CAF president to step down almost a year early

CAF - the development bank of Latin America - has announced that executive president Luis Carranza Ugarte is stepping down in April. The change, which was supposed to take place at the beginning of next year, has been brought forward due to political and internal issues of the organization, Caracas-based CAF said. While Carranza states that the "decision has not been easy", he believes it is time to step aside,.