Antigua and Barbuda is poised to swiftly finalize the process of joining the Development Bank of Latin America and the Caribbean (CAF) as its 23rd member. On the sidelines of CAF’s inaugural International Economic Forum in Panama City, Prime Minister Gaston Browne of Antigua and Barbuda and CAF Executive President Sergio Díaz-Granados signed the Share Subscription Agreement and the Immunities and Privileges Agreement, bringing the nation one step closer to full membership.
Antigua and Barbuda will join CAF as a Series C shareholder, which will provide the country with improved access to flexible and innovative financing for sustainable and inclusive development initiatives.
The twin-island nation will now be part of a growing group of Caribbean members, including Trinidad and Tobago, The Bahamas, Barbados, the Dominican Republic, and Jamaica. While Barbados, Jamaica, and The Bahamas hold Series C shares, Trinidad and Tobago and the Dominican Republic have A and B Series shares in CAF.
Prime Minister Gaston Browne, leader of the ruling Antigua and Barbuda Labour Party, confirmed that his government has the necessary votes in Parliament to complete the process of joining CAF without needing opposition support. He highlighted that becoming a member of CAF is a significant step for Antigua and Barbuda, particularly as the country has been a strong advocate for small island states’ access to affordable development funding. Antigua and Barbuda initially invested US$1 million in CAF, a sum that has since increased to $15 million. Browne also stated that the country is ready to raise that investment further when finances permit.
The Development Bank of Latin America and the Caribbean (CAF) is a multilateral financial institution that provides funding and technical services to promote sustainable development and regional integration in Latin America and the Caribbean. Established in 1970, CAF aims to support the development efforts of its member countries by offering flexible and innovative financing solutions for a variety of projects, particularly those that focus on infrastructure, social development, and environmental sustainability.
CAF serves both public and private sector projects, helping to boost economic growth, reduce poverty, and improve the quality of life across the region. It also plays a key role in fostering regional cooperation and facilitating access to financial resources that are necessary for the development of member states.
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