Earth Today | Antigua and Barbuda is CAF’s newest country shareholder

THE GOVERNMENT of Antigua and Barbuda has officially completed the process to become the newest shareholder country of the Development Bank of Latin America and the Caribbean (CAF).

The country finalised its status as a “Series C Shareholder”on May 2, “unlocking access to agile, flexible, and innovative financing to support sustainable and inclusive national development initiatives” noted a May 9 press release from the CAF.

To commemorate the milestone, the national flag of Antigua and Barbuda was raised at CAF’s headquarters in Caracas, Venezuela, in a symbolic ceremony that marked the country’s formal entry into the CAF family as its 23rd shareholder.

“With this membership finalised, CAF’s presence in the Caribbean region continues to expand, demonstrating its commitment to supporting the development priorities of Caribbean Small Island Developing States (SIDS),” the release revealed.

Antigua and Barbuda, as other SIDS, is on the front lines of the climate crisis, with the vulnerability to intensifying hurricanes, rising sea levels, and resource scarcity, which pose serious threats to its people, economy, and infrastructure.

SIGNIFICANT MILESTONE

“This represents a significant milestone in our deepening partnership with the Caribbean. Seeing the Antigua and Barbuda’s flag raised at our headquarters represents our enduring commitment to the country and the region,” noted CAF’s Executive President, Sergio Díaz-Granados.

“Antigua and Barbuda brings bold leadership to the regional development agenda as a strong advocate on behalf of SIDS. CAF stands ready to work with the Government of Antigua and Barbuda to deliver on its vision for a more resilient, inclusive, and sustainable future,” he added.

In November 2024, another CARICOM country, The Bahamas, officially became a shareholder of CAF, while other countries are at advanced stages of the incorporation process.

The CAF has as its mission the promotion of sustainable development and regional integration through the financing of projects in the public and private sectors, while providing technical cooperation and other specialised services. The bank, which began operations in 1970, has 23 shareholder countries, 19 of them from Latin American and Caribbean, together with Spain and Portugal; and 13 private banks.