CAF Board Approves Barbados’ Transition to Full Membership

The Board of Directors of CAF – Development Bank of Latin America and the Caribbean has approved a request by the Government of Barbados to be elevated to Series “A” shareholder status, CAF’s highest level of membership. 

The approval initiates the transition process to full membership status in CAF, which comes with access to a larger envelope of development financing and a seat on the Board of CAF. Upon completion of the process, Barbados will join Trinidad and Tobago as the only other full CAF member from the Caribbean Community (CARICOM). 

“We are truly honoured by the trust and confidence placed in CAF by the Government of Barbados,” said Sergio Díaz-Granados, Executive President of CAF. “Barbados, under the leadership of Prime Minister Hon. Mia Mottley, has been a powerful voice for climate justice and is pursuing an ambitious agenda to build resilience for its people. As a committed partner and as a bank of the region that understands the unique circumstances of Caribbean SIDS, CAF stands ready to support the aspirations and development priorities of the government and people of Barbados.”

As part of its expanding engagement, the imminent opening of CAF’s Office in Bridgetown will mark a significant step forward in this relationship. The office will not only serve Barbados but will also extend its support to other countries of the Eastern Caribbean, leveraging CAF’s full range of financial instruments and technical expertise to provide dedicated development assistance to the Eastern Caribbean.

Barbados has been a member of CAF since 2014. The country is also leading efforts under the Bridgetown Initiative to address global climate finance reform. In alignment with this, CAF has pledged USD 15 million to support the Blue-Green Bank initiative, a key proposal advanced by Barbados to mobilize climate financing as well as support for the blue economy and green transitions in Caribbean SIDS.