Antigua and Barbuda announce interest in joining CAF

Antigua and Barbuda’s intention to join the CAF marks a strategic step towards accessing vital long-term financial resources and technical cooperation grants aimed at advancing 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 very pleased to celebrate Antigua and Barbuda’s intention to join the CAF,” said Gaston Brown, Prime Minister of Antigua and Barbuda. “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 ensure greater well-being for their people.”

CAF Executive Chairman Sergio Díaz-Granados said: “The growing partnership between Antigua and Barbuda and CAF demonstrates our commitment to providing Caribbean SIDS with new development financing options to help the Caribbean solve development issues that affect their communities. This highlights the growing confidence that Caribbean countries place in CAF to provide rapid and innovative financing solutions that will directly benefit the well-being of their citizens.

The signing of the letter of intent took place within the framework of SIDS 4 (Small Island Developing States), a conference organized by the UN every 10 years. This gathering brings together the leaders of 39 independent states and 18 associate members of the United Nations regional commissions, along with other world leaders, to address the challenges facing small islands, many of which are located in the Caribbean.

CAF and the Caribbean

CAF was created in 1970 by six Andean countries: Bolivia, Chile, Colombia, Ecuador, Peru and Venezuela. Since then, its shareholding has expanded to include 21 countries and 13 private banks. With assets exceeding $53 billion and a project portfolio exceeding $34 billion, the CAF constitutes one of the main sources of multilateral financing in the region.

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 shareholding and approved the allocation of Series “C” shares to the Bahamas, Dominica and Grenada. This decision gives them access to the technical, financial and knowledge services offered by the organization, aimed at improving the quality of life of citizens.

In 2022, CAF established the Caribbean Regional Directorate, headquartered in Trinidad and Tobago. This entity actively promotes programs such as green growth, biodiversity preservation, sustainable tourism, infrastructure modernization and financial stability, among others. 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 aimed at fostering regional integration and sustainable and inclusive development across the region. She is deeply committed to providing development assistance tailored to the unique needs of Caribbean islands and small states, which are disproportionately affected by the impacts of climate change. As part of the Bridgetown Initiative, CAF has already pledged $15 million to support the Barbados-led Blue-Green Bank.