CAF’s Lara Tapped for Colombia Public Credit

Colombia has tapped Viviana Lara, senior executive in charge of infrastructure investment at CAF, to replace Julio Torres as head of public credit. Lara had formerly run the public credit bureau for the city of Bogota and worked in the Hacienda’s public credit department as well. “She has a lot of experience and is a very good selection,” says Torres of his successor. Market participants also lauded the nomination, saying Lara’s technical expertise is more than adequate for the role. She joins a team that includes Maria Catalina Escobar, head of international capital markets and Adriana Osorio Rincon, head of multilateral financing. The latter two were already at Hacienda and worked under Torres. Torres’ departure has been in the works for more than three months, he tells LatinFinance. Lara, who takes over public credit on February 2, has her work cut out. Colombia needs to issue an estimated $6bn in TES this year, a 30% increase over 2007, and do so amid adverse market conditions that could lead to higher spreads. “This year will be a very difficult year for TES issuance, especially given how much of it has to get done,” notes Ricardo Duran, head of economic research at Corredores Associados in Colombia. He believes Lara is a good choice for the role.