BASSETERRE, St. Kitts — OFFICIALS from the Development Bank of Latin America and the Caribbean (CAF) have confirmed that St. Kitts and Nevis is the latest country in the region to join the institution as a shareholder.
The Federation, along with Haiti, has been incorporated as a new shareholder country, a move expected to open the door to “access agile and flexible development financing, technical assistance, and knowledge programs tailored to the needs of small island and climate-vulnerable states.”
According to a media statement from the bank, with the decisions now ratified, CAF will triple its number of Caribbean shareholder countries compared with 2023.
“The approvals were granted during the Board of Directors meeting in Panama City, where CAF approved USD 3.175 billion for new operations across the region in areas such as electricity infrastructure, water security, sustainable transport, support for vulnerable communities, and financing for SMEs and productive sectors,” the statement said.
CAF noted that these approvals further reinforce the bank’s growth and increased development assistance to the Caribbean.
CAF Executive President Sergio Díaz-Granados expressed gratitude to the new shareholder countries, saying their incorporation strengthens CAF’s commitment to the Caribbean at a critical time for the region.
“Saint Kitts and Nevis and Haiti are joining a homegrown development bank that was set up by the region for the region,” Díaz-Granados stated. He added that, with its mandate to promote sustainable development and regional integration, “CAF is more than a bank; it is a bridge that brings Latin America and the Caribbean closer together. We are focused on delivering solutions that reflect the realities of vulnerable Caribbean SIDS. CAF brings a fresh approach to development financing, one that works directly with each country to convert its development priorities into sustained progress and impactful development outcomes for their communities.”
“Saint Kitts and Nevis and Haiti are joining a homegrown development bank that was set up by the region for the region,” stated Díaz-Granados. With its mandate to promote sustainable development and regional integration, he added that “CAF is more than a bank; it is a bridge that brings Latin America and the Caribbean closer together. We are focused on delivering solutions that reflect the realities of vulnerable Caribbean SIDS. CAF brings a fresh approach to development financing, one that works directly with each country to convert its development priorities into sustained progress and impactful development outcomes for their communities.”
Earlier this year, during a Board meeting in Seville, Spain, the institution approved the incorporation of Saint Lucia. Over the past 12 months, CAF has also welcomed The Bahamas, Antigua and Barbuda, and Grenada into its shareholder base.
According to the bank, it now counts six Caribbean shareholder countries, with several others at various stages of the incorporation process. CAF said it remains committed to strengthening its engagement with Caribbean governments and to providing agile and flexible development financing solutions that allow countries to advance their development priorities.
The Board of Directors also confirmed Barbados’ compliance with the conditions to transition to full membership in the institution, joining Trinidad and Tobago as the only other CAF full member from CARICOM.
