In a move signaling enhanced regional collaboration, three Caribbean Community (CARICOM) countries—Dominica, Grenada, and The Bahamas—have officially joined the Development Bank of Latin America and the Caribbean (CAF) as Series “C” members.
This strategic decision was authorized during a recent meeting of the CAF board of directors.
Strengthening Caribbean presence
CAF’s expansion into the Caribbean marks a significant shift in its operational landscape. Originally founded by six Andean countries—Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela—over fifty-six years ago, CAF now boasts a membership of 21 shareholder countries.
Sergio Díaz-Granados, CAF’s executive president, expressed enthusiasm about the organization’s broader reach, stating, “Our positioning in the Caribbean will give a new dimension to an organization that was created by six Andean countries – Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela -, which now fifty-six years later, has 21 shareholder countries and is one of the main sources of multilateral financing in the region.”
Regional Commitment and development focus
The establishment of CAF’s Regional Office for the Caribbean, situated in Trinidad and Tobago eighteen months ago, underscores the bank’s commitment to the region’s development.
This move aims to consolidate CAF’s support for various sectors crucial to Caribbean nations, including climate action, water and energy security, sustainable tourism, modernization of infrastructure, and digital transformation.
Championing climate resilience
Under the framework of the Bridgetown Initiative, CAF has pledged significant financial assistance to address the pressing needs of Caribbean islands and small states grappling with the adverse effects of climate change.
Notably, CAF has committed US$15 million to support Barbados’s Blue-Green Bank initiative, a cornerstone of the Bridgetown Initiative.
Spearheaded by Barbados Prime Minister Mia Mottley and unveiled at COP26 in Glasgow, this initiative calls for a fundamental rethinking of the global financial system to mobilize private financing for climate resilience and transition in vulnerable countries.
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