Barbados is poised to become the smallest country to attain full membership in the Development Bank of Latin America and the Caribbean, widely known by its Spanish acronym CAF.
The announcement was made in the House of Assembly by Ryan Straughn, Minister in the Ministry of Finance and Economic Affairs, during debate on the Development Bank of Latin America and the Caribbean Bill, 2025.
Straughn explained that full membership in CAF would deepen Barbados’ integration into the regional development finance framework. Drawing a parallel with local financial institutions, he likened the move to “becoming a credit union member”, granting Barbados greater access and participation in CAF’s decision-making and funding mechanisms.
Barbados initially joined CAF 14 years ago under the former Democratic Labour Party (DLP) administration, which negotiated a US$200 million financing facility with a subscription of US$15 million.
However, the minister noted that the proposed legislative amendments will now “give Barbados more options”, particularly in light of evolving global financial dynamics and the shifting policy direction of institutions such as the World Bank, which has been aligning more closely with the policy positions of the current United States administration.
Once formalised, the upgraded membership will not only enhance the Government’s access to CAF financing but will also open opportunities for private sector entities and individual Barbadians to benefit from the bank’s development programmes and investment instruments. (IMC)
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