CAF Boosts Support for the Caribbean: Approvals for The Bahamas, Barbados, Saint Lucia & Antigua Financings

  • The Caribbean region was featured prominently during a Board of Directors meeting of the CAF (Spanish acronym for Andean Development Corporation) - Development Bank of Latin America and the Caribbean, held in Seville, Spain, with several landmark developments in its deepening partnership with the region. 
  • A record US$5.4Bn in development financing was approved for operations across Latin America and the Caribbean. These include energy sector reforms and the green energy transition, support for Small and Medium-sized Enterprise (SME) development, railway infrastructure expansion, agriculture, and sustainable urban development. 
  • In keeping with its commitment to channelling increased development financing to the Caribbean, CAF approved its first sovereign loan to The Bahamas. The loan will support key objectives outlined in the Bahamas National Energy Policy, including the modernisation and digitalisation of the electricity network, enhanced integration of renewable energy sources, improved affordability, and strengthened institutional capacity in the energy sector.
  • The CAF also approved the issuance of Series C shares for the incorporation of Saint Lucia as a new shareholder country and the issuance of increased Series C shares to Antigua and Barbuda. Once the internal incorporation process is complete, Saint Lucia will be able to access CAF’s financial, technical, and knowledge services in support of its development priorities. Additionally, with the increase in Series C shares, Antigua and Barbuda will be able to access a larger envelope of development financing to advance its national development priorities.
  • CAF’s Board of Directors also endorsed Barbados’ request to transition from Series “C” to Series “A” shareholder status, the highest level of membership. This will enable Barbados to appoint a Director to CAF’s Board and deepen its participation in the institution. Upon completion of the transition process, Barbados will join Trinidad and Tobago as a full member of the bank.
  • The meeting was also historic in that it marked the first time a CARICOM country, Trinidad and Tobago, chaired CAF’s Board of Directors meeting. 

(Source: CAF)