Caribbean News
The Development Bank of Latin America and the Caribbean to deepen work in Caribbean
Rashaed Esson
Staff Writer
August 18, 2023 – The Development Bank of Latin America and the Caribbean (CAF) said it is planning to expand its operations which it says is in line with its commitment and relationship with the region. It made the announcement on Friday August 12th, 2023.
Sergio Díaz-Granados, CAF executive president, highlighted that “the relationship would extend beyond the current shareholder countries of Barbados, Trinidad and Tobago and Jamaica,” as he was speaking at the launch of the Report on Economics and Development (RED), entitled “Inherited Inequalities: The Role of Skills, Employment and Wealth in the Opportunities of New Generations.”
He continued expressing that CAF is trying to reach the rest of CARICOM to have them join the “CAF family.”
Díaz-Granados further pointed out the relationship between CAF and Trinidad and Tobago which is that its the main development partner for Trinidad and Tobago with a portfolio estimated at nearly US$1 billion, later maintaining
The goals involve dealing with the financial needs of the stakeholders as best as possible, “facilitating progress and improved quality of life for all Caribbean people…through concrete action”.
In addition, CAF is working on establishing an office in Barbados, and the Eastern Caribbean islands,, following the organization’s launching of its regional office for the Caribbean in Port of Spain , as mentioned by Díaz-Granados.
In light of their move to deepen their ties throughout the Caribbean, Díaz-Granados says talks have been held with prime ministers and finance ministers of the countries in effort to learn more about their needs and development priorities, “as well as to respond to the growing interest in joining CAF as shareholders.”
CAF actually started working to help some countries with its first time approval of a non-reimbursable technical assistance facility to lend support to Caricom countries that are not yet members of the development bank.
This, as the executive president said, “is because bringing the Caribbean closer to CAF is a priority. We are committed to doing our part to channel …resources to our shareholder countries, protect Caribbean citizens from hurricanes, flu and drugs (and) to preserve natural capital”.
Additionally, CAF will also aid in mobilizing finance, helping boost resilience of the entire region through institutions such as the Barbados-led Blue Green Bank that he described as a “priority” to us.
Considering this, he revealed that they, CAF, will take part as a financier, an investor, with as much as US$50 million, mirroring Barbados’ “financial effort in this important initiative for …the blue economy.”