FDN President Clemente del Valle Borráez Submits Resignation
Today the board of directors of Financiera de Desarrollo Nacional, Colombia’s national development finance entity that supports the financing of major public works projects announced that the agency’s president, Clemente del Valle Borráez (above photos) has stepped down, after leading the funding entity since its creation. del Valle Borráez leaves April 12. The board has indicated that it will contract with a search firm to help identify a replacement.
The board of directors expressed its appreciation for the important work carried out by Clemente del Valle at the head of the entity. Thanks to its leadership, the FDN achieved significant growth and institutional strengthening, making it one of the most important infrastructure financing institutions in Colombia, supporting the marshaling of resources and sources of financing for the development of infrastructure.
The FDN has become a model entity for other countries to follow in Latin America and in other developing countries. In addition to the significant work of direct and indirect financing of infrastructure projects, and encouraging innovative creation of new sources of financing, the FDN has successfully led important projects such as the structuring of the Bogota metro.
FDN operates somewhat as a “co-signer” or guarantor of large infrastructure projects in Colombia, and in some cases is a direct lender in conjunction with private sector banks, and multilateral financial institutions.
In a written statement, Clemente del Valle indicated that he thought now was “the time to retire,” though he left the door open to future endeavors. By mutual account, his departure appeared to be on good terms, cordial, and voluntary.
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