ST. JOHN’S, Antigua, CMC—The Prime Minister of Antigua and Barbuda, Gaston Browne, has signed a declaration of intent to join CAF—the Development Bank of Latin America and the Caribbean.
This is seen as a strategic move toward accessing vital long-term financial resources and technical cooperation grants to advance sustainable development. Collaborative efforts with CAF will primarily target critical areas such as climate action, green growth, sustainable tourism, energy transition, and the blue economy.
We are delighted to celebrate Antigua and Barbuda’s intention to join CAF,” said Browne.
“We are fully aligned and ready to work together on the opportunities that CAF can provide to small Caribbean islands like Antigua and Barbuda to achieve greater well-being for their inhabitants.”
CAF’s Executive President, Sergio Díaz-Granados, remarked, “The growing partnership between Antigua and Barbuda and CAF demonstrates our commitment to providing Caribbean SIDS with new options for development financing to support the Caribbean with tackling development issues affecting their communities. Additionally, it underscores the growing confidence that Caribbean countries place in CAF to provide swift and innovative financing solutions that will benefit their citizens’ well-being directly.”
The Letter of Intent was signed within the framework of SIDS 4 (Small Island Developing States), a conference organized by the UN every ten years.
This gathering convenes leaders from 39 independent states and 18 associate members of the United Nations regional commissions, along with other global leaders, to address the challenges confronting small islands, many of which are situated in the Caribbean.
CAF was established in 1970 by six Andean countries: Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela.
Since then, its shareholder base has expanded to include 21 countries and 13 private banks. With assets exceeding $53 billion and a project portfolio surpassing $34 billion, CAF is one of the region’s primary sources of multilateral financing.
Currently, Trinidad and Tobago, Jamaica, and Barbados represent the CARICOM member countries of CAF.
In March 2024, the CAF Board of Directors authorized the expansion of the shareholder base and approved the allocation of Series “C” shares to The Bahamas, Dominica, and Grenada.
This grants them access to the technical, financial, and knowledge services offered by the organization, which aim to enhance citizens’ quality of life.
In 2022, CAF established the Caribbean Regional Management, headquartered in Trinidad and Tobago.
This entity actively promotes agendas such as green growth, biodiversity preservation, sustainable tourism, infrastructure modernization, and financial stability.
Subsequently, CAF incorporated the term “Caribbean” into its name, becoming known as CAF – Development Bank of Latin America and the Caribbean.
CAF maintains an ambitious agenda to foster regional integration and sustainable, inclusive development.
It is deeply committed to providing development assistance tailored to the unique needs of Caribbean islands and small states, which are disproportionately affected by climate change’s impacts.
As part of the Bridgetown Initiative, CAF has already pledged US$15 million to support the Blue-Green Bank, which Barbados spearheaded.
and then 