Three CARICOM nations to affix CAF as Sequence “C” members


In a transfer signaling enhanced regional collaboration, three Caribbean Neighborhood (CARICOM) nations—Dominica, Grenada, and The Bahamas—have formally joined the Growth Financial institution of Latin America and the Caribbean (CAF) as Sequence “C” members. 

This strategic choice was approved throughout a current assembly of the CAF board of administrators.

Strengthening Caribbean presence

CAF’s growth into the Caribbean marks a big shift in its operational panorama. Initially based by six Andean nations—Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela—over fifty-six years in the past, CAF now boasts a membership of 21 shareholder nations. 

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Sergio Díaz-Granados, CAF’s government president, expressed enthusiasm in regards to the group’s broader attain, stating, “Our positioning within the Caribbean will give a brand new dimension to a company that was created by six Andean nations – Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela -, which now fifty-six years later, has 21 shareholder nations and is likely one of the major sources of multilateral financing within the area.”

Regional Dedication and growth focus

The institution of CAF’s Regional Workplace for the Caribbean, located in Trinidad and Tobago eighteen months in the past, underscores the financial institution’s dedication to the area’s growth. 

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This transfer goals to consolidate CAF’s assist for numerous sectors essential to Caribbean nations, together with local weather motion, water and vitality safety, sustainable tourism, modernization of infrastructure, and digital transformation.

Championing local weather resilience

Beneath the framework of the Bridgetown Initiative, CAF has pledged important monetary help to handle the urgent wants of Caribbean islands and small states grappling with the antagonistic results of local weather change. 

Notably, CAF has dedicated US$15 million to assist Barbados’s Blue-Inexperienced Financial institution initiative, a cornerstone of the Bridgetown Initiative. 

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Spearheaded by Barbados Prime Minister Mia Mottley and unveiled at COP26 in Glasgow, this initiative requires a basic rethinking of the worldwide monetary system to mobilize non-public financing for local weather resilience and transition in weak nations.