228
Loan origination and principal collections, net		5			(2,869,644	)			(231,422	)
Equity investments, net					(20,546	)			(6,650	)
Property and equipment, net					(12,214	)			(15,080	)
Net cash used in investing activities					(3,839,464	)			(711,305	)
FINANCING ACTIVITIES:
Net increase (decrease) in deposits		7			1,248,122				(1,548,347	)
Proceeds from commercial papers		8			12,508,835				17,734,288
Repayment of commercial papers		8			(12,354,626	)			(18,118,718	)
Net increase in derivative-related collateral					1,886,634				462,936
Proceeds from issuance of bonds		10			8,714,873				7,002,344
Repayment of bonds		10			(5,599,222	)			(2,355,499	)
Proceeds from borrowings from other financial institutions		9			413,532				395,061
Repayment of borrowings from other financial institutions		9			(377,993	)			(191,785	)
Proceeds from issuance of shares					475,629				746,181
Net cash provided by financing activities					6,915,784				4,126,461
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS					1,022,120				(913,250	)
CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS AT BEGINNING OF THE PERIOD					3,603,137				5,034,530
CASH AND DUE FROM BANKS AND DEPOSITS WITH BANKS AT END OF THE PERIOD					4,625,257				4,121,280
SUPPLEMENTAL DISCLOSURE:
Interest paid during the period					1,772,282				1,803,511
NONCASH FINANCING ACTIVITIES:
Principal collections - Loans		5			—				291,724
Capital decrease		5			—				(291,724	)
Change in derivative instruments assets					(1,040,597	)			(182,623	)
Change in derivative instruments liabilities					(1,567,526	)			(350,405	)

See accompanying notes to Unaudited Condensed Interim Financial Information

 

S-42

CORPORACIÓN ANDINA DE FOMENTO (CAF)

Notes to the Unaudited Condensed Interim Financial Statements Information

As of September 30, 2025 and December 31, 2024

and for the nine-month periods ended September 30, 2025 and 2024

(In thousands of U.S. dollars)

 

 

1.

ORIGIN

Business description – Corporación Andina de Fomento (CAF) began its operations on June 8, 1970 and was established under public international law which abides by the provisions set forth in its Constitutive Agreement. Series “A” and “B” shareholder countries are: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Panama, Paraguay, Peru, Trinidad and Tobago, Uruguay and Venezuela. Series “C” shareholder countries are: Antigua and Barbuda, Bahamas, Barbados, Grenada, Jamaica, Mexico, Portugal and Spain. In addition, there are 13 commercial banks which are Series “B” shareholders.

CAF is headquartered in Caracas, Venezuela and has offices in Asuncion, Paraguay; Bogota, Colombia; Brasilia and Sao Paulo, Brazil; Bridgetown, Barbados; Buenos Aires, Argentina; La Paz, Bolivia; Lima, Peru; Madrid, Spain; Mexico City, Mexico; Montevideo, Uruguay; Panama City, Panama; Port of Spain, Trinidad and Tobago; Quito, Ecuador; San Jose, Costa Rica; San Salvador, El Salvador; Santiago de Chile, Chile; Santo Domingo, Dominican Republic and Tegucigalpa, Honduras.

CAF is a development bank committed to supporting the countries of Latin America and the Caribbean and improving the quality of life in the region. Our actions promote sustainable development and regional integration. We serve the public and private sectors, through credit, non-refundable resources, and supports in the technical and financial structuring of projects to a broad client base of 24 countries, private companies, and financial institutions.

CAF offers financial and related services to the governments of its shareholder countries, as well as their public and private institutions, corporations and joint ventures. CAF’s principal activity is to provide short, medium and long-term loans to finance projects, working capital, trade activities and to undertakefeasibility studies for investment opportunities in shareholder countries. Furthermore, CAF manages and supervises third-party cooperation funds owned and sponsored by other countries and organizations, destined to finance programs agreed upon with donor countries and organizations which are in line with CAF’s policies and strategies.

CAF raises funds to finance its operations from sources both within and outside its shareholder countries.

 

2.	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Financial statement presentation –The condensed interim financial information as of September 30, 2025, and December 31, 2024, and for the nine-month periods ended September 30, 2025 and 2024 is unaudited and has been prepared, in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, such condensed interim financial information includes all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the results of the interim periods. The results of operations for the nine-months period ended September 30, 2025 are not necessarily an indication of the results to be expected for the full year 2025.

