The Board of Director of CAF – Development Bank of Latin America and the Caribbean has approved a request by the Government of Barbados to be elevated to Series “A” shareholder status, CAF’s highest level of membership.
The approval initiates the transition process to full membership status, which comes with access to a larger envelope of development financing and a seat on the bank’s board.
Upon completion of the process, Barbados will join Trinidad and Tobago as the only other full CAF member from CARICOM.
“We are truly honoured by the trust and confidence placed in CAF by the Government of Barbados,” said Sergio Díaz-Granados, executive president of CAF, in a press release yesterday.
“Barbados, under the leadership of Prime Minister Mia (Amor) Mottley, has been a powerful voice for climate justice and is pursuing an ambitious agenda to build resilience for its people. As a committed partner and as a bank of the region that understands the unique circumstances of Caribbean SIDS (Small Island Developing States), CAF stands ready to support the aspirations and development priorities of the government and people of Barbados.”
As part of its expanding engagement, the imminent opening of CAF’s office
in Bridgetown will mark a significant step forward in this relationship. The office will not only serve Barbados but also extend its support to other countries of the Eastern Caribbean, leveraging CAF’s full range of financial instruments and technical expertise to provide dedicated development assistance to the Eastern Caribbean.
Barbados has been a member of CAF since 2014 and is leading efforts under the Bridgetown Initiative to address global climate finance reform. In alignment with this, CAF has pledged US$15 million to support the Blue-Green Bank initiative, a key proposal advanced by Barbados to mobilise climate financing as well as support for the blue economy and green transitions in Caribbean SIDS. (PR)
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