The CAF – Development Bank of Latin America and the Caribbean and the Government of Barbados have finalized a USD $75 million financing agreement aimed at advancing cultural heritage preservation, tourism, and the modernization of related infrastructure. The agreement was signed by Barbados’ Prime Minister, Hon. Mia Mottley, and Sergio Díaz-Granados, Executive President of CAF, during the 48th CARICOM Heads of Government Meeting held in Barbados.
This financing will support the expansion of heritage tourism, an essential part of Barbados’ national development strategy. It will fund key projects under the “Reclaiming Our Atlantic Destiny” (ROAD) Program, which seeks to strengthen the Caribbean’s connection to its history, promote a deeper understanding of the past, and foster a more equitable and prosperous future for Barbadians.
The ROAD initiative, first introduced by Prime Minister Mottley in December 2021, emphasizes the importance of preserving Barbados’ historical legacy, particularly its role as a custodian of vital records related to the transatlantic slave trade. The initiative’s components include the development of an amphitheater project at the National Botanical Gardens and upgrades to the country’s airport infrastructure.
Prime Minister Mottley, a strong advocate for heritage tourism and cultural restoration, noted, “CAF has been responsible for a number of loans that have positively impacted the lives of Bajans, particularly in building the country’s capacity in key areas like roads and ports. This new agreement represents a shift toward investing in heritage facilities, which we haven’t seen in some time.”
CAF’s Executive President, Sergio Díaz-Granados, praised Mottley’s leadership in advancing this transformative initiative for Barbados and the Caribbean. He emphasized CAF’s commitment to supporting programs that build economic resilience and contribute to sustainable development in the region, noting the importance of infrastructure for regional integration, as highlighted by Mottley during the CARICOM conference.
Díaz-Granados also revealed that CAF had productive discussions with the new President of the Caribbean Development Bank (CDB), focusing on enhancing collaboration to fund regional projects.
This USD 75 million agreement builds on CAF’s ongoing support for Barbados’ development. Since 2015, CAF has approved USD 335 million in development financing for the country. In 2024 alone, CAF allocated USD 1.4 million for technical assistance, including funds for modernizing water infrastructure and strengthening government buildings for climate resilience and accessibility. Additionally, CAF provided USD 250,000 in humanitarian aid to support recovery efforts after Hurricane Beryl.