This condensed interim financial information should be read in conjunction with CAF’s audited financial statements as of and for the years ended December 31, 2024 and 2023 and the notes thereto (“audited financial statements”).

For a detailed discussion about CAF’s significant accounting policies refer to Note 2 of the audited financial statements.

 

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CORPORACIÓN ANDINA DE FOMENTO (CAF)

Notes to the Unaudited Condensed Interim Financial Statements Information

As of September 30, 2025 and December 31, 2024

and for the nine-month periods ended September 30, 2025 and 2024

(In thousands of U.S. dollars)

 

 

Recent accounting pronouncements –

Recently adopted accounting pronouncements

ASU 2024-03, Expense Disaggregation Disclosures

On November 4, 2024, the FASB issued ASU 2024-03 which requires the disclosure of income statement expenses, for public business entities, specified information about costs and expenses. The ASU requires disaggregation of certain expenses into specified categories in disclosures within the footnotes to the financial statements. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, for all public business entities. CAF early adopted this ASU in December 2024.

Accounting pronouncements pending adoption

ASU 2023-06, Disclosure Improvements

On October 9, 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The ASU was issued in response to the Security Exchange Commission (SEC) Disclosure Update and Simplification Initiative, that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. CAF will not early adopt this ASU and estimates it will not have material effectsin the financial statements. For all entities within the scope of the affected Codification subtopics, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities.

ASU 2024-04, Debt with Conversion and Other Options

On November 26, 2024, the FASB issued ASU 2024-04 to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20 for (a) convertible debt instruments with cash conversion features and (b) debt instruments that are not currently convertible. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The adoption of this ASU will not have material effects in the CAF’s financial statements.

 

S-44

CORPORACIÓN ANDINA DE FOMENTO (CAF)

Notes to the Unaudited Condensed Interim Financial Statements Information

As of September 30, 2025 and December 31, 2024

and for the nine-month periods ended September 30, 2025 and 2024

(In thousands of U.S. dollars)

 

 

3.	MARKETABLE SECURITIES - TRADING

A summary of trading securities follows:

 

		September 30, 2025								December 31, 2024
		Amount				Average maturity (years)				Amount				Average maturity (years)
U.S. securities(1)			7,721,273				0.72				5,916,834				0.69
Non-U.S. governments and government entities bonds			257,396				3.72				324,895				2.46
Financial institutions and corporate securities:
Commercial paper			2,526,431				0.16				2,417,869				0.30
Certificates of deposits(2)			2,331,238				0.31				1,995,211				0.31
Bonds			2,238,415				2.62				2,197,129				2.28
Collateralized mortgage obligation			487,298				4.79				409,345				4.68
Liquidity funds(3)			328,915				—				307,422				—
Exchange-traded fund(4)			109,150				—				104,011				—
			8,021,447				1.16				7,430,987				1.15
			16,000,116				0.99				13,672,716				0.98

 

(1)	U.S. securities mainly include Treasury Notes and U.S. Treasury Bills.

(2)	Each certificate of deposit bears a maturity date and specified fixed interest rate. It also is held through The Depository Trust Company and has a CUSIP number, which is a code that identifies a financial security and facilitates trading.

(3)	The liquidity funds are comprised of short-term (less than one year) securities representing high-quality liquid debt and monetary instruments.

(4)	The exchange-traded fund (ETF) is a type of pooled investment security that holds multiple underlying assets.

The fair value of marketable securities includes net unrealized gains of US$ 105,680 and US$ 95,201 as of September 30, 2025 and December 31, 2024, respectively.

For the nine-month periods ended September 30, 2025 and 2024, Interest income - Investments and deposits with banks includes interest income for US$ 465,307 and US$ 567,610, respectively, and gain on the mark-to-market valuations for US$ 376,589 and US$ 297,273, respectively. The fluctuation in interest income is mainly due to the decrease in the U.S. Federal Reserve System’s (FED) benchmark interest rates since September 2024.

CAF places its short-term (less than one year) investments mainly in high-grade financial institutions and corporate securities. CAF has conservative investment guidelines that limit the amount of credit risk exposure, considering among other factors, limits as to credit ratings, limits as to duration exposure, specific allocations by type of investment instruments and limits across sector and currency allocation. As of September 30, 2025 and December 31, 2024, CAF does not have any significant concentrations of credit risk according to its investment guidelines. Non-U.S. dollar-denominated securities included in marketable

 

S-45