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BUENOS AIRES, Argentina (AP) -- Argentina on Friday became a full member of an Andean Community organization that dispenses loans and credits for development, infrastructure and other programs in the region. Argentina has committed $643 million for use by the Andean Development Corp, or CAF. The development organization, based in Caracas, is now comprised of 17 Latin American and Caribbean countries and at least 15 private banks that serve as shareholders. The CAF grants loans for development projects in member countries. Argentine membership in CAF is expected to open new public and private-sector financing for the South American country, which has already received credits from the Andean group for major power and infrastructure projects.
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