A fund set up by Latin American development bank CAF and the Uruguayan government to finance infrastructure projects has made the biggest ever securities issuance in Uruguay’s history, raising US$350 million.

Ferrere (Uruguay) advised CAF, which worked for almost two years alongside the Uruguayan government to establish the institutional investor-backed fund. It will help finance the country’s energy, education, healthcare, housing and transport needs.

The issuance was made on 25 October.

The fund will be administered by República AFISA as trustee and by CAF Asset Management as asset manager.

The government’s ambitious new infrastructure project has been likened to Colombia’s 4G infrastructure targets.